2019 Form 502W - Pass-Through Entity ... - Virginia Tax: Fill out & sign online

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What states does Virginia have tax reciprocity with?

States that have reciprocity with Virginia are: District of Columbia. Kentucky. Maryland. Pennsylvania. West Virginia.

How pass-through income is taxed?

Pass-through income is only subject to a single layer of income tax and is generally taxed as ordinary income up to the maximum 37 percent rate. However, certain pass-through income is eligible for a 20 percent deduction, which reduces the top tax rate to a maximum of 29.6 percent.

Does Virginia have a pass-through entity tax?

Virginia has established its own version of an elective pass-through entity tax under House Bill 1121, Chapter 690 and Senate Bill 692, Chapter 689 of the 2022 Acts of Assembly. This legislation was enacted for tax years 2021 through 2025.

Who is subject to Virginia withholding?

In general, an employer who pays wages to one or more employees in Virginia is required to deduct and withhold state income tax from those wages. Since Virginia law substantially conforms to federal law, if federal law requires an employer to withhold tax from any payment, we also require Virginia withholding.

What is the benefit of pass-through entity tax?

For taxable years beginning on or after January 1, 2021, and before January 1, 2026, qualifying pass-through entities (PTEs) may annually elect to pay an entity level state tax on income. Qualified taxpayers receive a credit for their share of the entity level tax, reducing their California personal income tax.

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