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Federal input screens

Shareholder Information > Virginia tab

Use the state tabs in the
Shareholder Information
 window to enter state-specific information for shareholders. State tabs appear only if you've added states to the return.
To update a shareholder's state-specific information, select that shareholder in the
Shareholder Information
 window, then the state tab.

Fields and buttons — Virginia information group box

If the shareholder is a nonresident, enter a code from the following table or select the code from the dropdown list to indicate the type of nonresident filing to be made by the shareholder. If the shareholder is a nonresident, UltraTax CS defaults to calculating withholding for the shareholder.
Code
Description
1
Withholding (default)
.
This is the default filing for nonresident shareholder when a code is not selected from the drop-down list. Select
1
 option to indicate withholding is required for a nonresident shareholder. UltraTax CS calculates withholding for these nonresident shareholders on Form 502, Page 2, Section 1 and Schedule VK-1, Item e.
2
Composite filer (Unified return)
.
Select
2
 to indicate the shareholder participated in the filing of a unified nonresident return. When you select this option, UltraTax CS completes Form 765, calculates nonresident tax and includes the Unified Nonresident Tax paid on Schedule VK-1, Page 1 supplemental information statement.
3
Individual exempt from federal or VA income tax
.
Select
3
 to indicate an individual is exempt from federal or Virginia income tax. UltraTax CS completes Item f in the Additional Owner Information section on Schedule VK-1.
4
Exempt entity other than individual or corporation
.
Select
4
 to indicate entity other than an individual or corporation shareholder is exempt from withholding. UltraTax CS completes Item f in the Additional Owner Information section on Schedule VK-1.
Enter the date the shareholder acquired an interest from this entity. UltraTax CS uses this information to complete Item a in the Additional Owner Information section on Schedule VK-1.
The shareholder's resident state is shown here. UltraTax CS uses this field to determine residency status when completing Schedules VK-1 for resident and nonresident shareholders.
UltraTax CS uses this field to determine residency status when completing Schedules VK-1. For nonresidents, UltraTax CS uses this information to calculate part-year withholding for individual nonresident shareholders on Schedule VK-1 for part-year residents withholding calculations.
Enter the dates the shareholder was a nonresident.
Use this statement for supplemental information specific to each shareholder and for items that are not pro rata. If you have pro-rata items that need to be reported to each shareholder, use Section A on the VAKSep screen. UltraTax CS prints the information you enter in this statement in the Schedule VK-1 statements.

Fields and buttons — Withholding information group box

Enter the shareholder's withholding tax in this field to replace the amount that UltraTax CS calculates on Form 502 and Schedule VK-1.

Fields and buttons — Cancellation of debt group box

Enter the shareholder's cancellation of debt income adjustment to replace the amount that UltraTax CS calculates on Schedule 502ADJ and Schedule VK-1.
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