Screen VAGenS — Virginia Pass-Through Entity Income Return (1120)

Federal-to-state input screen and asset module data transfer

If information is transferred from federal input screens or from the asset module to a state input screen, the application displays the transferred data in blue.
You can overrule the transferred amount by entering the appropriate amount in the field. The application then displays the new amount in black.

Statements

Many data entry fields provide predefined statements in which you can enter additional information.

Accessing frequently asked questions

To view answers to common questions about calculations and data entry issues, select
Help
,
Additional Resources
, then
Frequently Asked Questions
.

Apportionment

Apportionment information is entered in 1 place for all states attached to the return. To enter apportionment information for all states, select
View
, then
Apportionment
.

General Information

Mark this field if the Schedule VK-1s were filed online using
Web Upload
. When this field is marked, and there are 8 or fewer shareholders, the Schedule VK-1s should not be attached to Form 502 when filed with the Department. If this field is marked, and there are 9 or more shareholders, Schedule VK-1 Consolidated won't print.
Schedule VK-1 Consolidated isn't required to be filed if the pass-through entity contains 8 or fewer shareholders, however, to make Schedule VK-1 Consolidated print when there are 8 or fewer shareholders, or to make Schedule VK-1 Consolidated print when
Schedule VK-1s filed by Web Upload
is marked, mark this checkbox.
The federal business code transfers automatically to Form 502. If the North American Industrial Classification System (NAICS) code for Virginia purposes is different from the federal business activity code, enter the NAICS code or select a business code from the dropdown list.
Enter the client’s temporary Virginia account number. This number is used on Form PAR 101, Power of Attorney and Declaration of Representative only when an EIN is not entered. This field should be entered only if the EIN is
Applied For
or
Foreign
.
Mark this field to elect to pay tax on all eligible shareholders of the corporation on Form 502PTET. When you make this election, Form 502PTET prints in place of Form 502 and Form PTET ADJ prints in place of Form 502ADJ.
If there are eligible resident and eligible nonresident shareholders, mark this field to compute Virginia taxable income as if all eligible shareholders are nonresident.
Mark this field to calculate the required withholding payment for nonresident corporate shareholders. If this field is blank, the number of ineligible shareholders and nonresident corporate shareholders will default to
0
(zero).
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