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Shareholder Information > Virginia tab
Show all hidden content
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
Nonresident filer
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. |
Date acquired interest from entity
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.
Resident state
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.
Part year state
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.
Part year state from / to
Enter the dates the shareholder was a nonresident.
Supplemental information
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
Tax withheld (Force)
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
Cancellation of debt adjustment (Force)
Enter the shareholder's cancellation of debt income adjustment to replace the amount that UltraTax CS calculates on Schedule 502ADJ and Schedule VK-1.