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

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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.
note
  • When you overrule a transferred amount, the application doesn't replace that amount with subsequent federal-to-state or asset module data transfers.
  • To delete the overruled amount and restore the original transferred amount, right-click the field and select
    Delete overrule
     or enter the original amount.
  • To confirm the accuracy of the overruled amount, right-click the field and select
    Acknowledge overruled data
    . The application then turns off the acknowledge functionality from the right-click menu. To restore the original amount later, you'll need to enter it manually.
  • You can set a user preference to mark fields for which you overruled the transferred amounts and to list all overruled amounts in the
    Diagnostics
     window.

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

Schedule VK-1s filed by Web Upload
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.
Print Schedule VK-1 Consolidated, when not filing electronically
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.
note
Schedule VK-1 Consolidated isn't needed when filing Form 502 electronically and therefore doesn't print.
NAICS code *
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.
Virginia corporation account number, only if EIN is applied for or foreign
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
.
Election to pay Virginia income tax at the entity level for the taxable year
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.
Compute Virginia taxable income as if all eligible owners are nonresidents
If there are eligible resident and eligible nonresident shareholders, mark this field to compute Virginia taxable income as if all eligible shareholders are nonresident.
Electing PTE is required to make withholding payments for nonresident corporate owners
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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