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Under legislation enacted by the 2022 General Assembly, Virginia established a new elective pass-through entity (PTE) tax for Taxable Years 2021-2025. Additional legislation enacted in 2023 expanded PTET eligibility by removing the requirement
To submit Form 502, you can file electronically via the Virginia Department of Taxation’s e-file platform. Alternatively, you may send your completed form by fax to (804) 254-6111 or mail it to Department of Taxation, P.O. Box 1115, Richmond, Virginia 23218-1115. For any inquiries, you can reach the Department at (804) 367-8037.
Virginia Elective Pass-Through Entity Tax 2022 Form 502PTET Package. Includes Form 502PTET, Schedule PTET ADJ, and Instructions. Form and associated schedules must be filed electronically. This package is provided for informational use only. See the instructions for information about electronic filing.
Schedule 502A is used to show the amount of allocated income and to determine the apportionment percentage. If the PTE’s income is all from Virginia, then the entity does not allocate and apportion income; the Virginia apportionment percentage is 100%, and Schedule 502A is not required.
9 Νοε 2022 · Virginia released the draft guidance on their pass-through entity tax for 2022 and beyond. The tax allows pass-through entity owners to pay tax at the entity level instead of their individual return, which can effectively work around the state and local tax deduction limitation.
6 Δεκ 2022 · The Draft Guidelines provide four steps for a PTE to determine its taxable income and tax amount. (1) First, a PTE should determine the allocation and apportionment of the PTE’s income using the existing Form 502 instructions. (2) Second, the PTE should determine if its owners are resident or nonresidents of Virginia.
Form 502PTET will allow qualifying pass-through entities to pay Virginia tax at a rate of 5.75% on behalf of their owners at the pass-through entity level rather than the owners paying the tax at the individual level, consequently avoiding the state and local tax cap on Schedule A of Form 1040.
