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  • 2010 Virginia Form 502 Department Of Taxation P - Tax Virginia

Get 2010 Virginia Form 502 Department Of Taxation P - Tax Virginia

2010 Virginia Form 502 Department of Taxation P.O. Box 1500 Richmond, VA 23218-1500 Preparer's FEIN, PTIN or SSN Check if : Initial return Pass-Through Entity Return of Income and Return of Nonresident.

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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.

New individual PTE/owner tax credits Additionally, for taxable years beginning on or after Jan. 1, 2021, but before Jan. 1, 2026, a credit is available for any income tax paid to another state that is substantially similar to the newly enacted Virginia PTET (i.e., Maryland, New York, Connecticut PTETs).

S Corporations, Partnerships, and Limited Liability Companies. Every pass-through entity (PTE) that does business in Virginia or receives income from Virginia sources must file an annual Virginia income tax return on Form 502 or Form 502PTET.

For individual owners of pass-through entities, such as partnerships, limited liability companies (“LLCs”), business trusts, and S Corporations, Virginia's elective Pass-through Entity Tax (“PTET”) offers potential federal income tax savings as a workaround to the $10,000 state and local tax (“SALT”) federal income tax ...

Every pass-through entity (PTE) that does business in Virginia or receives income from Virginia sources must file an annual Virginia income tax return on Form 502 or Form 502PTET.

Unless you have established residency in another state, you will still be considered a domiciliary resident of Virginia, and will be required to file Virginia income tax returns. A domiciliary resident of Virginia is one whose legal domicile in the technical sense is in Virginia.

Yes, for Taxable Years 2021 through 2025, taxpayers may claim Virginia's nonrefundable credits for taxes paid to other states on their individual income tax return for certain taxes paid by a PTE under another state's substantially similar PTE tax structure. The tax must be substantially similar to Virginia's PTET.

Virginia's PTE tax law, enacted earlier this year, allows a qualifying PTE to make an annual election for tax years 2021 through 2025 to pay income tax at a rate of 5.75 percent at the entity level.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232