500: Virginia Corporation Income Tax Return (2024)
Virginia · Virginia Tax · Used for tax years 2024
Form 500 is the 2024 Virginia Corporation Income Tax Return. It reports federal taxable income, Virginia income adjustments, tax, payments and credits, and any refund or amount due.
What you'll need
- A copy of your federal return. The form specifically requires you to include it.
- Corporation information: FEIN, mailing and physical addresses, entity type code, NAICS code, incorporation date and location, and business activity.
- Payment records: 2024 estimated Virginia income tax payments, any overpayment credit from 2023, and any extension payment.
- Applicable schedules: Schedule 500ADJ for additions, subtractions, or pass-through entity withholding; Schedule 500CR for tax credits; and Schedule 500A for the apportionment entries.
- Related-party payment details: If you made the interest, royalty, or other intangible-property expense payments described in Question A, complete and enclose Schedule 500AB.
- Federal net operating loss details: If you claimed a federal NOL deduction, provide the loss year, federal NOL, and percentage used this year. For losses from more than one year, enclose a schedule for each year. If the NOL resulted from a merger, provide the FEIN of the company that generated it.
- Pass-through entity withholding details: If claiming this withholding, enter the number of Schedules VK-1 and complete and enclose Schedule 500ADJ, Page 2.
- Other required attachments: Combined or consolidated filers must enclose Schedule 500AC. If reporting an additional charge from Form 500C, enclose that form.
How to file
File electronically. The form says the return must be filed electronically. Use the paper form only if you have an approved waiver.
For paper filing with an approved waiver, the address printed on the form is:
Virginia Department of Taxation
P.O. Box 1500
Richmond, VA 23218-1500
Include a copy of your federal return and applicable schedules. An authorized corporate officer must sign and date the return and provide their title, printed name, and phone number.
Common mistakes
- Filing on paper without an approved waiver. The form requires electronic filing unless you have an approved waiver.
- Using Form 500 to carry back a net operating loss. The form says to use Form 500NOLD instead.
- Leaving out the federal return. The form specifically reminds filers to include a copy.
Questions people ask
What tax rate does Form 500 use?
Line 9 calculates income tax as 6% of Line 7 or 6% of Line 8(a).
Can I apply an overpayment to next year's estimated tax?
Yes. On the 2024 return, Line 23 lets you enter an amount to credit to 2025 estimated tax. Line 24 shows the amount to refund after subtracting that credit from the overpayment.
Can the Department discuss my return with my preparer?
Yes. You can authorize this by checking the box at the bottom of Page 2.
What if an IRS redetermination changed my federal tax liability for a prior year?
Question E asks you to list any prior years for which your federal income tax liability was redetermined with the IRS and finalized but has not previously been reported to the Department.