500ADJ: Corporation Schedule of Adjustments (2024)
Virginia · Virginia Tax · Used for tax years 2024
Virginia Schedule 500ADJ reports a corporation's additions to and subtractions from federal taxable income and pass-through entity withholding from Virginia Schedules VK-1. It also includes a section to calculate additional tax owed or a refund on an amended return and is enclose
Who files this form
Virginia Schedule 500ADJ reports additions to and subtractions from federal taxable income for the Virginia Corporation Income Tax Return, Form 500.
- If you are filing an amended return, complete Section C to determine whether you owe additional tax or will receive an additional refund.
- If you claim withholding on Form 500, Line 15, provide the Virginia Schedule VK-1 withholding information in Section D.
Enclose Schedule 500ADJ with Form 500.
What you'll need
- Virginia Form 500: Schedule 500ADJ uses amounts from this return and sends adjustment totals back to it.
- Schedule 500AB, if applicable: Its Line 10 taxable addition goes on Section A, Line 3.
- Virginia Schedules VK-1, if claiming pass-through entity withholding: Use these to complete Section D.
- Schedule 500ADJS, if needed: Use and enclose it if you claim more additions or subtractions than Schedule 500ADJ allows.
- For an amended return: Enclose an explanation identifying each changed Form 500 line and the reason for each change. Show computations in detail and enclose applicable schedules. Section C also requires amounts paid and any overpayment from the original return or as previously adjusted.
Refer to the Form 500 instructions for addition and subtraction codes.
How to file
Enclose Schedule 500ADJ with your Virginia Corporation Income Tax Return, Form 500.
If you need Schedule 500ADJS for additional additions or subtractions, check the box on Schedule 500ADJ and enclose Schedule 500ADJS with your return.
For an amended return, complete Section C and enclose an explanation of the changes, detailed computations, and any applicable schedules.
Common mistakes
- Do not include the amount paid from Form 500, Line 20, in Section C, Line 1.
- Do not leave out the explanation when amending a return. Identify the changed Form 500 lines, explain each change, show detailed computations, and enclose applicable schedules.
- If your additions or subtractions exceed the space available, use Schedule 500ADJS, check the box, and enclose it with your return.
- Refer to the Form 500 instructions for addition and subtraction codes.
- Remember to enclose Schedule 500ADJ with Form 500.
Questions people ask
Where do I enter my total additions?
Add Section A, Lines 1–5 and 6a–6c. Enter the total on Section A, Line 7, and Form 500, Line 2.
Where do I enter my total subtractions?
Add Section B, Lines 1–8 and 9a–9c. Enter the total on Section B, Line 10, and Form 500, Line 4.
What if I have more adjustments than the schedule allows?
Use Schedule 500ADJS in addition to Schedule 500ADJ. Check the box on Schedule 500ADJ and enclose Schedule 500ADJS with your return.
What withholding information belongs in Section D?
If you claim withholding on Form 500, Line 15, list pass-through entity withholding from Virginia Schedules VK-1. Provide each pass-through entity's FEIN and withholding amount. Consolidated or combined filers also provide the recipient FEIN.