500FED: Schedule of Federal Line Items (2024)
Virginia · Virginia Tax · Used for tax years 2024
Virginia Schedule 500FED reports a corporation’s federal taxable income, deductions, and other federal tax line items, including depreciation and foreign income. It is enclosed with Virginia Form 500 and does not replace the requirement to enclose a complete federal Form 1120.
Who files this form
The 2024 Schedule 500FED directs corporations to enclose it with their Virginia Corporation Income Tax Return, Form 500. It reports federal income, deduction, and other tax items.
What you'll need
Have your Virginia return name and federal employer identification number (FEIN) ready. The schedule asks for amounts from these federal forms and schedules, as applicable:
- Form 1120: Taxable income, net operating loss deduction, and special deductions.
- Form 1120, Schedule C: Subpart F income and/or Global Intangible Low-Taxed Income, and the gross-up for foreign taxes deemed paid.
- Form 1120, Schedule K or M-1: Tax-exempt interest.
- Form 5884: Salaries and wages not deducted due to the Work Opportunity Credit.
- Form 4562: Special depreciation allowance and other depreciation items.
- Form 1118, Schedule A: Foreign income or loss, deductions, and total income or loss before adjustments.
The form also requires you to enclose a complete federal Form 1120 with your Virginia return.
How to file
Enclose Schedule 500FED with your Virginia Corporation Income Tax Return, Form 500. Also enclose a complete federal Form 1120. Schedule 500FED does not replace that requirement.
The supplied form does not give a mailing address or e-file instructions.
Common mistakes
- Leaving out Schedule 500FED: The form says to enclose it with Virginia Form 500.
- Treating Schedule 500FED as a substitute for the federal return: You must still enclose a complete federal Form 1120 with your Virginia return.
Questions people ask
Does Schedule 500FED replace the federal Form 1120 attachment?
No. The form expressly says you must still enclose a complete federal Form 1120 with your Virginia return.
Where do I report federal taxable income and the related deductions?
Line 1 asks for federal taxable income before the net operating loss and special deductions. Lines 2 and 3 ask for those deductions. Line 4 asks for federal taxable income after those deductions.
Where do I report tax-exempt interest?
Report tax-exempt interest from federal Form 1120, Schedule K or M-1, on line 7.
What is line 13 used for?
Line 13 is marked “Reserved for future use.”