500FED: Schedule of Federal Line Items (2025)
Virginia · Virginia Tax · Used for tax years 2025
Virginia Schedule 500FED reports a corporation’s federal taxable income, deductions, depreciation, and other federal line items, including foreign income and related deductions. It accompanies Virginia Form 500 and does not replace the requirement to enclose a complete federal Fo
Who files this form
Schedule 500FED is Virginia’s Corporation Schedule of Federal Line Items. The form directs you to enclose it with your Virginia Corporation Income Tax Return, Form 500.
What you'll need
The schedule lists these federal forms and schedules as sources for its entries:
- 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 because of the Work Opportunity Credit.
- Form 4562: Special depreciation allowance and other depreciation entries.
- Form 1118, Schedule A: Foreign income or loss, deductions, and income or loss before adjustments.
You also need the name shown on your Virginia return and your FEIN. The form requires a complete federal Form 1120 to be enclosed 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 list a mailing address or e-filing instructions.
Common mistakes
- Leaving out Schedule 500FED: The form directs you to enclose it with Virginia Form 500.
- Treating Schedule 500FED as a substitute for federal Form 1120: You must still enclose a complete federal Form 1120 with your Virginia return.
Questions people ask
Does Schedule 500FED replace my federal Form 1120 attachment?
No. You must still enclose a complete federal Form 1120 with your Virginia return.
Where do I report federal taxable income?
Line 1 is for federal taxable income before net operating loss and special deductions. Line 4 is for federal taxable income after those deductions.
Where do I report tax-exempt interest?
Report it on line 7, which refers to federal Form 1120, Schedule K or M-1.
What is line 13 used for?
Line 13 is marked “Reserved for future use.”