502 FED-1: Virginia Partnership-Level Federal Adjustments Report (2024)
Virginia · Virginia Tax · Used for tax years 2024
Virginia Form 502FED-1 reports partnership-level federal adjustments and the resulting changes to income, deductions, Virginia additions and subtractions, credits, and apportionment. It shows amounts originally reported on Virginia Form 502, net changes, and corrected amounts.
Who files this form
Partnerships with partnership-level federal adjustments must complete and file Form 502FED-1.
The partnership may elect to pay the Virginia income tax due on behalf of its partners by completing Forms 502FED-1 and 502FED-2 instead of filing an amended Virginia Form 502. Otherwise, the partnership and its partners must file amended Virginia returns with all associated forms and schedules and enclose a copy of Form 502FED-1.
When it's due
The tax year 2024 version requires Form 502FED-1 to be completed and filed within 90 days of the final determination date for partnership-level federal adjustments.
What you'll need
Have the following information available to complete the form:
- Partnership name, FEIN, entity type, and address.
- State partnership representative’s name, address, telephone number, and fax number.
- Federal final determination date, taxable year of the federal adjustment, and taxable year start and end dates.
- Amounts reported on Virginia Form 502, the net changes, and the corrected amounts for income, deductions, Virginia additions and subtractions, apportionment, and credits.
- Adjusted Virginia apportionment figures, if any.
- The owner’s participation percentage if preparing an owner’s copy.
If electing to pay the tax on behalf of partners, complete Form 502FED-2 as well. If filing amended returns instead, include all associated forms and schedules and a copy of Form 502FED-1.
How to file
- Enter the partnership information, representative’s contact information, and federal adjustment dates.
- Check either Partnership’s Copy or Owner’s Copy. For an owner’s copy, enter the owner’s participation percentage.
- Complete Section I with the amounts reported on Virginia Form 502, the net changes, and the correct amounts.
- Complete Section II for partnership-level adjusted Virginia apportionment, if any.
- If the partnership elects to pay the Virginia income tax on behalf of its partners, complete Forms 502FED-1 and 502FED-2 instead of filing an amended Virginia Form 502. Otherwise, the partnership and its partners must file amended Virginia returns with all associated forms and schedules and enclose Form 502FED-1.
The supplied text does not give a mailing address or electronic filing directions.
Common mistakes
- Leaving out required amended returns: Unless the partnership elects to pay on behalf of its partners using Forms 502FED-1 and 502FED-2, both the partnership and its partners must file amended Virginia returns.
- Leaving out attachments: Those amended returns must include all associated forms and schedules and a copy of Form 502FED-1.
Questions people ask
Can the partnership pay the Virginia tax on behalf of its partners?
Yes. The partnership may elect to do so by completing Forms 502FED-1 and 502FED-2 instead of filing an amended Virginia Form 502.
What happens if the partnership does not make that election?
The partnership and its partners must file amended Virginia returns with all associated forms and schedules and enclose a copy of Form 502FED-1.
What goes in the three columns in Section I?
Column A shows amounts reported on Virginia Form 502. Column B shows the net change. Column C shows the correct amount.
What extra information is requested for an owner’s copy?
Check the Owner’s Copy box and enter the owner’s participation percentage.