502 SVK-1: Supplemental Schedule of Owner's Share of Virginia Modifications (2024)
Virginia · Virginia Tax · Used for tax years 2024
Virginia Schedule SVK-1 (Form 502) is a supplemental schedule for reporting an owner’s share of Virginia additions and subtractions from a pass-through entity. Its totals are included in the additions and subtractions on the owner’s Schedule VK-1.
Who files this form
Use Schedule SVK-1 when reporting more of an owner’s Virginia additions or subtractions than Schedule VK-1 allows. Use additional Schedules SVK-1 if needed.
What you'll need
Have the following information and forms available:
- The owner’s name, FEIN or SSN, and address.
- The pass-through entity’s name, FEIN, address, and taxable year end date.
- The owner’s share of Virginia additions and subtractions, with codes and dollar amounts.
- The Form 502 instructions, which provide the addition and subtraction codes.
- The owner’s Schedule VK-1, where the SVK-1 totals are included.
Common mistakes
- Do not leave out extra additions or subtractions because Schedule VK-1 lacks space. Use Schedule SVK-1, and additional copies if necessary.
- Remember to refer to the Form 502 instructions for addition and subtraction codes.
- Include the Section A total in the additions total on the owner’s Schedule VK-1, page 1, line 13. Include the Section B total in the subtractions total on page 1, line 18.
Questions people ask
What is Schedule SVK-1 used for?
It reports an owner’s share of Virginia additions or subtractions that exceed the space available on Schedule VK-1.
Where do I find the addition and subtraction codes?
Refer to the Form 502 instructions.
How do I calculate and transfer the totals?
In each section, add lines 1 through 15 and enter the total on line 16. Include the Section A total in Schedule VK-1, page 1, line 13, and the Section B total in Schedule VK-1, page 1, line 18.
Can I use more than one Schedule SVK-1?
Yes. The form says to use additional Schedules SVK-1 if necessary.