502ADJ: Pass-Through Entity Schedule of Adjustments (2024)
Virginia · Virginia Tax · Used for tax years 2024
Virginia Schedule 502ADJ is the 2024 Schedule of Adjustments enclosed with a pass-through entity's Form 502. It reports additions to and subtractions from taxable income, Virginia tax credits passed through to owners, and calculations of tax owed or overpaid for an amended return
Who files this form
Schedule 502ADJ is the 2024 Virginia Pass-Through Entity Schedule of Adjustments. It covers additions to taxable income, subtractions from taxable income, Virginia tax credits passed through to owners, and amended-return calculations.
The form directs you to enclose Schedule 502ADJ with your Pass-Through Entity Return, Form 502.
What you'll need
Have the following information and forms available, as applicable:
- Your FEIN and name as shown on Form 502.
- Addition and subtraction amounts, their codes, and any applicable subtraction certification numbers. The form refers you to the Form 502 instructions for codes.
- Total credit amounts passed through to owners. For credit information, the form points to the Schedule CR instructions for individuals or Schedule 500CR instructions for corporations.
- Schedule 502ADJS if you have more additions or subtractions than Schedule 502ADJ allows.
- 2024 Form 306D for the Coalfield Employment Enhancement Tax Credit entries.
- For an amended return, amounts paid with the original return, additional tax paid afterward, and the overpayment shown on the original return or as previously adjusted.
How to file
Enclose Schedule 502ADJ with your Pass-Through Entity Return, Form 502.
If you need Schedule 502ADJS for additional additions or subtractions, check the box on Schedule 502ADJ and enclose Schedule 502ADJS with your return.
The supplied form does not give a mailing address or e-filing directions.
Common mistakes
- Forgetting the extra schedule: If your additions or subtractions exceed the space available, use Schedule 502ADJS, check the box, and enclose it with your return.
- Not checking adjustment codes: The form directs you to the Form 502 instructions for addition and subtraction codes.
- Using the wrong credit amounts: Section C asks for the total amounts passed through to owners for each credit.
- Leaving Schedule 502ADJ out of the return: The form specifically says to enclose it with Form 502.
Questions people ask
How do I total additions and subtractions?
Add Lines 1 through 4 in Section A and enter total additions on Line 5. Do the same in Section B for total subtractions.
What if I need more room for adjustments?
Use Schedule 502ADJS, check the box on Schedule 502ADJ, and enclose the extra schedule with your return.
Where do the credit totals go on Form 502?
Enter Section C, Part II's total nonrefundable credits on Form 502, Page 1, Line 19. Enter Part IV's total refundable credits on Form 502, Page 1, Line 20.
Which section covers amended returns?
Section D contains the amended-return calculations, including prior payments, prior overpayments, tax owed, and the amount overpaid.