502V: Pass-Through Entity Tax Payment Voucher (2024)
Virginia · Virginia Tax · Used for tax years 2024
Virginia Form 502V is a payment voucher for pass-through entities sending withholding tax, penalties, and interest with Form 502. It identifies the entity, taxable year, and payment amount. The paper voucher is only for entities with an approved waiver from electronic filing and
Who files this form
Pass-through entities must submit returns and payments electronically. Use the paper Form 502V only if the entity has an approved waiver to file on paper.
Form 502V accompanies a payment of withholding tax, penalties, and interest sent with Form 502.
When it's due
For tax year 2024 calendar-year Form 502 filers, the withholding tax payment is due April 15, 2025.
The payment is due on the PTE return’s due date even if the entity uses an extension to file Form 502.
What you'll need
To prepare the voucher, have:
- The entity’s federal employer identification number (FEIN), entity type, name, and address.
- The taxable year’s ending month and year.
- The date, telephone number, and payment amount.
- The best available information about all nonresident owners’ expected shares of Virginia-source income, including additions and subtractions, and available withholding tax credits.
For a paper payment under an approved waiver, include Form 502, the detached Form 502V voucher, and a check or money order payable to Virginia Department of Taxation.
How to file
Electronic payment
At www.tax.virginia.gov, open the eForms application, select 502V, and complete the form and payment information online. You can schedule the payment for a future date.
The entity may also pay by ACH credit through its bank. Some banks may charge a fee. See the Electronic Payment Guide on the Department’s website for details.
Paper payment with an approved waiver
Complete the voucher, including the numerical ending month and year. Detach it at the dotted line. Do not send the entire page.
Enclose the voucher with Form 502 and a check or money order payable to Virginia Department of Taxation. Mail returns and payments to:
Virginia Department of Taxation
P.O. Box 1500
Richmond, VA 23218-1500
Common mistakes
- Using a paper voucher without an approved waiver. Returns and payments must be submitted electronically unless a waiver has been granted.
- Using Form 502V for the wrong return. Use it only for a payment sent with Form 502. Do not use Form 502V or Form 502W for payments with Form 765, the Unified Nonresident Individual Income Tax Return.
- Leaving out the ending month and year. Enter both so the payment is credited to the correct taxable year.
- Sending the entire page. Detach the voucher at the dotted line.
- Treating a filing extension as a payment extension. Withholding tax remains due on the return’s original due date.
Questions people ask
How do I calculate the withholding payment?
Compute the total income amount for all nonresident owners, including additions and subtractions, using the best available information about their expected shares of Virginia-source income for the year. Multiply that amount by 5%, then apply available withholding tax credits. The remainder is the withholding tax due with the return.
Does paying 90% by the due date avoid every charge?
No. Paying at least 90% of the withholding tax by the original return due date avoids the extension penalty. Interest is still due on unpaid tax from the due date until payment, at the underpayment rate under IRC § 6621 plus 2%.
What if I file the return after the due date?
Complete Form 502, Page 2 to calculate any penalty and interest due with the return. If you file after the extended due date, the extension is not valid, and the late filing penalty is 30% of the tax due or $1,200, whichever is greater.
Where can I ask questions?
Call (804) 367-8037, or write to Virginia Department of Taxation, P.O. Box 1115, Richmond, Virginia 23218-1115. This is the questions address, not the address for mailing returns and payments.