Schedule VK-1 Consolidated: Allows Reporting of Multiple Owners' Shares of Income and Virginia Modifications and Credits (2024)
Virginia · Virginia Tax · Used for tax years 2024
The 2024 Virginia Schedule VK-1 Consolidated reports information for multiple owners of a pass-through entity (PTE). It lists owner details, amounts withheld, income, deductions, Virginia additions and subtractions, and refundable credits.
What you'll need
Have the information requested on the form ready:
- The PTE's name and FEIN.
- Each owner's name, address, and FEIN or SSN.
- The date each owner acquired an interest in the PTE, entity type, participation type, and participation percentage.
- The amount withheld by the PTE for each owner and the owner entity withholding exemption code.
- Amended return status, reason code, and participation in an individual unified nonresident return.
- Taxable income, deductions, tax-exempt interest income, income allocated to Virginia and outside Virginia, apportionable income, and the Virginia apportionment percentage.
- Total additions, subtractions, and refundable credits.
Common mistakes
- Do not include dashes in the owner's FEIN or SSN. The form specifies “No Dashes.”
- Include a decimal point in the owner's participation percentage and the Virginia apportionment percentage, as directed on the form.
- Enter the date the owner acquired an interest in MM/DD/YYYY format.
- Check the applicable boxes for an owner's amended return and/or participation in an individual unified nonresident return.
Questions people ask
What identifying information does the schedule ask for?
It asks for the PTE's name and FEIN, plus each owner's name, address, and FEIN or SSN. Enter the owner's FEIN or SSN without dashes.
Which ownership date should I enter?
Enter the date the owner acquired an interest in the PTE, using MM/DD/YYYY format.
Where is withholding for an owner reported?
The form has a field labeled “Amount Withheld by PTE for Owner.” It also includes an owner entity withholding exemption code field.
Does the schedule separate income allocated to Virginia from other income?
Yes. It has separate fields for income allocated to Virginia, income allocated outside Virginia, and apportionable income.
Can I indicate participation in an individual unified nonresident return?
Yes. The form directs you to check a box if the owner is participating in an individual unified nonresident return.