mircpa Posted July 13, 2012 Report Share Posted July 13, 2012 Hello friends I am filing VA corporate tax return for a client who is domiciled in CT which has multi state presence, provides software services and hired an employee in VA. I am using form 502, 502A. I am able to properly apportion income on 502A. My question is on form 502A it is showing properly payroll and sales factor under section B lines 2b and 2c and multi factor percentage on line g which is 1.3845%. Form 502A Section C line 1 & 4 is 101,803.00. On VA sch VK1 $ 101,803.00 is populated on line 1 and 6. Is this correct way or is software not required to calculate VA's net apportioned income (101,803 * 1.3845%) which is $ 1,409.00 and show in line 4 of VA sch VK1 and income which is not allocable to VA should go on line 5. Are shareholders require to manually calculate and report income on their VA individual tax return. Any VA tax preparers please clarify thanks in advance for you help mircpa Quote Link to comment Share on other sites More sharing options...
jainen Posted July 17, 2012 Report Share Posted July 17, 2012 >>Are shareholders require to manually calculate and report income on their VA individual tax return.<< I can't answer about VA forms, but I would guess the corporation has to make the calculation, not the shareholders, Isn't that what Schedule VK-1 is? Quote Link to comment Share on other sites More sharing options...
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