Schedule VK-1 Owner's Share of Income and Virginia Modifications and Credits

[CTC]

Hello,

Client has Schedule VK-1. He is a non resident of Virginia.

Under Additional Owner Information it says on line f: if owner or entity is exempt from withholding, enter an exemption code. The code is 3.

Distributive or Pro-Rata Income and Deductions

1. Total taxable income amounts

2. Total deductions

Allocation and Apportionment 

4. Income allocated to Virginia (owner's share from PTE's Schedule 502A, Section C, Line 2).

6. Apportionable income (owner's share from PTE's Schedule 502(a), Section C, Line 4.

7. Virginia apportionment percentage (from PTE Schedule 502(A), Section B-percent from Line 1 or Line 2(g), or 100%.

14. Fixed date conformity - depreciation.

18. Total Subtractions (add Lines 14 - 16 and 17a - 17d).

The lines above all have positive numbers and line 4 has "0".

I have been unable to determine where these number should go in ProConnect.

When I called support they couldn't help me but suggested I come here since someone would be able to help.

Thanks,

Melissa

[sjrcpa]

Is the "Owner is Participating in  Unified Nonresident ...Return" box checked?

[CTC]

Yes.

[sjrcpa · Accepted solution]

Then you lucked out. No VA nonresident return is needed.

Resident state may give a credit for tax paid to VA. You will need:

Income taxed in VA

Unified Nonresident tax paid to VA.

These should be on a supplemental statement to the K-1.