I received a K-1 should I receive a VK-1

[joe-fanto]

What is a VK-1

[ToddL · Accepted solution]

"Form VK-1" is Virginia  Form 502, Schedule  VK-1 - Owner's Share of Income and Virginia Modifications and Credits.

You will only receive a "Form VK-1" if there are differences between what is reported on your Federal K-1(income, deductions and credits) and what the State of Virginia allows. These differences, if any, are entered in the state tax interview for VA.

Most often, these differences arise when the states don't follow the same depreciation rules as the IRS does. If there aren't any differences, then you should not expect to get a "Form VK-1" from the partnership/S-Corp/Estate/Trust that prepared the federal return.