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7t9r743V
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Virginia 502PTET 500C Form Missing

When trying to use TurboTax Business 2024 to file a Virginia 502PTET business tax return to elect the pass-through entity tax (PTET), there does not appear to be any way to use Form 500C to calculate potential underpayment of estimated quarterly PTET tax payments.

 

The State of Virginia's instructions for the 2024 502PTET form clearly state that a Form 500C must be used to calculate penalties for underpayment of estimated tax by electing pass-through entities:
https://www.tax.virginia.gov/sites/default/files/taxforms/corporation-and-pass-through-entity-tax/20...

 

However, there does not appear to be any mechanism to fill out Form 500C in TurboTax Business 2024 as of 1/25/25. In the Forms view of the application, the checkbox in Section IV, Line 16 of the 502PTET form to use Form 500C is grayed out and cannot be manually selected. See screenshot below:
Screenshot 2025-01-25 134658.png

 

Additionally, there is no Form 500C listed when searching for available forms for a Virginia pass through entity elective income tax return. See screenshot below:
Screenshot 2025-01-25 003556.png

Without access to Form 500C, it does not appear to be possible to correctly and accurately complete a Virginia PTET business tax return using TurboTax Business 2024. Please advise.

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1 Reply
PatriciaV
Employee Tax Expert

Virginia 502PTET 500C Form Missing

Virginia Form 500C is not supported by TurboTax. 

You have two options:

  1. File your return and let the state calculate the amount due.
  2. Go to the Virginia Department of Taxation to download the form, complete and mail.

 

Where to download: Form 500C - Underpayment of Estimated Tax by Corporations

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