Edit: I received k-1 also
I received 2019 Form 502 Schedule VK-1 Virginia Pass Through Entity Owner's Share of Income and Virginia Modification and Credits this year (previous years I had received a K-1 from a company that I had shares in but the company has dissolved.)
What do I need to do with this? I do not see any section to enter it federally or state wise, or do i need to do anything with it? Only thing entered on it is
A. Date acquired interest
b. owner's entity type
c. Owner's participation
d. Owner's participation percentage (which is 0)
then
line 7. Virginia apportionment percentage (which is 100)
If that is all that is on the form, there is no reportable information on it. I would just file it with your other tax documents.
Does it make a difference that i just now received a k-1?
No, not in your case. The reason the form exists, is to report adjustments that need to be made for differences in state and federal amounts reported on the K-1. A good example is depreciation. Often there is a difference between federal and state amounts of allowable depreciation. The state form provides information to adjust taxable income to account for the difference. You do need to report the K-1, if it has any reportable data.
My business state and federal taxes are ready to file but when hitting "transmit my taxes now", the program cycles me back to Pass Thru Entity and Virginia Pass thru Entity information worksheet to review. I see nothing to change
but cannot move to file my taxes. How can I resolve this?