Shareholder Information > Virginia tab

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Use the state tabs in the Shareholder Information window to enter state-specific information for shareholders. State tabs appear only if you have added states to the return.

To update a shareholder's state-specific information, click that shareholder in the Shareholder Information window, and then click the appropriate state tab.

Fields & buttons

Virginia information group box

If the shareholder is a nonresident, enter a code from the following table or select the code from the drop-down list to indicate the type of nonresident filing to be made by the shareholder. If the shareholder is a nonresident, UltraTax CS defaults to calculating withholding for the shareholder.

Code Description
1

Withholding (default)

This is the default filing for nonresident shareholder when a code is not selected from the drop-down list. Select this option to indicate withholding is required for a nonresident shareholder. UltraTax CS calculates withholding for these nonresident shareholders on Form 502, Page 2, Section 1 and Schedule VK-1, Item e.
2

Composite filer (Unified return)

Select this option to indicate the shareholder participated in the filing of a unified nonresident return. When you select this option, UltraTax CS completes Form 765, calculates nonresident tax and includes the Unified Nonresident Tax paid on Schedule VK-1, Page 1 supplemental information statement.
3

Individual exempt from federal or VA income tax

Select this option to indicate an individual is exempt from federal or Virginia income tax. UltraTax CS completes Item f in the Additional Owner Information section on Schedule VK-1.
4

Exempt entity other than individual or corporation

Select this option to indicate entity other than an individual or corporation shareholder is exempt from withholding. UltraTax CS completes Item f in the Additional Owner Information section on Schedule VK-1.

Enter the date the shareholder acquired an interest from this entity. UltraTax CS uses this information to complete Item a in the Additional Owner Information section on Schedule VK-1.

The shareholder's resident state is displayed in this field. UltraTax CS uses this field to determine residency status when completing Schedules VK-1 for resident and nonresident shareholders.

UltraTax CS uses this field to determine residency status when completing Schedules VK-1. For nonresidents, UltraTax CS uses this information to calculate part-year withholding for individual nonresident shareholders on Schedule VK-1 for part-year residents withholding calculations.

Enter the dates the shareholder was a nonresident.

UltraTax CS provides this statement dialog for supplemental information specific to each shareholder. Use this statement dialog for items that are not pro-rata. If you have pro-rata items that need to be reported to each shareholder, use Section A in Screen VAKSep. UltraTax CS prints the information you enter in this statement dialog in the Schedule VK-1 statements.

Withholding information group box

Enter the shareholder's withholding tax in this field to override the amount that UltraTax CS automatically calculates on Form 502 and Schedule VK-1.

Adjustments group box

Click this button to open the Cancellation of Debt Carryover dialog.

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