Shareholder Information > Virginia tab

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Our Support department is closed on [[date]]. However, limited UltraTax CS phone support is available on that date from 9 AM - 5 PM ET due to the approaching deadline.

Links to our most popular tax processing topics are available in the Alerts and notices section on the right side of most pages.

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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