Schedule Vk-1 Instruction - Consolidated Owner'S Partnership Summary - 2012 Page 3
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19Schedule VK-1 Consolidated
Purpose
The Schedule VK-1 Consolidated allows multiple owners to be reported on one excel summary
sheet while maintaining the taxpayer disclosure agreement.
The PTE will continue to send a copy of the Schedule VK-1 to each owner for filing purposes
but will no longer need to send a copy of each owner’s Schedule VK-1 to the Department. In its
place, a summary of each owner’s share will be reported on the Schedule VK-1 Consolidated
and sent to the Virginia Department of Taxation (the Department) for processing. The PTE
must not send the Schedule VK-1 Consolidated to its owners due to the taxpayer’s disclosure
agreement. The Web Upload system will not accept the VK-1 Consolidated form. It may only
be used with paper submissions.
PTEs reporting 9 or more owners must use the Schedule VK-1 Consolidated to report the
owner’s share of income, modifications, allocations, and the total additions, subtractions and
credits reported on the Schedule VK-1. PTEs reporting 9 or less owners may file the Schedule
VK-1 but are encouraged to file the VK-1 Consolidated with Form 502. The Schedule VK-1
Consolidated is in Excel format and may be converted to a PDF. Information may be extracted
or manually entered from the Schedule VK-1. The 502 instruction booklet must be used with
the VK-1 Consolidated form layout for field computations, additions, subtractions, tax tables and
mailing addresses.
If users have no or little Excel experience, a Schedule VK-1 Consolidated form Template can
be downloaded from our website
located in the PTE form section.
For users who may create their own form, use the form layout, requirements and specifications
outlined in this document. Users must adhere to the requirements set forth in this document to
ensure accurate processing of the Schedule VK-1 Consolidated. The Appendix at the end of
the document contains detailed steps for using Excel, including screenshots. The final form
print out as shown on the next page may be used as a guide to create the form layout.
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