VA online Form Instructions 1065 (Schedule K-1) 2023-2025

VA online Form Instructions 1065 (Schedule K-1): What You Should Know

On the 1040 (Form 1040) to be issued by the Virginia Department of Education. A. Schedule K-1, Form 1065, for Individuals Form 1065, Virginia Tax Return, is used only to calculate tax and to report interest and dividends as a nonresident alien individual on tax returns by foreign-based individuals or individuals who reside outside the United States from whose net income tax liability can be deducted under the Virginia Income Tax Act of 1951, as amended by chapter 13 of title 26, Virginia Code. See Virginia Code section 16.2-1003(4). Filing instructions apply. See Virginia Code section 16.2-1003(5). Individuals filing as one of the following groups must file one of the two appropriate forms or attach a substitute form to the Virginia tax return: • individuals aged 22 to 64 years; • married couples aged 22 to 64 years for one spouse; and • unmarried individuals aged 22 to 64 years for each spouse. • individuals for whom a nonresident alien individual is the beneficiary of this return. The appropriate Virginia Tax Form for each group is listed below. For more information on the two forms, see Virginia Code section 16.2-1003-3 and the Virginia Revenue and Taxation Bulletin, issued March 2, 2018. Individuals Form 1065, Virginia Foreign Income Tax Return, is used by a nonresident alien individual, qualified foreign corporation, and joint returns to report the information necessary to show that the net income (adjusted gross income) from sources outside of Virginia does not exceed the Virginia limit on gross income. See Virginia Code section 64.2-2201. Use Form 1065 if a Virginia resident alien and the nonresident alien have a joint return. You may use Form 1065 to reduce nonresident alien tax under section 62 of the Internal Revenue Code, as amended by chapter 15 of title 26, Virginia Codes on a joint return. The income used to apply for relief under the section 62 reduction is not included in Virginia taxable income, and Virginia taxes may continue to be due on this income. The filer must also use Form 1065 to establish eligibility for the Earned Income Tax Credit. For more information about the Earned Income Tax Credit and filing instructions, see Filing Requirements for the Earned Income Tax Credit. You can file Form 1065 only by mail, or by electronic filing on the IRS.

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