Virginia VK-1 Can it be suppressed

[HariS]

I read in another forum that VK-1 is required only if there is differences between Federal K-1 and Virginia state share of income (unallowed items by state)

But I see that ProConnect automatically generates the VK-1 schedule.  Should it not be doing that and if it should not, where do I go on profile or Input to not trigger the VK-1

Did I misunderstand this and is it that VK-1 will always be generated regardless of differences between Fed and the State

thanks

Hari

[IRonMaN]

Is it generating a blank form or does it have dollar amounts on it?

[HariS]

It does have $$ amounts and is exactly the same in Fed K-1

In the VK-1 the $ amounts are shown in Line 1  of Pro-Rata Income and Line 6 of Allocation and Apportionment and Owner Information is RES and GPT

Just got concerned if there are no differences between Fed and State, should VK-1 be triggered at all.

[IRonMaN]

I'm not familiar with the form, so someone else will have to step in to see if they can point you in the right direction.

[HariS]

thank you!

[rbynaker]

I don't know ProConnect but as a VA preparer I would very much prefer you include a VA K-1 so I don't have to ask the client where it is (even if it has the same numbers on it).

[HariS]

Thanks for that opinion, appreciate it,,  I guess it does not hurt to give it anyway

[sjrcpa]

AFAIK it is required.

Did you read the VA instructions?

[HariS]

You are right, In page 20 of the Virginia Form 502 , under general instructions, it clearly states "quote begins" Schedule VK-1 does not replace federal
Schedule K-1; it is a supplement to the federal schedule for
those state tax issues that require additional information. The
PTE will prepare a Schedule VK-1 and SVK-1 (if applicable)
for each owner; a copy should be given to each owner,
and a copy should be included with the entity’s Form 502" quote ends

I think that settles it. do not know why in that other forum this came up. How this all started was when VK-1 was available only in draft mode on pro-series until yesterday and I went looking for help online. I should first go to the  official source..

Thanks again to all those weighed in.