How to complete Form VA-5Q in TaxBandits?

Follow these simple steps to complete Form VA-5Q in TaxBandits:

Step 1: Sign in to your TaxBandits account and navigate to the ‘State Forms’ tab.

Step 2: Click the ‘Get Started’ button to begin the filing process for your state withholding form.

Step 3: Enter the employer information, including business details and signatory information, in the respective fields. Verify that all information is accurate.

Note: If you already have employer information saved, you can select it from the Address Book.

Step 4: Based on the employer’s state, certain filings may be required by state agencies. Click ‘Start Filing’ next to Form VA-5Q – Virginia Quarterly Withholding Tax Return to complete the quarterly return.

Step 5: Select the quarter for which you want to file Form VA-5Q.

Step 6: Fill out all required fields. Follow these instructions for each line on the form:

• Line 1: Enter the amount of income tax withholding liability for the period for which the return is being filed.

• Line 2: Enter any overpayment or underpayment from a prior period. Attach a detailed explanation to the return. Use a negative figure for underpayment.

• Line 3: Calculate the adjusted tax amount by subtracting overpayment (Line 2) from Line 1, or adding underpayment (Line 2) to Line 1. Enter the result here.

• Line 4: Enter penalty, if applicable. A penalty is assessed for filing or paying after the due date—6% of the tax due for each month or fraction of a month, not to exceed 30%. The minimum penalty is $10, even if no tax is due.

• Line 5: Enter interest, if applicable. Interest accrues on any tax due at a daily interest rate established under Virginia Code, section 58.1-15 from the due date until payment. The rate is 2% over the underpayment rate in section 6621 of the Internal Revenue Code.

• Line 6: Enter the total of Lines 3, 4, and 5. This is the total amount due.

Step 7: You will see a list of forms that are either in progress or ready to be filed. Select the employer and continue with the filing process.

Step 8: Complete the payment process. TaxBandits will transmit your form to the Virginia Department of Taxation.

Once the agency processes your return, you will receive an email confirmation. You can also monitor the status in the ‘State Payroll Forms Dashboard’.