IraS1@aol.com wrote:
> >>I am in the midst of completing it for our club. I obtained
> the
> forms and instructions from www.tax.virginia.gov.
>
> >>We got a
> postcard from NAIC saying the form is due beginning
> 1/1/2004 and there is a
> penalty of $200 a month if not filed
> by 4/15.  Of course we got the card
> in late March and
> NOTHING from the state.
>
> >>My concern is if our
> members will need to file amended
> returns - I know they'll ask for my advice
> and I don't know
> what to tell them.  Thoughts?
>
> Why should they need to file amended personal returns? They should have
> always been receiving whatever information they needed in order to correctly
> prepare their federal and state returns. Filing a state partnership return
> doesn't change anything.
>  
> Ira Smilovitz

Thanks Ira! I was thinking they'd need to add the info from
the VK-1 (the Virginia equiv to the K-1 that is completed
when preparing the Form 502.) But it should not differ since
it is the same as the Federal K-1.