Gross Income in Virginia: Schedule K-1 Demystified

Published Article
December 7, 2018

In Virginia, the definition of “gross income” for child or spousal support in family law matters is income from all sources and includes, among other things, salaries, wages, commissions, bonuses, interest, dividends, and income from self-employment, a partnership or a closely-held business.

In his article “Gross Income in Virginia: Schedule K-1 Demystified,”Sal Ambrosino focuses on gross income in the form of compensation to a closely-held business owner and the methods of determining and reporting the compensation paid to these individuals, in particular, Schedule K-1 used to report the apportioned income to the owner of a passthrough entity.

This article was originally published in Virginia Family Law’s Winter 2018 edition of their quarterly newsletter. Virginia Family Law is a section of the Virginia State Bar.