Side-by-side at $1,000,000 qualified income, 37% bracket
| Field | Virginia | Maryland |
|---|---|---|
| Statute | Va. Code § 58.1-390.3 (PTE Elective Tax) | Md. Code Tax-Gen. § 10-102.1(b) (PTE Tax Election) |
| Election deadline | PTE makes the election by (a) an estimated payment of PTET, (b) an extension payment of PTET, OR (c) filing Form 502PTET on or before the extended due date for the taxable year. Once Form 502PTET is filed, election is binding for that year. | Election made with the first PTE filing or payment for the tax year (Form 510D estimated payment or Form 511 return); election is IRREVOCABLE for that tax year once made. |
| Rate | 5.75% flat | graduated / pending |
| Owner credit | refundable | refundable |
| Composite interaction | stacks | stacks |
| §199A QBI reduction | Yes | Yes |
| Last verified | 2026-05-11 | 2026-05-11 |
Why owners with K-1 income across these two states care
Virginia and Maryland interact in three ways that matter to a multi-state K-1 holder: (1) independent elections — each state's PTET is its own election with its own deadline and form, so a missed VA deadline does not affect MD; (2) aggregate federal deduction — the entity-level tax paid to BOTH states is deductible at the federal entity level under IRS Notice 2020-75, so the federal arbitrage compounds; (3) composite-return interaction may differ — see each state's row above.
Run the multi-state picker pre-filled with both jurisdictions: