I got a Virginia Form 770 Sch 5 - final distribution of a trust. (Also a Fed K-1 which I entered.) What do I do with the information in first 3 sections of Sch 5?

Forum|Forum|4 years ago
March 4, 2022
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for VA return, not Fed

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RobertB4444

The information on the Virginia 770 Sch 5 is primarily going to be entered through the federal K-1 entry. The stuff that goes in separately is the items in two and three. You'll enter those as additions and subtractions from income into the Virginia return where appropriate.

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JAM53Author

Thank you for responding!

Section 1. Fed Distributable Net Income has a negative amount in 1a. (This number equals the "excess Deductions on the K-1.) You said I don't need to enter that anywhere, correct?

Section 2. Additions only has information in 2b. "Income taxes of this state". (2e. total is the same amount.) Do I put enter that? If so, where?

Section 3. Nothing.

Section 4. Same amount as from 2b.

I appreciate you helping me with this. I've been doing taxes for decades but this is a new twist.

RobertB4444

@JAM53 Section 1 needs to be entered into the input for the K-1 on the federal return. You should have received a federal K-1 as well.

If section two has income taxes paid to the state then you will enter it as income taxes paid to the state on your Virginia return. Go to deductions and credits and enter it as taxes paid.

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