770: Virginia Fiduciary Income Tax Return (2024)
Virginia · Virginia Tax · Used for tax years 2024
Form 770 is the 2024 Virginia Fiduciary Income Tax Return for estates and trusts. It reports taxable income, Virginia income adjustments, tax, payments and credits, and any balance due or refund. It also includes schedules for nonresident Virginia-source income, tax paid to anoth
When it's due
For tax year 2024, calendar-year returns are due May 1, 2025.
What you'll need
Have the estate or trust’s federal return available for the federal income and other figures requested on Form 770.
Include these supporting documents when applicable:
- Withholding statements if reporting Virginia income tax withheld.
- A copy of the other state’s return if claiming credit for tax paid to another state.
- 2024 Form 306D for the total Coalfield Employment Enhancement Credit on Schedule 1, Line 5(o)iii.
- Form 760C or Form 760F if entering an amount from either form on Line 11. Check the corresponding box, too.
- An explanation for other additions or other subtractions reported on Schedule 3, Lines 4 or 9.
The form also asks for the estate or trust’s name and FEIN, the fiduciary’s name and address, and beneficiary information on Schedule 5.
Common mistakes
- Leaving out required attachments. The form reminds filers to attach withholding statements and enclose the other state’s return when claiming the related credit.
- Missing an overpayment credit. Include any overpayment credit from 2023 with 2024 Virginia estimated tax payments on Schedule 1, Line 5(b).
- Claiming an Enterprise Zone Act Tax Credit that is not a carryover. The form states that only carryover credit is allowed.
- Omitting explanations for other modifications. Enclose explanations for other additions and other subtractions on Schedule 3.
- Missing the pass-through entity tax add-back checkbox. Check it if additions include an add-back of state and local income tax paid by a pass-through entity.
Questions people ask
Which income amount goes on Schedule 1, Line 1?
Use federal taxable income from the federal return. For a nonresident estate or trust, use the amount from Schedule 2, Line 8 instead.
Can an overpayment be applied to next year’s estimated tax?
Yes. Enter the amount to apply to 2025 estimated income tax on Line 8. Subtract that amount from the overpayment on Line 7 to find the refund on Line 9.
Who signs Form 770?
The fiduciary or an officer representing the fiduciary signs the return. The form also has a separate signature area for a preparer other than the fiduciary.
What is Schedule 5?
Schedule 5 reports beneficiary information and is labeled the federal Schedule K-1 equivalent. It includes distribution percentages, Virginia modifications, credit allocations, and nonresident beneficiary information.