Virginia VA Fiduciary Income Tax Return

VA Fiduciary Income Tax Return
2023 Form 770, Virginia Fiduciary Income Tax Return
Form

770 2023 Virginia Fiduciary Income Tax Return

Enter
Fiscal Year: From
		
(if applicable)	

/ 2023 To

(mm/dd)

(mm/dd/yyyy)

, AND check here	

*VA0770123888*

Name of Estate or Trust

Locality Code (See Instructions)

Name and Title of Fiduciary

FEIN of the Estate or Trust

Address of Fiduciary (Number and Street)

Check all that apply:

City, Town or Post Office	

State	

ZIP Code

Calendar Year Returns Due May 1, 2024

Resident	or	 Nonresident
Exempt - Charitable Remainder Trust
Grantor Trust
Amended Return - Reason Code
Final Return

Schedule 1 — Computation of Taxable Income and Tax of Fiduciary
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1. Federal taxable income from federal Form 1041 - OR - if a nonresident, the amount on Schedule 2, Line 8.. . . . . .  1
2. Fiduciary’s share of Virginia modifications (Schedule 3 on Page 2)	
(a) if a net addition.. . . . . . . . . 	 .2(a)

Va. Dept. of Taxation 770 F 2601047

Rev. 08/23

Check box if additions include add back of state and local income tax paid by a Pass-Through Entity . . . . . . . . . . . . . . . . . .

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[2FA ___________ 2FS ___________ See Schedule 3 on Page 2]	
(b) if a net subtraction.. . . . . . . . . . .2(b)	
3. Virginia taxable income of fiduciary. Line 1 plus Line 2(a) - OR - Line 1 minus Line 2(b). . . . . . . . . . . . . . . . . . . . . . . 3	
4. Compute tax on Virginia taxable income. Use the tax rate schedule in the instructions. . . . . . . . . . . . . . . . . . . . . . . . 4	
5. PAYMENTS AND CREDITS: See instructions.
(a) Virginia income tax withheld (attach withholding statements).. . . . . . . . . . . . . . . . . .  (a)
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(b) 2023 Virginia estimated tax payments. Include overpayment credit from 2022.. . . .  (b)
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(c) Extension payments made with Form 770IP.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  (c)
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(d) Credit for tax paid to another state from Schedule 4, Line 7.
Enclose other state's return. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  (d)
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(e) Neighborhood Assistance Act Tax Credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  (e)
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(f) Enterprise Zone Act Tax Credit, See instructions (only carryover credit allowed).. . . . (f)
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(g) Major Business Facility Job Tax Credit.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  (g)
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(h) Historic Rehabilitation Tax Credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  (h)
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(i) Reserved for future use. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (i)
(j) Barge and Rail Usage Tax Credit.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (j)
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(k) Reserved for future use.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  (k)
(l) Reserved for future use. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (l)
(m)	Qualified Equity and Subordinated Debt Investments Tax Credit.. . . . . . . . . . . . . . . (m)
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(n) i) 100% Coalfield Employment Enhancement Credit
from 2023 Form 306D, Part II, Section 1, Line 1.. . .  (n)i
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ii) Reserved for future use.. . . . . . . . . . . . . . . . . . . . . . . (n)ii
iii) Full Coalfield Employment Enhancement Credit
2023 Form 306D, Part II, Section 2, Line 3.. . . . . .  (n)iii
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(o) i) 85% Coalfield Employment Enhancement Credit
2023 Form 306D, Part II, Section 3, Line 5.. . . . . . .  (o)i
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ii) Reserved for future use.. . . . . . . . . . . . . . . . . . . . . . . (o)ii
iii) Total Coalfield Employment Enhancement Credit - Add Lines (n)iii and (o)i.
Enclose 2023 Form 306D.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (o)iii		
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(p) Reserved for future use.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  (p)
(q) Land Preservation Tax Credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  (q)
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(r) Reserved for future use. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (r)
(s) Worker Training Tax Credit.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  (s)
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(t) Virginia Housing Opportunity Tax Credit.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (t)
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(u) Pass Through Entity Elective Tax Payment Credit.. . . . . . . . . . . . . . . . . . . . . . . . . .  (u)
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(v) Retroactive Pass-Through Entity Elective Tax Payment Credit. . . . . . . . . . . . . . . . .  (v)
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Total payments and credits. Add Lines 5(a) through 5(m) and Lines (o)iii through (v).. . . . . . . . . . . . . . . . . . . . . . . . . 5
6. BALANCE DUE If Line 4 is larger than Line 5, subtract Line 5 from Line 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
7. OVERPAYMENT If Line 5 is larger than Line 4, subtract Line 4 from Line 5.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
8. Amount of overpayment to be CREDITED to 2024 Estimated Income Tax.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
9.	AMOUNT TO BE REFUNDED Subtract Line 8 from Line 7.. . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . 9	
	10. Reserved for future use.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
	11. Amount from Form 760C or Form 760F. Enclose Form 760C or Form 760F and check box. . . . . . . . . . . . . . . . . . . 11
	Check here if farming, fishing or being a merchant
seaman accounts for at least two-thirds of the income.

For Local Use

cLTD

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*VA0770223888*

Form 770 (2023), Page 2
NAME & FEIN FROM PAGE 1

Schedule 2 — Virginia Taxable Income of a Nonresident Estate or Trust

Net Virginia Source Income
A. Distributable
B. Nondistributable

1. Income from sources within Virginia.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1	
2. Federal deductions attributable to income from sources within Virginia. . . . . . . . . . . . 2
3. Net Virginia source income. Subtract Line 2 from Line 1.. . . . . . . . . . . . . . . . . . . . . . . 3

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4. Virginia source income allocation schedule. When completing Column 4, multiply Line 3A above by the percentage in Column 3 below and enter the
result in Column 4. Enter the amount from Line 3B above in Line 4b, Column 5.
Column 1

Column 2

Federal Distributable
Net Income

Column 3

Column 4

Percentage

Virginia Source
Distributable Net Income

Column 5

Virginia Source
Nondistributable Net Income

a. Beneficiaries (Total for all beneficiaries)

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%

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b. Fiduciary

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%

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c. Total

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100%

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5. Deduction for distributions to beneficiaries.
Enter the amount in Line 4a, Column 4, or Line 4a, Column 2, whichever is less . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

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6. Fiduciary’s share of Virginia source income. Sum of Line 4b, Column 4 or
Line 4b, Column 2, whichever is less, plus Line 4b, Column 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

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7. Exemption from federal Form 1041. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

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8. Income taxable to fiduciary. Subtract Line 7 from Line 6. Enter here and on Schedule 1, Line 1. . . . . . . . . . . . . . . . . 8

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	Schedule 3 — Fiduciary’s Modifications
	PART I — Additions to Federal Taxable Income
1. Interest on obligations of other states. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

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2. Income taxes of this state or any other taxing jurisdiction.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

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3. Conformity Additions. See instructions. Enter here and on Line 2FA of Schedule 1. . . . . . . . . . . . . . . . . . . . . . . . . . . 3

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4. Other additions to federal taxable income as provided in the instructions. Enclose explanation.. . . . . . . . . . . . . . . . . 4

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5. TOTAL ADDITIONS. Add Lines 1 through 4.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

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	PART II — Subtractions from Federal Taxable Income
6. Income (interest, dividends or gains) on obligations or securities of the U.S.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

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7. Any state income tax refund or credit that was reported as “other income” on federal Form 1041.. . . . . . . . . . . . . . . 7

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8. 	Conformity Subtractions. See instructions. Enter here and on Line 2FS of Schedule 1. . . . . . . . . . . . . . . . . . . . . . . . 8

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9. Other subtractions from federal taxable income as provided in the instructions. Enclose explanation.. . . . . . . . . . . . 9

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10. TOTAL SUBTRACTIONS. Add Lines 6 through 9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
11. Net Virginia modifications. Subtract Line 10 from Line 5.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
		
If Line 11 is a net addition, enter on Line 2(a) of Schedule 1.
If Line 11 is a net subtraction, enter on Line 2(b) of Schedule 1.

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12. Reserved for future use. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
	Schedule 4 — Computation of the Credit for Tax Paid to Another State (See Instructions)
1. Taxable income reported on the other state’s fiduciary income tax return. Enclose a copy of the other return . . . . . . 1

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2. Virginia taxable income. Enter the taxable income from Schedule 1, Line 3.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2	

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3. Total income tax paid to another state. Enter the name of the other state: _________________________.. . . . . . . . 3

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4. Virginia income tax. Enter the tax from Schedule 1, Line 4.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

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5. Allowable percentage for credit. Compute to one decimal place (e.g., 10.5%). Maximum: 100%
		
Resident estate or trust: Divide Line 1 by Line 2. Nonresident estate or trust: Divide Line 2 by Line 1.. . . . . . . . . . . . 5

%

6. Resident estate or trust: Multiply Line 5 by Line 4. Nonresident estate or trust: Multiply Line 5 by Line 3.. . . . . . . . . . 6

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7. Allowable credit.	 Resident estate or trust: Enter the smaller amount from Line 3 or Line 6.
Nonresident estate or trust: Enter the smaller amount from Line 4 or Line 6.
		Also enter this amount on Schedule 1, Line 5(d).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7	
I declare under the penalties provided by law that this return, including any accompanying schedules and statements, has been examined by me and to the best of my
knowledge and belief is true, correct and complete. I (we) authorize the Department of Taxation to discuss this return with my (our) preparer. If yes, check here.

Please
Sign Here

Signature of Fiduciary or Officer Representing Fiduciary

Daytime Phone Number

Date

Daytime Phone Number

Vendor Code

Firm's SSN, FEIN or PTIN

X
Signature of Preparer Other Than Fiduciary

Preparer's
Use Only

Date

X
Firm's Name (or Yours if Self-Employed) and Address

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Form 770 (2023), Page 3

*VA0770323888*

Schedule 5 - BENEFICIARY’S INFORMATION
(Federal Schedule K-1 Equivalent)

Beneficiary Information

Estate or Trust Information

Beneficiary Name

Estate or Trust Name

SSN/FEIN

FEIN

Street Address

Street Address

City or Town, State and ZIP Code

City or Town, State and ZIP Code

Enter Fiscal Year (if applicable): From
Check Applicable Boxes
1.

2.

3.

Federal Distributable Net Income

, 2023 To ______________________________ 	 AND check here	
(mm/dd)	(mm/dd/yyyy)

___________________

Nonresident

Final Return

Amended Return - Reason Code

(a) Distributable share item

a.

Federal Taxable Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  1a

b.

Beneficiary’s Federal Distribution Percentage (enter the result to 6 decimal places). . . . . . . . . . . .  1b

c.

Estate or Trust Federal Distribution Percentage (enter the result to 6 decimal places) . . . . . . . . . .  1c

Additions
a.

Interest on obligations of other states. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  2a

b.

Income taxes of this state or any other taxing jurisdiction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  2b

c.

Conformity additions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  2c

d.

Other additions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  2d

e.

Total Additions. Add Lines 2a through 2d. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  2e

Subtractions
a.

Income (interest, dividend, or gains) on obligations or securities of the U.S.. . . . . . . . . . . . . . . . . .  3a

b.

State income tax refund or credit that was reported as “other income”.. . . . . . . . . . . . . . . . . . . . . .  3b

c.

Conformity subtractions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  3c

d.

Other subtractions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  3d

e.

Total Subtractions. Add Lines 3a through 3d. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  3e

4.

Net Virginia Modifications Subtract Line 3e from Line 2e.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

5.

Credit Allocation Information

6.

a.

Beneficiary’s distributive share of credits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  5a

b.

Neighborhood Assistance Act Tax Credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  5b

c.

Enterprise Zone Act Tax Credit. See instructions (only carryover credit allowed). . . . . . . . . . . . . . .  5c

d.

Major Business Facility Job Tax Credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  5d

e.

Historic Rehabilitation Tax Credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  5e

f.

Barge and Rail Usage Tax Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5f

g.

Qualified Equity and Subordinated Debt Investments Tax Credit. . . . . . . . . . . . . . . . . . . . . . . . . . .  5g

h.

100% Coalfield Employment Enhancement Tax Credit: Form 306D, Part II, Section 1, Line 1. . . . .  5h

i.
j.

Coalfield Employment Enhancement - Full Tax Credit: Form 306D, Part II, Section 2, Line 3 . . . . . . 5i
Coalfield Employment Enhancement - 85% Tax Credit: Form 306D, Part II, Section 3, Line 5 . . . . . 5j

k.

Total Coalfield Employment Enhancement Credit - Add Lines 5i and 5j. . . . . . . . . . . . . . . . . . . . . .  5k

l.

Land Preservation Tax Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5l

m.

Worker Training Tax Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5m

n.

Virginia Housing Opportunity Tax Credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  5n

o.

Total Credits. Add Lines 5b through 5g and Lines 5k through 5n . . . . . . . . . . . . . . . . . . . . . . . . . . .  5o

Nonresident Beneficiary Information
a.

Virginia source income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  6a

b.

Virginia modifications as if a Virginia resident. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  6b

(b) Amount
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NOTICE: You have received this Schedule because the above-named Estate or Trust earned income from Virginia sources and has allocated to you a portion of that Virginia source income based
on your ownership of the Estate or Trust. A copy of this schedule has been filed with the Department. Everyone who receives Virginia source income is subject to taxation by Virginia regardless
of state of residency or domicile. You may be required to file a Virginia tax return even though you may be a nonresident individual or a business domiciled outside of Virginia. To determine if
you are required to file a Virginia income tax return, consult a tax professional. Information and forms may be obtained at www.tax.virginia.gov, or by calling the Department at (804) 367-8031.