Question

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
1 reply
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for VA return, not Fed

TurboTax Self Employed Online

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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J

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.