Instructions for Form 770 Virginia Fiduciary Income Tax Return - Virginia

Form 770 Virginia Fiduciary Income Tax Return - Virginia

This document contains official instructions for Form 770 , Virginia Fiduciary Income Tax Return - a form released and collected by the Virginia Department of Taxation. An up-to-date fillable Form 770 is available for download through this link.

FAQ

Q: What is Form 770?
A: Form 770 is the Virginia Fiduciary Income Tax Return.

Q: Who needs to file Form 770?
A: Fiduciaries, such as an executor or administrator of an estate or trustee of a trust, who earned income from sources in Virginia must file Form 770.

Q: What is the purpose of Form 770?
A: The purpose of Form 770 is to report the income and deductions of a fiduciary for Virginia income tax purposes.

Q: When is Form 770 due?
A: Form 770 is due on or before May 1st following the close of the tax year.

Q: Can Form 770 be filed electronically?
A: No, Form 770 cannot be filed electronically. It must be filed by mail.

Q: Are there any extensions available for filing Form 770?
A: Yes, Virginia allows for a 6-month extension to file Form 770. However, any tax due must still be paid by the original due date of May 1st.

Q: What supporting documentation do I need to include with Form 770?
A: You may need to include copies of federal Form 1041, Schedule K-1s, and other supporting schedules and forms with your Form 770.

Q: Is there a minimum threshold for filing Form 770?
A: Yes, if the gross income of the estate or trust is more than $600, you are generally required to file Form 770.

Q: Are there any penalties for late filing of Form 770?
A: Yes, if you fail to file Form 770 by the due date, you may be subject to penalties and interest on any unpaid tax.