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.
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.
@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.
I am still stuck on this question. I have a similar situation. I have a Final K-1 with Final year deduction on 11a, which is the only number on the 1041 K-1. I know where to put that number. in TT. However, I also received a Schedule 5 - Beneficiary's Information with a large negative number on Line 1a and our distribution percentage in 1b and 5a. I do not know where to put the large negative number on line 1a. Do I put this negative number on my 1041 under line 8 Other income or is this something the Trust is reporting and this is for my information only?
I found a workaround. TurboTax Business does not provide the capability to easily enter a Schedule 5 data. My solution was to:
1) Open Forms
2) Click on Virginia Fiduciary Income Tax Return
3) Click on Form 770 and the dropdown will appear
4) Open the Beneficiary Information form
5) Go to the field you want a right click and select Override. Enter your data.
The do a Print Preview to see if the Schedule 5 is filled in as a separate page after the Form 770. Make sure you have selected Print Beneficiary Information Statement with Records on Part V of the Virginia Information Worksheet, otherwise it will print a Schedule 5 without your data. Bizarre bug in TTB.