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TRUSTS: Trusts must make payments of estimated tax if the income tax liability on Form 770 for the taxable year will exceed $150. ESTATES: Estates are not required to make estimated tax payments until the first taxable year that ends 2 or more years after the decedent's date of death.
All applications must be submitted to the Department of Taxation, Tax Credit Unit, P.O. Box 715, Richmond, VA 23218?0715 90 days prior to the due date of your return. A letter will be sent to certify the credit.
A trust created by will of a decedent who at his death was domiciled in the Commonwealth; or. A trust created by or consisting of property of a person domiciled in the Commonwealth; or. A trust or estate which is being administered in the Commonwealth.
The fiduciary of a resident estate or trust must file a return if the estate or trust is required to file a federal fiduciary income tax return (Form 1041), or if it had any Virginia taxable income.
Anyone can make a trust in Virginia as long as they follow the requirements as listed in the statute. The settlor must have the proper mental capacity and must intend to create the trust. Furthermore, the settlor must name a beneficiary for the trust and a trustee to manage it.