In your role as trustee, in addition to your annual accounting reports that are due to the Commissioner of Accounts, you are also required to file the annual tax returns for the trust. The required tax returns related to a trust include:
Federal Form 1041, "U.S. Income Tax Return for Estates and Trusts"
This is the fiduciary tax return that must be filed with the Internal Revenue Service for each calendar year in which the trust, under it's own Federal Tax Identification Number, has any taxable income for the tax year, or has earned more than $600 in gross income (regardless of taxable income). It is due by April 15th for each preceding calendar tax year, similar to individual income tax returns. This return will report all income, deductions, and exemptions of the trust.
Form 1041_Federal Income Tax Return for Estates and Trusts
Virginia Form 770, "Virginia Fiduciary Income Tax Return"
This is the fiduciary tax return that must be filed with the Virginia Department of Taxation, but only if the fiduciary is required to file a Federal Form 1041 for that year. This return is due on May 1st for each preceding calendar tax year in which a Federal Form 1041 was required.
VA Form 770_Virginia Fiduciary Return