2024 Form 760C - Underpayment of Virginia Estimated Tax by-2025

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The document outlines the process for individuals, estates, and trusts in Virginia to compute underpayment of estimated tax for the year 2024. It includes instructions for filling out Form 760C, detailing how to calculate tax liabilities, installment payments, and exceptions that may void additional taxes. The form requires personal information, income tax calculations based on prior year liabilities, and provides a structured approach to report underpayments or overpayments across specified due dates.

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What is the safe harbor for underpayment of estimated taxes?

Avoid a penalty You may avoid the Underpayment of Estimated Tax by Individuals Penalty if: Your filed tax return shows you owe less than $1,000 or. You paid at least 90% of the tax shown on the return for the taxable year or 100% of the tax shown on the return for the prior year, whichever amount is less.

Where do I get my Virginia form 760?

You can request forms and instructions from the Virginia Department of Taxations Forms Department by calling 804-440-2541.

What is the form 760C underpayment of estimated tax?

The Virginia Estimated Tax Underpayment Form 760C is essential for individuals, estates, and trusts that have underpaid their estimated taxes. This form helps in determining the underpayment and calculates any potential additions to tax. It provides detailed instructions for accurate filling.

What is the underpayment of estimated tax in Virginia?

Underpayment of estimated income tax An addition to tax is imposed by law if at least 90% (66 2/3% if you are a farmer, fisherman, or merchant seaman) of your total tax liability is not paid throughout the year by timely withholding and/or installments of estimated tax except in certain situations.

What is the rate for underpayment of estimated taxes?

Rates for Underpayments YearFirst QuarterSecond Quarter 2019 6% 6% 2020 5% 5% 2021 3% 3% 2022 3% 4%35 more rows

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What is underpayment of estimated tax in Virginia?

Underpayment of estimated income tax Is at least 90% (66 2/3% for farmers, fishermen or merchant seamen) of amount due based on annualized income.

Where to mail Virginia estimated tax payments 2024?

DUE JUNE 15, 2024 Mail your voucher and payment to the Virginia Department of Taxation, P. O. Box 1478, Richmond, VA 23218-1478, or see pages 7-8 and use the address listed for the city or county where you intend to file. If you file with the Department, make your check payable to the Department of Taxation.

What does underpayment of estimated tax mean?

An underpayment penalty is a charge the IRS imposes on taxpayers who did not pay all of their estimated income taxes for the year or paid their taxes late. Youll face an underpayment penalty if you: Didnt pay at least 90% of the tax on your current-year return or 100% of the tax shown on the prior years return.

2024 Form 760C - Underpayment of Virginia Estimated Tax by-2025

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What is the safe harbor for underpayment of estimated taxes?

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What is the form 760C underpayment of estimated tax?

What is the underpayment of estimated tax in Virginia?

What is the rate for underpayment of estimated taxes?

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