760C - 2022 Underpayment of Virginia Estimated Tax by Individuals, Estates and Trusts *VA760C122888* • Enclose this form with Form 760, 763, 760PY or 770. Fiscal Year Filers: Enter beginning date 20 , ending date 20 , and check here First Name, Middle Initial and Last Name (of Both If Joint) - OR - Name of Estate or Trust Your Social Security Number or FEIN • If Estate or Trust, Name and Title of Fiduciary Spouse's Social Security Number Office Use SC Office Use Payment • Part I - Compute Your Underpayment 1. 2022 Income Tax Liability After Spouse Tax Adjustment and Tax Credits. See instructions. 1. (If $150 or less, you are not required to file Form 760C) 2. Enter 90% of the Amount Shown on Line 1 2. 3. 2021 Income Tax Liability After Spouse Tax Adjustment and Tax Credits 3. 4. Enter the Amount From Line 2 or Line 3, Whichever is Less 4. 5. Enter the Number of Installment Periods for Which You Were Liable to Make Payments 5. Line 6 Through 14: Complete Each Line Across All Columns Before Continuing to Next Line A B C D 6. Due Dates of Installment Payments May 1, 2022 June 15, 2022 Sept. 15, 2022 Jan. 15, 2023 7. Tax Liability (Divide the amount on Line 4 by the number of installments reported on Line 5 and enter the result in the appropriate columns) 8. Enter the Income Tax Withheld for Each Installment Period 9. Enter the Overpayment Credit from Your 2021 Income Tax Return 10. Enter the Amount of Any Timely Payment Made for Each Installment Period in the Appropriate Column (Do not enter any late payments) 11. Underpayment or [Overpayment] (Subtract Lines 8, 9 and 10 from Line 7. See instructions for overpayment) 12. Other Payments (Enter the payments from the Late Payment/Overpayment Table below, beginning with the earliest payment recorded. Do not enter more than the underpayment in any column.) Date Amount a. First Payment / / b. Second Payment / / c. Third Payment / / d. Fourth Payment / / 13. Enter the Total Timely Payments Made as of Each Installment Due Date From Lines 8, 9, 10 and 12 (For ex., in Column A enter all payments made by May 1, 2022) 14. Subtract Line 13 from Line 7 (If the sum of all underpayments ( do not include any OVERPAYMENTS) reported is $150 or less, stop here; you are not subject to an addition to tax. If your underpayments total more than $150, proceed to Part II) Continued on Back Late Payment/Overpayment Table (See Instructions for Lines 11 and 12.) Date of Payment Date of Payment Date of Payment Date of Payment Payment Amount Payment Amount Payment Amount Payment Amount $ $ $ $ VA. Dept. of Taxation 760C 2601033 W Rev .12/22 |
760C - 2022 Page 2 *VA760C222888* Part II - Exceptions That Void the Addition to Tax A B C D May 1, 2022 June 15, 2022 Sept. 15, 2022 Jan. 15, 2023 15. Total Amount Paid and Withheld from January 1, 2022 through the Installment Date Indicated 16. Exception 1: Prior Year's Tax 100% of 2021 Tax 25% 50% 75% 100% (Multiply the 2021 tax by the percentage in each col.) 17. Exception 2: Tax on Prior Year's Income Using the 100% of Tax 25% 50% 75% 100% 2022 Rates and Exemptions (Multiply the 2021 tax by the percentage in each col.) 18. Exception 3 Worksheet: Tax on Annualized 2022 income (Use the formula below to compute the amount on Lines 18a, b and c for each col.) Lines 18a, b and c: April 30 column: Multiply the actual amount for the period ended April 30, 2022, by 3. May 31 column: Multiply the actual amount for the period ended May 31, 2022, by 2.4. August 31 column: Multiply the actual amount for the period ended August 31, 2022, by 1.5. From January 1 to: April 30 May 31 August 31 a. Annualized Virginia Adjusted Gross Income (VAGI) for Each Period b. Compute the Annualized Itemized Deductions Using the Formula Note Above OR Enter the Full Standard Deduction in Each Column if You Estates Did Not Claim Itemized Deductions and trusts c. Compute the Annualized Child and Dependent Care Expenses and should use Other Deductions for Each Period end dates of March d. Total Dollar Amount of Exemptions Claimed on Your Return 31, April 30 & July 31. e. Virginia Taxable Income (Subtract Lines 18b, c and d from Line 18a) f. Virginia Tax (Enter the Virginia income tax for the amount(s) on Line 18e) 22.5% 45% 67.5% g. Multiply Line 18f by the Percentage Shown for Each Period 19. Exception 4 Worksheet: Tax on 2022 Income Over a 4, 5 and 8 Month Period* (* 3, 4 and 7 months for estates and trusts) Note From January 1 to: April 30 May 31 August 31 Exceptions 3 and 4 do not apply to a. Enter Your Virginia Adjusted Gross Income (VAGI) for Each Period the fourth installment b. Enter the Itemized Deductions Claimed for Each Period OR (If period. Greater) the Full Standard Deduction c. Enter the Child and Dependent Care Expenses and Other Deductions for Each Period d. Enter the Total Dollar Amount of Exemptions Claimed on Your Return e. Virginia Taxable Income (Subtract Lines 19b, c and d from Line 19a) f. Virginia Tax (Enter the Virginia income tax for the amount(s) on Line 19e) g. Multiply Line 19f by 90% (.90) for Each Period |
760C - 2022 Page 3 *VA760C322888* Part III - Compute the Addition to Tax If an exception has been met (Part II) for any installment period, complete the column for that period as follows: write "Exception" and the exception number (1, 2, 3, or 4) on Line 20; skip Lines 21 through 23; and enter "0" on Line 24. For all other periods, complete each line as instructed below. A B C D May 1, 2022 June 15, 2022 Sept. 15, 2022 Jan. 15, 2023 20. Amount of Underpayment from Part I, Line 14 21. Date of Payment from Part I, Line 12 (If no payments were entered on Line 12, enter the actual date of payment or May 1, 2023 whichever is earlier.) 22. a. Number of Days After Installment Due Date Through Date Paid or June 30, 2022, Whichever Is Earlier (If June 30, 2022, is earlier, enter 60 & 15 respectively) b. Number of Days After June 30, 2022, (September 15, 2022 for 3rd installment) through Date Paid or September 30, 2022, Whichever Is Earlier (If September 30, 2022, is earlier, enter 92, 92 and 15) c. Number of Days After September 30, 2022, through Date Paid or December 31, 2022, Whichever Is Earlier (If December 31, 2022, is earlier, enter 92, 92 and 92) d. Number of Days After December 31, 2022, (January 15, 2023 for 4th installment) through Date Paid or May 1, 2023, Whichever Is Earlier (If May 1, 2023, is earlier, enter 121, 121, 121 and 106) 23. a. Multiply the Number of Days in Each Column on Line 22a by the Daily Rate .00016 (6% Per Annum) b. Multiply the Number of Days in Each Column on Line 22b by the Daily Rate .00019 (7% Per Annum) c. Multiply the Number of Days in Each Column on Line 22c by the Daily Rate .00022 (8% Per Annum) d. Multiply the Number of Days in Each Column on Line 22d by the Daily Rate .00025 (9% Per Annum) e. Add Lines 23a, thru 23d in Each Column and Enter the Total Here 24. Multiply the Amount on Line 20 by Line 23e for Each Column Addition to Tax 25 (Total the amounts on Line 24. Enter here and on the "Addition to Tax" line on your income tax return) • |