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2022 Form 760F Instructions
Definition of Farmer, Fisherman or Merchant Seaman Credit for Low Income Individuals, Credit for Tax Paid
to Another State, and the tax credits from Schedule
For the purpose of estimating Virginia income tax, "a farmer,
fisherman or merchant seaman," is an individual having an AND
CR) on your return for the 2021 taxable year;
estimated Virginia gross income from self-employed farming, fishing (2) You filed a 2021 Virginia return showing a tax liability;
AND
or2being a merchant seaman for the taxable year which is at least
66 /3% of the individual's total estimated Virginia gross income for (3) the return was for a period of twelve months.
the taxable year. Income tax withheld during the year may be considered paid on
Purpose of This Form the required installment date.
Line 2.
If you are an individual taxpayer who is a qualified farmer, fisherman Exception 2: You qualify if your withholding and any timely
estimated income tax payments (Line 7) for the 2022
or merchant seaman, you may use this form to determine whether
Taxable Year equal or exceed the amount that would be
your income tax was sufficiently paid throughout the year by
due by computing your 2021 tax using the 2022 income
withholding and/or by timely filed installment payments of estimated
tax rates and personal exemptions.
income taxes. If not, you may owe an addition to tax computed
at the applicable daily interest rate. Form 760C is the equivalent Part lI - How to Compute Your Underpayment
form for individual taxpayers who are not farmers, fishermen or
merchant seamen. Line 3. To compute your 2022 Virginia income tax liability:
If your Virginia adjusted gross income (VAGI) is below the filing A. Form 760 - Subtract from Form 760, Line 19 the total
threshold, you are not required to complete this form because you of Lines 23 through 25, and enter the result; or
are not required to file an income tax return. You must file a Virginia B. Form 760PY - Subtract from Form 760PY, Line 19 the
individual income tax return if your VAGI is equal to or greater than total of Lines 23 through 25, and enter the result; or
the filing threshold for your filing status. The filing threshold amount C. Form 763 - Subtract from Form 763, Line 19 the total
for a single individual is also applicable to dependent children. The of Lines 23 through 25, and enter the result; or
filing threshold amounts are as follows:
D. Form 770 - Subtract from Form 770, Line 4 the total
And Your VAGI is Equal to of the credits included on Line 5 and enter the result.
Filing Status is: or Greater than: NOTE: You are not required to file Form 760F if the amount
Single $11,950 on Line 3 is $150 or less.
2
Married, filing joint return $23,900 Line 4. Enter 66 / %3(.667) of the amount on Line 3.
Married, filing separate return $11,950 Line 5. Enter the amount of your 2020 income tax liability after
Spouse Tax Adjustment and tax credits.
If your Virginia income tax liability is $150 or less after subtracting
your Spouse Tax Adjustment and other tax credits (except Line 6. Enter the amount from Line 4 or Line 5, whichever is
withholding, estimated, and extension payments), you do not have less.
to complete this form; you do not owe an addition to tax. Line 7. Enter the total amount of income tax withheld and any
If you meet both of the following tests, do not file this form because estimated tax paid or credited by January 15, 2023.
you do not owe an addition to tax. NOTE: Fiscal year taxpayers - If you filed your return on a
Test 1. Your gross income from self-employment as a farmer, fiscal year basis, change the dates to correspond to your
fisherman and/or being a merchant seaman is at least fiscal year.
two-thirds of your annual gross income for the taxable Line 8. Underpayment of Estimated Tax - Subtract the amount
year, and on Line 7 from the amount on Line 6.
Test 2. You filed Form 760, Form 760PY, Form 763 or Form 770, Part III - How to Compute the Addition to Tax
and paid the entire tax due by March 1, 2023.
If you do not meet Test 1, use Form 760C. Line 9. If Line 8 is an underpayment, enter the amount here.
Due Date Line 10. Compute the number of days that the underpayment on
Line 9 was late.
If the due date falls on a Saturday, Sunday or legal holiday, then
the return may be filed and the tax may be paid without penalty or NOTE: Fiscal year taxpayers - If you filed your return on a fiscal
interest on the next succeeding business day. year basis, compute the number of days based on the
due date of your income tax return.
Assistance
Line 11. Multiply Line 10 by the daily rate of .00025 (9% per
For assistance, contact the Commissioner of the Revenue, Director annum).
of Finance or Director of Tax Administration for the locality in
which you reside or the Department of Taxation, P.O. Box 1115, NOTE: Fiscal year taxpayers - If you filed your return on
Richmond, VA 23218-1115, or 804-367-8031. You can obtain most a fiscal year basis, change the interest rate to correspond
Virginia income tax forms at www.tax.virginia.gov. to the daily interest rate applicable to the due date of your
income tax return.
Part I - Exceptions Which Void the Addition to Tax Line 12. Addition to Tax - Multiply the amount on Line 9 by
If you underpaid your tax, complete this section to determine if Line 11.
you meet one of the exceptions on Line 1 or Line 2. If you meet Enter the amount from Line 12 on the Addition to Tax line on your
either exception, complete the appropriate line on this form. If you income tax return. Farmers, fishermen, and merchant seamen fill
do not meet either exception, complete PART III to compute the in the oval on the front of Form 760 OR check the box on front the
addition to tax. 760PY or 763. If filing Form 770, check the Form 760F box on the
Line 1. Exception 1: You qualify if: front of the return and enter the amount of addition to tax on Line 11
(1) your withholding and any timely estimated tax of Form 770. You may write one check for payment of the addition
payments for the 2022 taxable year equal or exceed to tax and any amount you may owe on your income tax return.
the tax (minus any Spouse Tax Adjustment, Tax
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