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Virginia Free Printable 2023 Form 760C - Underpayment of Virginia Estimated Tax by Individuals, Estates, and Trusts for 2024 Virginia Underpayment of Estimated tax by Individuals, Estates, and Trusts

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Underpayment of Estimated tax by Individuals, Estates, and Trusts
2023 Form 760C - Underpayment of Virginia Estimated Tax by Individuals, Estates, and Trusts

760C 2023 Underpayment of Virginia Estimated Tax by Individuals, Estates, and Trusts • Attach this form to Form 760, 763, 760PY or 770. Fiscal Year Filers: Enter beginning date 20 , ending date *VA760C123888* 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. 2023 Income Tax Liability After Spouse Tax Adjustment and Nonrefundable Credits (If $150 or less, you are not required to file Form 760C.) 1. 2. Enter 90% of the Amount Shown on Line 1 2. 3. 2022 Income Tax Liability After Spouse Tax Adjustment and Nonrefundable 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 May 1, 2023 6. Due Dates of Installment Payments B June 15, 2023 C Sept. 15, 2023 D Jan. 15, 2024 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 Va. Dept. of Taxation  2601033-W  Rev. 12/23 9. Enter the Overpayment Credit From Your 2022 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, 2023) 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 Payment Amount Payment Amount $ $ Date of Payment Date of Payment Payment Amount Payment Amount $ $ • 760C – 2023 *VA760C223888* Page 2 Part II - Exceptions That Void the Addition to Tax 15. 16. 17. 18. A May 1, 2023 B June 15, 2023 C Sept. 15, 2023 Total Amount Paid and Withheld From January 1, 2023 Through the Installment Date Indicated Exception 1: Prior Year's Tax 100% of 2022 Tax 25% 50% 75% 100% (Multiply the 2022 tax by the percentage in each col.) Exception 2: Tax on Prior Year's Income Using the 100% of Tax 25% 50% 75% 100% 2023 Rates and Exemptions (Multiply the 2022 tax by the percentage in each col.) Exception 3 Worksheet: Tax on Annualized 2023 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, 2023, by 3. May 31 column: Multiply the actual amount for the period ended May 31, 2023, by 2.4. August 31 column: Multiply the actual amount for the period ended August 31, 2023, by 1.5. From January 1 to: April 30 May 31 August 31 a. Annualized Virginia Adjusted Gross Income (VAGI) for Each Period Note Estates and trusts should use end dates of March 31, April 30 & July 31. b. Compute the Annualized Itemized Deductions Using the Formula Above OR Enter the Full Standard Deduction in Each Column If You Did Not Claim Itemized Deductions c. Compute the Annualized Child and Dependent Care Expenses and other deductions for Each Period d. Total Dollar Amount of Exemptions Claimed on Your Return e. Virginia Taxable Income (Subtract Lines 18b, 18c, and 18d from Line 18a.) f. Virginia Tax (Enter the Va. income tax on the amount(s) shown on line 18e above.) g. Multiply Line 18f by the Percentage Shown for Each Period 19. D Jan. 15, 2024 22.5% 45% 67.5% Exception 4 Worksheet: Tax on 2023 Income Over a 4, 5, and 8 Month Period* (* 3, 4, and 7 months for estates and trusts) From January 1 to: April 30 May 31 August 31 a. Enter Your Virginia Adjusted Gross Income (VAGI) for Each Period b. Enter the Itemized Deductions Claimed for Each Period OR (If 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 Va. income tax on the amount(s) shown on Line 19e above.) Note Exceptions 3 and 4 do not apply to the fourth installment period. g. Multiply Line 19f by 90% (.90) for Each Period 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, 2023 June 15, 2023 Sept. 15, 2023 Jan. 15, 2024 20. Amount of Underpayment From Line 14, Part I 21. Date of Payment From Line 12, Part I (If no payments were entered on Line 12, enter the actual date of payment or May 1, 2024, whichever is earlier.) Number of Days After Installment Due Date Through Date Paid or September 30, 2023, Whichever Is Earlier (if September 30, 2023, is earlier, enter 152, 107, and 15 respectively). Number of Days After September 30, 2023 (January 15, 2024 for 4th installment), Through Date Paid or May 1, 2024, Whichever Is Earlier (if May 1, 2024, is earlier, enter 214, 214, 214 and 107 respectively). Multiply the Number of Days in Each Column on Line 22a by the Daily Rate .00025 (9% Per Annum) Multiply the Number of Days in Each Column on Line 22b by the Daily Rate .00027 (10% Per Annum) 22a. b. 23a. b. c. Add Line 23a and Line 23b in Each Column. 24. Multiply the Amount on Line 20 by Line 23c for Each Column 25. Addition to Tax Total the amounts on Line 24. Enter here and on the "Addition to Tax" line on your income tax return. •
Extracted from PDF file 2023-virginia-form-760c.pdf, last modified December 2023

More about the Virginia Form 760C Individual Income Tax Estimated TY 2023

If you failed to pay or underpaid your estimated taxes for the past tax year, you must file form 760C to calculate any interest or penalties due with your income tax return.

We last updated the Underpayment of Estimated tax by Individuals, Estates, and Trusts in January 2024, so this is the latest version of Form 760C, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 760C directly from TaxFormFinder. You can print other Virginia tax forms here.

Other Virginia Individual Income Tax Forms:

TaxFormFinder has an additional 135 Virginia income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form 760 Resident Individual Income Tax Return
Income Tax Instructions Virginia Income Tax Instructional Booklet
Form 760ES VA Estimated Income Tax Payment Vouchers and Instructions for Individuals
Form VA-4 Employee's Withholding Exemption Certificate
Form 763S Claim for Individual Income Tax Withheld

Download all VA tax forms View all 136 Virginia Income Tax Forms


Form Sources:

Virginia usually releases forms for the current tax year between January and April. We last updated Virginia Form 760C from the Department of Taxation in January 2024.

Show Sources >

Form 760C is a Virginia Individual Income Tax form. While most taxpayers have income taxes automatically withheld every pay period by their employer, taxpayers who earn money that is not subject to withholding (such as self employed income, investment returns, etc) are often required to make estimated tax payments on a quarterly basis. Failure to make correct estimated payments can result in interest or penalties.

About the Individual Income Tax

The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.

Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!

Historical Past-Year Versions of Virginia Form 760C

We have a total of thirteen past-year versions of Form 760C in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2023 Form 760C

2023 Form 760C - Underpayment of Virginia Estimated Tax by Individuals, Estates, and Trusts

2022 Form 760C

2022 Form 760C - Underpayment of Virginia Estimated Tax by Individuals, Estates and Trusts

2021 Form 760C

2021 Form 760C - Underpayment of Virginia Estimated Tax by Individuals, Estates and Trusts

2020 Form 760C

2020 Form 760C - Underpayment of Virginia Estimated Tax by Individuals, Estates and Trusts

2019 Form 760C

2018 Form 760C - Underpayment of Virginia Estimated Tax by Individuals, Estates and Trusts

2018 Form 760C

2018 Form 760C - Underpayment of Virginia Estimated Tax by Individuals, Estates and Trusts

2017 Form 760C

2017 Form 760C - Underpayment of Virginia Estimated Tax by Individuals, Estates and Trusts

760C - Underpayment of Estimated tax by Individuals, Estates, and Trusts 2013 Form 760C

2013 760C Flat 01 07 14.indd

2011 Form 760C

2011 760C WEB early release 12 12 11.indd


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