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Virginia Free Printable Form 760F - 2018 Underpayment of Virginia Estimated Tax by Farmers, Fishermen, and Merchant Seamen for 2020 Virginia 760F - Form & Instructions for Underpayment of Estimated tax by Farmers and Fisherman

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760F - Form & Instructions for Underpayment of Estimated tax by Farmers and Fisherman
Form 760F - 2018 Underpayment of Virginia Estimated Tax by Farmers, Fishermen, and Merchant Seamen

760F 2019 Underpayment of Virginia Estimated Tax by Farmers, Fishermen and Merchant Seamen Enclose this form with Form 760, 763, 760PY or 770 Calendar Year 2019 or taxable year beginning *VA760F119888* , 2019 and ending First Name, Middle Initial and Last Name (of Both if Joint) - OR - Name of Estate or Trust If Estate or Trust, Name and Title of Fiduciary , . • • Your Social Security Number or FEIN (For Office Use) Do You Have to File Form 760F? • If your Virginia adjusted gross income (VAGI) is below the filing threshold, you are not required to complete this form because you are not required to file an income tax return. • If your Virginia income tax liability is $150 or less after subtracting your Spouse Tax Adjustment and other tax credits (except withholding, estimated, and extension payments), you do not have to complete this form; you do not owe an addition to your tax. • If you meet both of the following tests, you do not have to complete this form; you do not owe an addition to your tax. Test 1 - Your gross income from self-employment as a farmer, fisherman and/or being a merchant seaman is at least two-thirds of your annual gross income for the taxable year, and Test 2 - You filed Form 760, Form 760PY, Form 763 or Form 770, and paid the entire tax due by March 1, 2020. PART I - Exceptions Which Void the Addition to Tax • If you underpaid your tax, determine if you meet one of the exceptions on Line 1 or Line 2. If you meet either exception, complete the appropriate line on this form and enclose this form with your return. If you do not meet either exception, then proceed to PART II to compute the addition to your tax. 1. Exception 1 - 2018 Virginia Income Tax (Form 760 filers use the net tax amount from Line 19) 1. 2. Exception 2 - Estimated Tax Based on 2018 Income Using 2019 Rates and Exemptions 2. PART II - How to Compute Your Underpayment 3. Enter the Amount of Your 2019 Virginia Income Tax Liability After the Spouse Tax Adjustment and Tax Credits. See instructions. (If $150 or less, you are not required to file Form 760F) 3. 4. Enter 66 2/3% (.667) of the Amount on Line 3 4. 5. Enter 2018 Income Tax Liability After the Spouse Tax Adjustment and Tax Credits 5. 6. Enter the Amount from Line 4 or Line 5, Whichever is Less 6. 7. Enter the Amount of Tax Withheld and/or the Amount of Estimated Tax Paid or Credited by January 15, 2020 8. Underpayment of Estimated Tax (Subtract the amount on Line 7 from the amount on Line 6) 7. 8. PART III - How to Compute the Addition to Tax 9. Amount of Underpayment From Line 8 9. 10. Number of Days After January 15, 2020, Through the Date the Amount on Line 9 Was Paid or May 1, 2020, Whichever is Earlier (If May 1 is earlier, enter 107) 10. 11. Multiply Line 10 by the Daily Interest Rate of .00019 (7% per annum) 11. 12. Addition to Tax Balance Due - Multiply the Amount on Line 9 by Line 11 (See instructions on back) 12. Va. Dept. Of Taxation 2601036 F Rev. 12/19 % • 2019 Form 760F Instructions Definition of Farmer, Fisherman or Merchant Seaman For the purpose of estimating Virginia income tax, "a farmer, fisherman or merchant seaman," is an individual having an estimated Virginia gross income from self-employed farming, fishing or being a merchant seaman for the taxable year which is at least 662/3% of the individual's total estimated Virginia gross income for the taxable year. Purpose of This Form If you are an individual taxpayer who is a qualified farmer, fisherman or merchant seaman, you may use this form to determine whether your income tax was sufficiently paid throughout the year by withholding and/or by timely filed installment payments of estimated income taxes. If not, you may owe an addition to tax computed at the applicable daily interest rate. Form 760C is the equivalent form for individual taxpayers who are not farmers, fishermen or merchant seamen. If your Virginia adjusted gross income (VAGI) is below the filing threshold, you are not required to complete this form because you are not required to file an income tax return. You must file a Virginia individual income tax return if your VAGI is equal to or greater than the filing threshold for your filing status. The filing threshold amount for a single individual is also applicable to dependent children. The filing threshold amounts are as follows: And Your VAGI is Equal to Filing Status is: or Greater than: Single $11,950 Married, filing joint return $23,900 Married, filing separate return $11,950 If your Virginia income tax liability is $150 or less after subtracting your Spouse Tax Adjustment and other tax credits (except withholding, estimated, and extension payments), you do not have to complete this form; you do not owe an addition to tax. If you meet both of the following tests, do not file this form because you do not owe an addition to tax. Test 1. Your gross income from self-employment as a farmer, fisherman and/or being a merchant seaman is at least two-thirds of your annual gross income for the taxable year, and Test 2. You filed Form 760, Form 760PY, Form 763 or Form 770, and paid the entire tax due by March 1, 2020. If you do not meet Test 1, use Form 760C. Due Date 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 interest on the next succeeding business day. Assistance For assistance, contact the Commissioner of the Revenue, Director of Finance or Director of Tax Administration for the locality in which you reside or the Department of Taxation, P.O. Box 1115, Richmond, VA 23218-1115, or 804-367-8031. You can obtain most Virginia income tax forms at www.tax.virginia.gov. Part I - Exceptions Which Void the Addition to Tax If you underpaid your tax, complete this section to determine if you meet one of the exceptions on Line 1 or Line 2. If you meet either exception, complete the appropriate line on this form. If you do not meet either exception, complete PART III to compute the addition to tax. Line 1. Exception 1: You qualify if: (1) your withholding and any timely estimated tax payments for the 2019 taxable year equal or exceed the tax (minus any Spouse Tax Adjustment, Tax Credit for Low Income Individuals, Credit for Tax Paid to Another Sate, and the tax credits from Schedule CR) on your return for the 2018 taxable year; AND (2) You filed a 2018 Virginia return showing a tax liability; AND (3) the return was for a period of twelve months. Income tax withheld during the year may be considered paid on the required installment date. Line 2. Exception 2: You qualify if your withholding and any timely estimated income tax payments (Line 7) for the 2019 Taxable Year equal or exceed the amount that would be due by computing your 2018 tax using the 2019 income tax rates and personal exemptions. Part lI - How to Compute Your Underpayment Line 3. To compute your 2019 Virginia income tax liability: A. Form 760 - Subtract from Form 760, Line 19 the total of Lines 24 through 27, and enter the result; or B. Form 760PY - Subtract from Form 760PY, Line 19 the total of Lines 24 through 27, and enter the result; or C. Form 763 - Subtract from Form 763, Line 19 the total of Lines 24 through 27, and enter the result; or D. Form 770 - Subtract from Form 770, Line 4 the total of the credits included on Line 5 and enter the result. NOTE: You are not required to file Form 760F if the amount on Line 3 is $150 or less. Line 4. Enter 662/3% (.666) of the amount on Line 3. Line 5. Enter the amount of your 2018 income tax liability after Spouse Tax Adjustment and tax credits. Line 6. Enter the amount from Line 4 or Line 5, whichever is less. Line 7. Enter the total amount of income tax withheld and any estimated tax paid or credited by January 15, 2020. NOTE: Fiscal year taxpayers - If you filed your return on a fiscal year basis, change the dates to correspond to your fiscal year. Line 8. Underpayment of Estimated Tax - Subtract the amount on Line 7 from the amount on Line 6. Part III - How to Compute the Addition to Tax Line 9. If Line 8 is an underpayment, enter the amount here. Line 10. Compute the number of days that the underpayment on Line 9 was late. NOTE: Fiscal year taxpayers - If you filed your return on a fiscal year basis, compute the number of days based on the due date of your income tax return. Line 11. Multiply Line 10 by the daily rate of .00019 (7% per annum). NOTE: Fiscal year taxpayers - If you filed your return on a fiscal year basis, change the interest rate to correspond to the daily interest rate applicable to the due date of your income tax return. Line 12. Addition to Tax - Multiply the amount on Line 9 by Line 11. Enter the amount from Line 12 on the Addition to Tax line on your income tax return. If filing Form 760, 760PY or 763, also check the farmers, fishermen, and merchant seamen box on the return. If filing Form 770, check the Form 760F box on the front of the return and enter the amount of addition to tax on Line 11 of Form 770. You may write one check for payment of the addition to tax and any amount you may owe on your income tax return.
Extracted from PDF file 2019-virginia-form-760f.pdf, last modified January 2020

More about the Virginia Form 760F Individual Income Tax Estimated TY 2019

We last updated the 760F - Form & Instructions for Underpayment of Estimated tax by Farmers and Fisherman in March 2020, so this is the latest version of Form 760F, fully updated for tax year 2019. You can download or print current or past-year PDFs of Form 760F 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 760 760 - Resident Individual Income Tax Return
Form VA-4 Employee's Withholding Exemption Certificate
Income Tax Instructions Virginia Income Tax Instructional Booklet
Schedule ADJ ScheduleADJ- VA ScheduleADJ
Form 760PY Part-Year Resident Individual Income Tax Return

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 760F from the Department of Taxation in March 2020.

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Form 760F 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 760F

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


2019 Form 760F

Form 760F - 2018 Underpayment of Virginia Estimated Tax by Farmers, Fishermen, and Merchant Seamen

2018 Form 760F

Form 760F - 2018 Underpayment of Virginia Estimated Tax by Farmers, Fishermen, and Merchant Seamen

2017 Form 760F

2017 Form 760F - Underpayment of Virginia Estimated Tax by Farmers, Fishermen, and Merchant Seamen

2016 Form 760F

Form 760F - 2016 Underpayment of Virginia Estimated Tax by Farmers, Fishermen, and Merchant Seamen

760F - Form & Instructions for Underpayment of Estimated tax by Farmers and Fisherman 2013 Form 760F

2013 760 F 01 07 14.indd

2011 Form 760F

2011 760 F WEB early release 12 12 11.indd


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