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

Form 760C or the "Underpayment Of Virginia Estimated Tax By Individuals, Estates And Trusts" is a form issued by the Virginia Department of Taxation.

Download a fillable PDF version of the Form 760C down below or find it on the Virginia Department of Taxation Forms website.

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760C - 2017
Underpayment of Virginia Estimated
*VA760C117888*
Tax by Individuals, Estates and Trusts
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. 2017 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. 2016 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, 2017
June 15, 2017
Sept. 15, 2017
Jan. 15, 2018
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 2016 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, 2017)
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
$
$
$
$
760C - 2017
Underpayment of Virginia Estimated
*VA760C117888*
Tax by Individuals, Estates and Trusts
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. 2017 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. 2016 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, 2017
June 15, 2017
Sept. 15, 2017
Jan. 15, 2018
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 2016 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, 2017)
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
$
$
$
$
760C - 2017
*VA760C217888*
Page 2
Part II - Exceptions That Void the Addition to Tax
A
B
C
D
May 1, 2017
June 15, 2017
Sept. 15, 2017
Jan. 15, 2018
15.
Total Amount Paid and Withheld from January 1, 2017 through the
Installment Date Indicated
16.
Exception 1: Prior Year's Tax
100% of 2016 Tax
25%
50%
75%
100%
(Multiply the 2016 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%
2017 Rates and Exemptions
(Multiply the 2016 tax by the percentage in each col.)
18.
Exception 3 Worksheet: Tax on Annualized 2017 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, 2017, by 3.
May 31 column:
Multiply the actual amount for the period ended May 31, 2017, by 2.4.
August 31 column:
Multiply the actual amount for the period ended August 31, 2017, by 1.5.
From January 1 to:
April 30
May 31
August 31
a. Annualized Virginia Adjusted Gross Income (VAGI) for Each Period
Note
b. Compute the Annualized Itemized Deductions Using the Formula
Estates
Above OR Enter the Full Standard Deduction in Each Column if You
and trusts
Did Not Claim Itemized Deductions
should use
c. Compute the Annualized Child and Dependent Care Expenses and
end dates
Other Deductions for Each Period
of March
d. Total Dollar Amount of Exemptions Claimed on Your Return
31, April 30
e. Virginia Taxable Income
& July 31.
(Subtract Lines 18b, c and d from Line 18a)
f. Virginia Tax
(Enter the Virginia income tax for the amount(s) on Line 18e)
g. Multiply Line 18f by the Percentage Shown for Each Period
22.5%
45%
67.5%
Note
19.
Exception 4 Worksheet: Tax on 2017 Income Over a 4, 5 and 8 Month Period* (* 3, 4 and 7 months for estates and trusts)
Exceptions
3 and 4 do
From January 1 to:
April 30
May 31
August 31
not apply to
a. Enter Your Virginia Adjusted Gross Income (VAGI) for Each Period
the fourth
b. Enter the Itemized Deductions Claimed for Each Period OR (If
installment
Greater) the Full Standard Deduction
period.
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
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, 2017
June 15, 2017
Sept. 15, 2017
Jan. 15, 2018
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, 2018, whichever is earlier.)
22.
Number of Days After Installment Due Date Through Date Paid or May
1, 2018, Whichever Is Earlier (if May 1, 2018, is earlier, enter 365, 320,
228 and 106, respectively).
23.
Multiply the Number of Days in Each Column on Line 22 by the Daily
Rate of .00016 (6% Per Annum)
24.
Multiply the Amount on Line 20 by Line 23 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)

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

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