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

Form 760F is a Virginia Department of Taxation form also known as the "Underpayment Of Virginia Estimated Tax By Farmers, Fishermen And Merchant Seamen". The latest edition of the form was released in December 1, 2017 and is available for digital filing.

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

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760F
Underpayment of Virginia Estimated Tax by
*VA760F117888*
2017
Farmers, Fishermen and Merchant Seamen
Enclose this form with Form 760, 763, 760PY or 770
Calendar Year 2017 or taxable year beginning
, 2017 and ending
,
.
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
(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, 2018.
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 - 2016 Virginia Income Tax
(Form 760 filers use the net tax amount from Line 19)
1.
2. Exception 2 - Estimated Tax Based on 2016 Income Using 2017 Rates and Exemptions
2.
PART II - How to Compute Your Underpayment
3. Enter the Amount of Your 2017 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
% (.667) of the Amount on Line 3
4.
3
5. Enter 2016 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, 2018
7.
8. Underpayment of Estimated Tax
(Subtract the amount on Line 7 from the amount on Line 6)
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, 2018, Through the Date the Amount on Line 9 Was Paid or
May 1, 2018, Whichever is Earlier
(If May 1 is earlier, enter 106)
10.
11. Multiply Line 10 by the Daily Interest Rate of .00016 (6% 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 W Rev. 12/17
760F
Underpayment of Virginia Estimated Tax by
*VA760F117888*
2017
Farmers, Fishermen and Merchant Seamen
Enclose this form with Form 760, 763, 760PY or 770
Calendar Year 2017 or taxable year beginning
, 2017 and ending
,
.
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
(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, 2018.
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 - 2016 Virginia Income Tax
(Form 760 filers use the net tax amount from Line 19)
1.
2. Exception 2 - Estimated Tax Based on 2016 Income Using 2017 Rates and Exemptions
2.
PART II - How to Compute Your Underpayment
3. Enter the Amount of Your 2017 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
% (.667) of the Amount on Line 3
4.
3
5. Enter 2016 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, 2018
7.
8. Underpayment of Estimated Tax
(Subtract the amount on Line 7 from the amount on Line 6)
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, 2018, Through the Date the Amount on Line 9 Was Paid or
May 1, 2018, Whichever is Earlier
(If May 1 is earlier, enter 106)
10.
11. Multiply Line 10 by the Daily Interest Rate of .00016 (6% 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 W Rev. 12/17
2017 Form 760F Instructions
Definition of Farmer, Fisherman or Merchant Seaman
Credit for Low Income Individuals, Credit for Tax Paid
to Another Sate, and the tax credits from Schedule
For the purpose of estimating Virginia income tax, "a farmer,
CR) on your return for the 2016 taxable year; AND
fisherman or merchant seaman," is an individual having an
(2) You filed a 2016 Virginia return showing a tax liability;
estimated Virginia gross income from self-employed farming, fishing
AND
or being a merchant seaman for the taxable year which is at least
/
2
66
% of the individual's total estimated Virginia gross income for
(3) the return was for a period of twelve months.
3
the taxable year.
Income tax withheld during the year may be considered paid on
the required installment date.
Purpose of This Form
Line 2. Exception 2: You qualify if your withholding and any timely
If you are an individual taxpayer who is a qualified farmer, fisherman
estimated income tax payments (Line 7) for the 2017
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 2016 tax using the 2017 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
Line 3. To compute your 2017 Virginia income tax liability:
merchant seamen.
A. Form 760 - Subtract from Form 760, Line 19 the total
If your Virginia adjusted gross income (VAGI) is below the filing
of Lines 24 through 27, and enter the result; or
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
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 24 through 27, 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 24 through 27, 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.
/
Married, filing joint return
$23,900
Line 4.
Enter 66
2
% (.666) of the amount on Line 3.
3
Married, filing separate return
$11,950
Line 5. Enter the amount of your 2016 income tax liability after
Spouse Tax Adjustment and tax credits.
If your Virginia income tax liability is $150 or less after subtracting
Line 6. Enter the amount from Line 4 or Line 5, whichever is
your Spouse Tax Adjustment and other tax credits (except
less.
withholding, estimated, and extension payments), you do not have
to complete this form; you do not owe an addition to tax.
Line 7. Enter the total amount of income tax withheld and any
estimated tax paid or credited by January 15, 2018.
If you meet both of the following tests, do not file this form because
you do not owe an addition to tax.
NOTE: Fiscal year taxpayers - If you filed your return on a
fiscal year basis, change the dates to correspond to your
Test 1.
Your gross income from self-employment as a farmer,
fiscal year.
fisherman and/or being a merchant seaman is at least
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, 2018.
Line 9. If Line 8 is an underpayment, enter the amount here.
If you do not meet Test 1, use Form 760C.
Line 10. Compute the number of days that the underpayment on
Due Date
Line 9 was late.
If the due date falls on a Saturday, Sunday or legal holiday, then
NOTE: Fiscal year taxpayers - If you filed your return on a fiscal
the return may be filed and the tax may be paid without penalty or
year basis, compute the number of days based on the
interest on the next succeeding business day.
due date of your income tax return.
Assistance
Line 11. Multiply Line 10 by the daily rate of .00016 (6% per
For assistance, contact the Commissioner of the Revenue, Director
annum).
of Finance or Director of Tax Administration for the locality in
NOTE: Fiscal year taxpayers - If you filed your return on
which you reside or the Department of Taxation, P.O. Box 1115,
a fiscal year basis, change the interest rate to correspond
Richmond, VA 23218-1115, or 804-367-8031. You can obtain most
to the daily interest rate applicable to the due date of your
Virginia income tax forms at www.tax.virginia.gov.
income tax return.
Part I - Exceptions Which Void the Addition to Tax
Line 12. Addition to Tax - Multiply the amount on Line 9 by Line
11.
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
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. If filing Form 760, 760PY or 763, also check
do not meet either exception, complete PART III to compute the
the farmers, fishermen, and merchant seamen box on the return. If
addition to tax.
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.
Line 1. Exception 1: You qualify if:
You may write one check for payment of the addition to tax and
(1) your withholding and any timely estimated tax
any amount you may owe on your income tax return.
payments for the 2017 taxable year equal or exceed
the tax (minus any Spouse Tax Adjustment, Tax

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

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