Virginia Underpayment of Estimated tax by Individuals, Estates, and Trusts

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.

•