Virginia Form 760Es Instructions
Form 760ES Vouchers and Instructions
Form 760ES is used by individuals to make estimated income tax payments. Filing is required only for individuals whose income and net tax due exceed the amounts specified in Section I. If you are required to make estimated income tax payments, but do not, you may be liable for an additional charge, which is explained in Section VIII. Information on when to file is in Section II. Estates, trusts and unified nonresident filers should use Form 770ES.
VATAX Online Services for Individuals
- Make your Estimated Tax Payments
- e-File/Free File your federal and state tax returns
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- Check the Status of Your Refund
- View your Account History
- Make a Filing Extension Payment
- Make a Web Payment for the balance due on your return
- Use Live Chat or send a Secure Email to communicate with a Department representative
- Use Quick Pay to pay and view your tax bills
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Visit www.tax.virginia.gov for more information.
I. FILING REQUIREMENTS - INDIVIDUALS
If your Virginia income tax liability, after subtracting income tax withheld and any allowable credits, is expected to be more than $150, then you must make estimated tax payments (or have additional income tax withheld throughout the year from your wages or other income).
Farmers, fishermen and merchant seamen with 2/3 of their estimated Virginia gross income from self-employed farming, fishing or being a merchant seaman have special filing requirements, which allow them to make fewer payments. See Farmers, Fishermen and Merchant Seamen in Section II for more information.
You are not required to make estimated tax payments if:
- you are single and your expected Virginia adjusted gross income (Line 1, Estimated Income Tax Worksheet on Page 3) is less than $11,950;
- you are married, filing jointly and your combined expected Virginia adjusted gross income (Line 1, Estimated Income Tax Worksheet on Page 3) is less than $23,900;
- you are married, filing separately, and your separate expected Virginia adjusted gross income (Line 1, Estimated Income Tax Worksheet on Page 3) is less than $11,950; or
- your expected estimated tax liability exceeds your withholding and tax credits by $150 or less.
II. WHEN TO FILE
If you are required to file and the due date falls on a Saturday, Sunday or legal holiday, you may file your return on the next succeeding day that is not a Saturday, Sunday or legal holiday.
Make estimated payments online or file Form 760ES Payment Voucher 1 by May 1, 2014. Estimated income tax payments must be made in full on or before May 1, 2014, or in equal installments on or before May 1, 2014, June 15, 2014, September 15, 2014, and January 15, 2015.
Complete the worksheet and make payments in accordance with the instructions on the vouchers. If you overpaid your 2013 income tax and chose to apply the overpayment to your 2014 estimated income tax, that overpayment may be partially or fully applied to any installment.
FARMERS, FISHERMEN and MERCHANT SEAMEN. If the qualifications of a farmer, fisherman or merchant seaman are met, you only need to file Payment Voucher 4 by January 15, 2015. If you file your 2014 income tax return on or before March 1, 2015, and pay the entire tax at that time, you are not required to file Form 760ES for 2014.
FISCAL YEAR TAXPAYERS. If you report income on a fiscal year basis, substitute the 15th day of the 4th month for May 1, the 15th day of the 6th month for June 15, the 15th day of the 9th month for September 15, and the 15th day of the 1st month of the succeeding taxable year for January 15. For example, if a taxpayer has a taxable year that ends on June 30, the first Form 760ES return would be due on October 15. The remaining estimated payments would be due on December 15, March 15 and July 15 of the succeeding taxable year. Indicate the beginning month of your fiscal year in the space provided on the Form 760ES Voucher.
III. HOW TO ESTIMATE
You must pay at least 90% of your tax liability during the year by having income tax withheld and/or making timely payments of estimated tax. Worksheets are available on the Department's website to help you determine if you are required to make estimated payments. Use the Tax Rate Schedule on the following page, for additional information and guidance, refer to the instructions for the return that you will file.
If you are required to make estimated payments and file Form 760ES, complete the form using the payment amount from Line 15 of the Estimated Income Tax Worksheet For Individuals. When filing each voucher, include your check or money order for the amount computed for the quarter.
If your expected Virginia adjusted gross income changes during the year, recompute your estimated tax to determine how much your remaining payments should increase or decrease. When making your next Form 760ES payment, enter the new amount of estimated income tax due for the quarter.
TAX CREDITS and ADJUSTMENTS. You may claim an expected tax credit or adjustment on the worksheet if:
- you are a resident of Virginia and you will pay income tax to another state as a nonresident, except for the states of Arizona, California, Oregon or the District of Columbia;
- you are a resident of one or more of the states listed above and you will pay income tax to Virginia as a nonresident;
- you expect to qualify for one of the other available individual income tax credits; or
- you qualify for the Spouse Tax Adjustment on Form 760.
For more information on determining if you qualify for any credits, see the instructions for the Virginia income tax return that you expect to file.
The personal exemptions, itemized or standard deductions and the child and dependent care deductions, if claimed, must be adjusted if you are a part-year resident. Refer to the Form 760PY instructions for details on computing these items.
Itemized deductions may be adjusted by Fixed Date Conformity items. Refer to the income tax instructions for further information.
IV. CHANGES IN INCOME OR EXEMPTIONS
Even if you do not expect your income from sources other than wages on which Virginia tax is withheld for 2014 to be large enough to require making estimated income tax payments as of May 1, 2014, a change in income, deductions or exemptions may require you to file later in the year. If you later determine that you need to file, see the PAYMENT SCHEDULE.``
If you file your 2014 income tax return and pay the balance of tax due in full by March 1, 2015, you are not required to make the estimated tax payment that would normally be due on January 15, 2015. If you file your return after March 1 without making the January payment, or if you have not paid the proper amount of estimated tax on any earlier due date, you may be liable for an additional charge for underpayment of estimated tax, computed on Form 760C. See Section VIII and the Form 760C instructions for more information.
V. WHO MAY FILE A JOINT FORM 760ES
A husband and wife may file a joint declaration unless (a) they are legally separated or divorced, (b) they have different taxable years, or (c) one spouse is a nonresident of Virginia (unless both are required to file a Virginia return).
If you file a joint Form 760ES, but do not file a joint income tax return, the estimated tax may be treated as the estimated tax of either the husband or wife, or may be divided between both spouses as mutually agreed. Attach a statement to the front of each spouse's tax return that specifies the amount claimed by each spouse.
VI. WHERE TO FILE
Filing online is the fastest and easiest way to make estimated payments and you receive immediate confirmation.
Send the first voucher filed for the taxable year to the address shown for the Commissioner of the Revenue, Director of Finance or Director of Tax Administration for your Virginia city or county. If you are a nonresident, file your first voucher with the Commissioner of the Revenue, Director of Finance or Director of Tax Administration for the city or county in which the principal portion of the income from Virginia sources was received. If filing is not required until after May 1, see the PAYMENT SCHEDULE for information on which voucher to file. File the remaining vouchers with the Treasurer for your city or county using the addresses at the end of this document.
VII. WHERE TO GET HELP
If you need assistance completing your return, call or visit the Commissioner of the Revenue, Director of Finance or Director of Tax Administration for your city or county or the Department of Taxation. Mailing addresses and telephone numbers are listed at the end of this document. Requests for information may also be addressed to the: Virginia Department of Taxation, P. O. Box 1115, Richmond, VA 23218-1115, or call 804-367-8031. Do not mail your income tax return to this address.
VIII. WHERE TO GET FORMS
Forms may be downloaded from the Department's website or requests may be addressed to: Virginia Department of Taxation, Forms Request Unit, P. O. Box 1317, Richmond, VA 23218-1317, or call 804-440-2541. Do not mail your income tax return to this address.
Visit the Department's website, www.tax.virginia.gov, where you can obtain filing information, get answers to common questions, download forms and more.
IX. UNDERPAYMENT OF ESTIMATED INCOME TAX
Generally, addition to tax is imposed by law if at least 90% (662/3% if you are a farmer, fisherman or merchant seaman) of your total tax liability is not paid throughout the year by timely withholding and/or installments of estimated tax. The addition to tax does not apply if each required installment is paid on time and meets one of the following exceptions:
- is at least 90% (662/3% if you are a farmer, fisherman or merchant seaman) of the amount due on the basis of annualized income;
- is at least 90% (662/3% if you are a farmer, fisherman or merchant seaman) of the amount due on the basis of the actual taxable income;
- is based on a tax computed by using your income for the preceding taxable year and the current year's tax rates and exemptions;
- is equal to or exceeds the prior year's tax liability for each installment period and the prior year return was for a full year and reflected an income tax liability; or
- the sum of all installment underpayments for the taxable year is $150 or less.
If you do not meet an exception, your underpayment computation will be based on 90% of the current year's income tax liability or 100% of your liability for the preceding year, whichever is less. The addition to tax is computed on Form 760C (Form 760F for farmers, fishermen or merchant seamen).