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Virginia Tax
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VIRGINIA ESTIMATED INCOME TAX PAYMENT VOUCHERS FOR INDIVIDUALSForm 760ES Vouchers and Instructions 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: (a) you are single and your expected Virginia adjusted gross income (Line 1, Estimated Income Tax Worksheet on Page 3) is less than $11,950; (b) 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;(c) 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 (d) your expected estimated tax liability exceeds your withholding and tax credits by $150 or less.II. WHEN TO FILE Make estimated payments online or file Form 760ES Payment Voucher 1 by May 1, 2018. Estimated income tax payments must be made in full on or before May 1, 2018, or in equal installments on or before May 1, 2018, June 15, 2018, September 15, 2018, and January 15, 2019. When the last day on which a tax return may be filed or a tax may be paid falls on a Saturday, Sunday or legal holiday, you may file and make payment without penalty or interest on the next succeeding business day. Complete the worksheet and make payments in accordance with the instructions on the vouchers. If you overpaid your 2017 income tax and chose to apply the overpayment to your 2018 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, 2019 . If you file your 2018 income tax return on or before March 1, 2019 , and pay the entire tax at that time, you are not required to file Form 760ES for 2018 .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 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. 2018 FORM 760ESForm 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 composite return filers should use Form 770ES.Effective for taxable years beginning on or after January 1, 2017, individuals who make estimated tax payments must submit all of their individual income tax payments electronically if any installment payment of estimated tax exceeds $15,000, or any payment made for an extension of time to file exceeds $15,000, or the total estimated income tax due in any taxable year exceeds $60,000. If any of the thresholds above apply to you, all future individual income tax payments must be made electronically. This includes all payments for estimated taxes, extensions of time to file, and any other amounts due when a return is filed. Visit our website at www.tax.virginia.gov for information on electronic payment options.www.tax.virginia.gov
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