760C: Underpayment of Estimated Tax by Individuals, Estates and Trusts (2024)
Virginia · Virginia Tax · Used for tax years 2024
Virginia Form 760C calculates underpayments of 2024 estimated income tax by individuals, estates, and trusts and any resulting addition to tax. It also includes exceptions that may eliminate the addition to tax for an installment period. Attach it to Form 760, 763, 760PY, or 770.
Who files this form
Virginia Form 760C is for individuals, estates, and trusts to calculate underpayment of estimated tax and any addition to tax for 2024.
- You are not required to file Form 760C if your 2024 income tax liability after the spouse tax adjustment and tax credits is $150 or less.
- If the total underpayments on Line 14 are $150 or less, stop there. You are not subject to an addition to tax. Do not include overpayments in that total.
- If those underpayments total more than $150, continue to Part II to check for exceptions.
When it's due
For tax year 2024, the form lists these estimated tax installment due dates:
- May 1, 2024
- June 15, 2024
- September 15, 2024
- January 15, 2025
The form does not state a separate filing deadline for Form 760C.
What you'll need
Have the following information available to complete the form:
- Your name and Social Security number or FEIN, plus your spouse’s Social Security number if filing jointly. Estates and trusts also provide the fiduciary’s name and title.
- Your 2024 and 2023 income tax liabilities after the spouse tax adjustment and tax credits.
- Income tax withheld for each installment period.
- Any overpayment credit from your 2023 income tax return.
- Estimated tax payment amounts and dates, including late payments.
If you complete the income-based exception worksheets, you will also need Virginia adjusted gross income, deductions, exemptions, and tax amounts for the periods shown on the form.
How to file
Attach Form 760C to Form 760, 763, 760PY, or 770.
Enter the total addition to tax from Line 25 on the “Addition to Tax” line of your income tax return.
The supplied form does not give a mailing address or e-filing instructions.
Common mistakes
- Completing one column at a time on Lines 6–14. Complete each line across all columns before moving to the next line.
- Putting late payments on Line 10. This line is only for timely payments.
- Entering too much on Line 12. Do not enter more than the underpayment in any column. Begin with the earliest payment in the Late Payment/Overpayment Table.
- Including overpayments in the Line 14 total. Exclude overpayments when checking whether total underpayments exceed $150.
- Applying Exception 3 or 4 to the fourth installment. These exceptions do not apply to that period.
- Using the individual worksheet periods for an estate or trust. The form specifies different periods for estates and trusts in the income-based exception worksheets.
Questions people ask
What tax amount does Part I use to calculate required installments?
Line 4 uses the smaller of 90% of your 2024 income tax liability or your 2023 income tax liability, both after the spouse tax adjustment and tax credits. Line 7 divides that amount by the number of installment periods entered on Line 5.
Can an exception eliminate the addition to tax for an installment?
Yes. Part II lists four exceptions. If you meet an exception for a period, write “Exception” and its number on Line 20, skip Lines 21–23, and enter zero on Line 24 for that period.
What should fiscal-year filers enter?
Enter the fiscal year’s beginning and ending dates and check the fiscal-year box at the top of the form.
Where does the total addition to tax go?
Add the amounts on Line 24 and enter the total on Line 25. Also enter it on the “Addition to Tax” line of your income tax return.