760F: Form & Instructions for Underpayment of Estimated tax by Farmers and Fishermen (2024)

Virginia · Virginia Tax · Used for tax years 2024

Virginia Form 760F determines whether qualified farmers, fishermen, and merchant seamen paid enough 2024 income tax through withholding and timely estimated tax payments. It calculates any underpayment and addition to tax, or identifies an exception that eliminates the addition t

Who files this form

Form 760F helps qualified farmers, fishermen, and merchant seamen determine whether they underpaid their 2024 Virginia income tax and owe an addition to tax. To qualify, income from self-employed farming, fishing, and/or being a merchant seaman must be at least two-thirds of annual gross income. If you do not meet this income test, use Form 760C.

You do not need to complete Form 760F if:

  • Your Virginia adjusted gross income is below the filing threshold: $11,950 for single or married filing separately, or $23,900 for married filing jointly. The single threshold also applies to dependent children.
  • Your Virginia income tax liability is $150 or less after the Spouse Tax Adjustment and other tax credits, excluding withholding, estimated payments, and extension payments.
  • You meet the two-thirds income test and filed Form 760, 760PY, 763, or 770 and paid the entire tax due by March 1, 2025.

If you underpaid but qualify for either exception in Part I, complete the appropriate line and enclose Form 760F with your return.

When it's due

For tax year 2024:

  • January 15, 2025: Line 7 includes income tax withheld and estimated tax paid or credited by this date.
  • March 1, 2025: If you meet the two-thirds income test, filing your return and paying the entire tax due by this date means you do not need to file Form 760F.
  • May 1, 2025: For Line 10, count days after January 15, 2025, through the date the underpayment was paid or May 1, 2025, whichever is earlier. If May 1 is earlier, enter 106 days.

If a due date falls on a Saturday, Sunday, or legal holiday, the return may be filed and the tax paid on the next business day without penalty or interest. Fiscal-year taxpayers must adjust the dates to correspond to their fiscal year.

What you'll need

Have these returns and figures available to complete Form 760F:

  • Your 2024 Virginia return: Form 760, 760PY, 763, or 770.
  • Your 2023 Virginia return and tax liability after the Spouse Tax Adjustment and tax credits.
  • Your 2024 income tax withholding and estimated tax paid or credited by January 15, 2025.
  • The date you paid any underpayment, for the addition-to-tax calculation.
  • Your name and Social Security number or FEIN. Estates and trusts also provide the fiduciary's name and title.

To check the income test, you need your annual gross income and income from self-employed farming, fishing, and/or being a merchant seaman.

How to file

Enclose Form 760F with Form 760, 763, 760PY, or 770.

  1. Check the exceptions in Part I. If you qualify for either exception, complete the appropriate line and enclose the form with your return.
  2. If neither exception applies, compute the underpayment in Part II and the addition to tax in Part III.
  3. Enter the amount from Line 12 on the Addition to Tax line of your income tax return.
  4. Fill in the oval on the front of Form 760, or check the box on the front of Form 760PY or 763. For Form 770, check the Form 760F box and enter the addition to tax on Line 11.

You may write one check for both the addition to tax and any income tax you owe. The supplied text does not give a filing mailing address or e-file instructions.

Common mistakes

  • Using Form 760F without meeting the income test. Use Form 760C if qualifying income is less than two-thirds of annual gross income.
  • Filing when Line 3 is $150 or less. The instructions say Form 760F is not required in that case.
  • Using calendar-year dates for a fiscal-year return. Adjust the dates, day count, and applicable daily interest rate as instructed for fiscal-year taxpayers.
  • Leaving the addition to tax only on Form 760F. Transfer Line 12 to your income tax return and mark the applicable oval or box.

Questions people ask

Can I avoid an addition to tax even if I underpaid?

Yes. Part I provides two exceptions. One compares timely 2024 payments and withholding with your 2023 tax after specified adjustments and credits, provided you filed a 2023 return showing a tax liability for a full 12-month period. The other compares those payments with tax computed using 2023 income and 2024 rates and personal exemptions.

How is the underpayment calculated?

Part II compares the smaller of 66⅔% (.667) of your 2024 tax liability or your 2023 tax liability, after the specified adjustments and credits, with withholding and estimated tax paid or credited by January 15, 2025. Line 8 is the difference.

What interest rate does the form use?

Line 11 uses a daily rate of .00025, shown as 9% per year. Fiscal-year taxpayers must use the daily rate applicable to their income tax return due date.

Where can I get help or forms?

Contact your local Commissioner of the Revenue, Director of Finance, or Director of Tax Administration, or call the Virginia Department of Taxation at 804-367-8031. Most Virginia income tax forms are available at www.tax.virginia.gov.

Official sources

All versions of 760F