760F: Form & Instructions for Underpayment of Estimated tax by Farmers and Fishermen (2025)
Virginia · Virginia Tax · Used for tax years 2025
Virginia Form 760F determines whether farmers, fishermen, and merchant seamen underpaid their 2025 estimated income tax. It calculates any addition to tax and documents exceptions that may eliminate that addition.
Who files this form
Form 760F is for qualified farmers, fishermen, and merchant seamen to check whether withholding and timely estimated tax payments sufficiently covered their Virginia income tax. For this purpose, qualifying income must be at least two-thirds of total estimated Virginia gross income for the taxable year.
You do not need to complete Form 760F if:
- Your Virginia adjusted gross income (VAGI) is below your filing threshold: $11,950 for single filers, $23,900 for married couples filing jointly, or $11,950 for married people filing separately. 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, but before withholding, estimated payments, and extension payments.
- You meet both tests: at least two-thirds of your annual gross income comes from self-employment as a farmer, fisherman, and/or being a merchant seaman, and you filed Form 760, 760PY, 763, or 770 and paid the entire 2025 tax due by March 1, 2026.
If you do not meet the income test, use Form 760C instead. 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 2025, the form lists these dates:
- January 15, 2026: Line 7 includes estimated tax paid or credited by this date, along with income tax withheld.
- March 1, 2026: If you meet the qualifying income test, filing your return and paying the entire tax due by this date means you do not owe an addition to tax and do not need Form 760F.
- May 1, 2026: This is the ending date used for the addition-to-tax calculation if the underpayment was not paid earlier. Count days after January 15, 2026, through the payment date or May 1, 2026, 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 and payment may be made on the next business day without penalty or interest. Fiscal-year taxpayers must adjust dates to correspond to their fiscal year.
What you'll need
Have these forms and figures available to complete Form 760F:
- Your 2025 Virginia income tax return: Form 760, 760PY, 763, or 770.
- Your 2024 Virginia return and tax liability after the Spouse Tax Adjustment and tax credits.
- Your income figures to check the filing threshold and qualifying income test.
- Records of Virginia income tax withheld and estimated tax paid or credited by January 15, 2026.
- The date any underpayment was paid, if applicable.
- Your name and Social Security number or FEIN. Estates and trusts must also provide the fiduciary's name and title.
If claiming Exception 2, you need the amount of tax on your 2024 income calculated using 2025 tax rates and personal exemptions.
How to file
- Check whether you need Form 760F and whether either Part I exception applies. If an exception applies, complete its line and enclose the form with your return.
- If no exception applies, use Part II to calculate the underpayment and Part III to calculate the addition to tax.
- Enter the Line 12 amount on the Addition to Tax line of your income tax return.
- 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 on the front and enter the addition to tax on Line 8.
- Enclose Form 760F with Form 760, 763, 760PY, or 770.
You may write one check for both the addition to tax and any income tax balance due. The supplied text does not give a filing mailing address or e-file instructions.
Common mistakes
- Filing Form 760F when Line 3 is $150 or less. The instructions specifically say the form is not required in that case.
- Using Form 760F without meeting the qualifying income test. The instructions direct taxpayers who do not meet Test 1 to use Form 760C.
- Using calendar-year dates unchanged for a fiscal-year return. The notes tell fiscal-year taxpayers to adjust dates and calculate late days based on their return's due date.
- Using the printed interest rate without checking the fiscal-year rule. Fiscal-year taxpayers must use the daily interest rate applicable to their income tax return's due date.
Questions people ask
Can I avoid an addition to tax even if I underpaid?
Yes. Part I provides two exceptions. Exception 1 requires timely 2025 payments and withholding to cover your adjusted 2024 tax liability, a filed 2024 Virginia return showing tax liability, and a 12-month return period. Exception 2 compares timely payments and withholding with the tax on 2024 income using 2025 rates and personal exemptions.
How is the underpayment calculated?
Enter the smaller of 66⅔% (.667) of your 2025 tax liability on Line 3 or your 2024 liability after the Spouse Tax Adjustment and tax credits. Then subtract withholding and estimated tax paid or credited by January 15, 2026.
What interest rate does the form use?
Line 11 uses a daily rate of .00025, or 9% per year. Multiply that rate by the number of late days, then multiply the result by the underpayment. Fiscal-year taxpayers must adjust the rate as instructed.
Where can I get help?
Contact your locality's 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.