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760F
Underpayment of Virginia Estimated Tax by
2013
Farmers, Fishermen and Merchant Seamen
Attach this form to Form 760, 763, 760PY or 770
Calendar Year 2013 or taxable year beginning
, 2013 and ending
,
.
First Name, Middle Initial and Last Name (of Both if Joint) - OR - Name of Estate or Trust
Your Social Security Number or FEIN
v
If Estate or Trust, Name and Title of Fiduciary
(For Office Use)
v
Do You Have to File Form 760F?
• If
your
Virginia
adjusted
gross
income
below the filing threshold,
you are not required to complete this form because you
are not required to file an income tax return.
• If
your
Virginia
income
tax liability is $150 or less
after
subtracting
your
Spouse
Tax
Adjustment
and
other
tax
credits
(except
withholding,
estimated,
and
extension
payments),
you
do
not
have
to
complete
this
form;
you
do
not
owe
an
addition
to
your
tax.
• If
you
meet both of the following tests,
you
do
not
have
to
complete
this
form;
you
do
not
owe
an
addition
to
your
tax.
Test
1
- Your
gross
income
from
self-employment
as
a
farmer,
fisherman
and/or
being
a
merchant
seaman
is
at
least
two-thirds
of your annual gross income for the taxable year,
and
Test 2 -
You filed Form 760, Form 760PY, Form 763 or Form 770, and paid the entire tax due by March 1, 2014.
PA
RT I - Exceptions Which Void the Addition to Tax
• If
you
underpaid
your
tax,
determine
if
you
meet
one
of
the
exceptions
on
Line
1
or
Line
2.
If
you
meet
either
exception,
complete
the
appropriate
line
on
this
form
and
attach
this
form
to
your
return.
If
you
do
not
meet
either
exception,
then
proceed
to
PART
II
to
compute the addition to your tax.
1.
Exception
1
-
2012
Virginia
Income
Tax
(Form 760 filers use the net tax amount from Line 17)
1.
2.
Exception 2 - Estimated Tax Based on 2012 Income Using 2013 Rates and Exemptions
2.
PART II - How to Compute Your Underpayment
3.
Enter
the
Amount
of
Your
2013
Virginia
Income
Tax
Liability
After
the
Spouse
Tax
Adjustment
and
Tax
Credits.
See
instructions.
(If $150 or less, you are not required to file Form 760F)
3.
4.
Enter 66
2
/
3
%
(.667)
of
the
Amount
on
Line
3
4.
5.
Enter
2012
Income
Tax
Liability
After
the
Spouse
Tax
Adjustment
and
Tax
Credits
5.
6.
Enter
the
Amount
from
Line
4
or
Line
5,
Whichever
is
Less
6.
7.
Enter
the
Amount
of
Tax
Withheld
and/or
the
Amount
of
Estimated
Tax
Paid
or
Credited
by
January 15, 2014
7.
8.
Underpayment of Estimated Tax
(Subtract the amount on Line 7 from the amount on Line 6)
8.
PART III - How to Compute the Addition to Tax
9.
Amount
of
Underpayment
From
Line
8
9.
10.
Number
of
Days
After
January
15,
2014,
Through
the
Date
the
Amount
on
Line
9
Was
Paid
or
May
1,
2014,
(If May 1 is earlier, enter 106)
10.
11.
Multiply Line 10 by the Daily Interest Rate of .00014 (5% per annum)
11.
%
12.
Addition
to
Tax
Balance
Due
-
Multiply
the
Amount
on
Line
9
by
Line
11
(See instructions on back)
12.
v
Va.
Dept.
Of
Taxation
2601036
(REV
12/13)
(VAGI) is
Whichever
is
Earlier
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