Fillable Form 1.: *VA760C120888* 760C - 2020 Underpayment of (Virginia Department of Motor Vehicles)

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Form 1.: *VA760C120888* 760C - 2020 Underpayment of (Virginia Department of Motor Vehicles)

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760C - 2020 Underpayment of Virginia Estimated
Tax by Individuals, Estates and Trusts
• Enclose this form with Form 760, 763, 760PY or 770.
Fiscal Year Filers: Enter beginning date 20 , ending date 20 , and check here
First Name, Middle Initial and Last Name (of Both If Joint) - OR - Name of Estate or Trust Your Social Security Number or FEIN
•
If Estate or Trust, Name and Title of Fiduciary Spouse's Social Security Number
Oce Use SC Oce Use Payment
•
Part I - Compute Your Underpayment
1. 2020 Income Tax Liability After Spouse Tax Adjustment and Tax Credits. See instructions.
(If $150 or less, you are not required to le Form 760C)
1.
2. Enter 90% of the Amount Shown on Line 1 2.
3. 2019 Income Tax Liability After Spouse Tax Adjustment and Tax Credits 3.
4. Enter the Amount From Line 2 or Line 3, Whichever is Less 4.
5. Enter the Number of Installment Periods for Which You Were Liable to Make Payments 5.
Line 6 Through 14: Complete Each Line Across All Columns Before Continuing to Next Line
A B C D
6. Due Dates of Installment Payments May 1, 2020 June 15, 2020 Sept. 15, 2020 Jan. 15, 2021
7. Tax Liability
(Divide the amount on Line 4 by the number of installments
reported on Line 5 and enter the result in the appropriate
columns)
8. Enter the Income Tax Withheld for Each Installment Period
9. Enter the Overpayment Credit from Your 2019 Income Tax
Return
10. Enter the Amount of Any Timely Payment Made for Each
Installment Period in the Appropriate Column
(Do not enter any late payments)
11. Underpayment or [Overpayment]
(Subtract Lines 8, 9 and 10 from Line 7. See instructions for
overpayment)
12. Other Payments
(Enter the payments from the Late Payment/Overpayment Table
below, beginning with the earliest payment recorded. Do not
enter more than the underpayment in any column.)
Date Amount
a. First Payment / /
b.
Second Payment
/ /
c. Third Payment / /
d. Fourth Payment / /
13. Enter the Total Timely Payments Made as of Each Installment
Due Date From Lines 8, 9, 10 and 12
(For ex., in Column A enter all payments made by May 1,
2020
)
14. Subtract Line 13 from Line 7
(If the sum of all underpayments (do not include any
OVERPAYMENTS) reported is $150 or less, stop here; you are
not subject to an addition to tax. If your underpayments total
more than $150, proceed to Part II)
Continued on Back
Late Payment/Overpayment Table (See Instructions for Lines 11 and 12.)
Date of Payment Date of Payment Date of Payment Date of Payment
Payment Amount
$
Payment Amount
$
Payment Amount
$
Payment Amount
$
*VA760C120888*
VA. Dept. of Taxation 760C 2601033 F Rev. 12/20
760C - 2020
Page 2
Part II - Exceptions That Void the Addition to Tax A
May 1, 2020
B
June 15, 2020
C
Sept. 15, 2020
D
Jan. 15, 2021
15. Total Amount Paid and Withheld from January 1, 2020 through the
Installment Date Indicated
16. Exception 1: Prior Year's Tax
(Multiply the 2019 tax by the percentage in each col.)
100% of 2019 Tax 25% 50% 75% 100%
17. Exception 2: Tax on Prior Year's Income Using the
2020 Rates and Exemptions
(Multiply the 2019 tax by the percentage in each col.)
100% of Tax 25% 50% 75% 100%
18. Exception 3 Worksheet: Tax on Annualized 2020 income (Use the formula below to compute the amount on Lines 18a, b and c for each col.)
Lines 18a, b and c: April 30 column: Multiply the actual amount for the period ended April 30, 2020, by 3.
May 31 column: Multiply the actual amount for the period ended May 31, 2020, by 2.4.
August 31 column: Multiply the actual amount for the period ended August 31, 2020, by 1.5.
From January 1 to: April 30 May 31 August 31
a. Annualized Virginia Adjusted Gross Income (VAGI) for Each Period
Note
Estates
and trusts
should use
end dates
of March
31, April 30
& July 31.
b. Compute the Annualized Itemized Deductions Using the Formula
Above OR Enter the Full Standard Deduction in Each Column if You
Did Not Claim Itemized Deductions
c. Compute the Annualized Child and Dependent Care Expenses and
Other Deductions for Each Period
d. Total Dollar Amount of Exemptions Claimed on Your Return
e. Virginia Taxable Income
(Subtract Lines 18b, c and d from Line 18a)
f. Virginia Tax
(Enter the Virginia income tax for the amount(s) on Line 18e)
g. Multiply Line 18f by the Percentage Shown for Each Period
22.5% 45% 67.5%
Note
Exceptions
3 and 4 do
not apply to
the fourth
installment
period.
19. Exception 4 Worksheet: Tax on 2020 Income Over a 4, 5 and 8 Month Period* (* 3, 4 and 7 months for estates and trusts)
From January 1 to: April 30 May 31 August 31
a. Enter Your Virginia Adjusted Gross Income (VAGI) for Each Period
b. Enter the Itemized Deductions Claimed for Each Period OR (If
Greater) the Full Standard Deduction
c. Enter the Child and Dependent Care Expenses and Other
Deductions for Each Period
d. Enter the Total Dollar Amount of Exemptions Claimed on Your
Return
e. Virginia Taxable Income
(Subtract Lines 19b, c and d from Line 19a)
f. Virginia Tax
(Enter the Virginia income tax for the amount(s) on Line 19e)
g. Multiply Line 19f by 90% (.90) for Each Period
Part III - Compute the Addition to Tax
If an exception has been met (Part II) for any installment period, complete the column for that period as follows: write "Exception" and the exception
number (1, 2, 3, or 4) on Line 20; skip Lines 21 through 23; and enter "0" on Line 24. For all other periods, complete each line as instructed below.
A
May 1, 2020
B
June 15, 2020
C
Sept. 15, 2020
D
Jan. 15, 2021
20. Amount of Underpayment from Part I, Line 14
21. Date of Payment from Part I, Line 12
(If no payments were entered on Line 12, enter the actual date of
payment or May 1, 2021 whichever is earlier.)
22.
a. Number of Days After Installment Due Date Through Date Paid or
June 30, 2020, Whichever Is Earlier
(If June 30, 2020) is earlier, enter 60 and 15 respectively.)
b. Number of Days After June 30, 2020, Through Date Paid or May 1,
2021, Whichever Is Earlier
(If May 1, 2021, is earlier, enter 305, 305, 228 and 106.)
23. a. Multiply the Number of Days in Each Column on Line 22a by the
Daily Rate .00019 (7% Per Annum)
b. Multiply the Number of Days in Each Column on Line 22b by the
Daily Rate .00014 (5% Per Annum)
c. Add Lines 23a and 23b in Each Column and Enter the Total Here
24. Multiply the Amount on Line 20 by Line 23c for Each Column
25
Addition to Tax
(Total the amounts on Line 24. Enter here and on the "Addition to Tax" line on your
income tax return)
•
*VA760C220888*
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Form 1.: *VA760C120888* 760C - 2020 Underpayment of (Virginia Department of Motor Vehicles)

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Completed 12 February 2021

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