Va760f115888 - Virginia Department Of Taxation Page 2
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22015 Form 760F Instructions
Credit for Low Income Individuals, Credit for Political
Definition of Farmer, Fisherman or Merchant Seaman
Contributions, Credit for Tax Paid to Another Sate,
For the purpose of estimating Virginia income tax, "a farmer,
and the tax credits from Schedule CR) on your return
fisherman or merchant seaman," is an individual having an
for the 2014 taxable year; AND
estimated Virginia gross income from self-employed farming, fishing
(2) You filed a 2014 Virginia return showing a tax liability;
or being a merchant seaman for the taxable year which is at least
AND
2
/
% of the individual's total estimated Virginia gross income for
66
3
(3) the return was for a period of twelve months.
the taxable year.
Income tax withheld during the year may be considered paid on
Purpose of This Form
the required installment date.
If you are an individual taxpayer who is a qualified farmer, fisherman
Line 2. Exception 2: You qualify if your withholding and any timely
or merchant seaman, you may use this form to determine whether
estimated income tax payments (Line 7) for the 2015
your income tax was sufficiently paid throughout the year by
Taxable Year equal or exceed the amount that would be
withholding and/or by timely filed installment payments of estimated
due by computing your 2014 tax using the 2015 income
income taxes. If not, you may owe an addition to tax computed
tax rates and personal exemptions.
at the applicable daily interest rate. Form 760C is the equivalent
form for individual taxpayers who are not farmers, fishermen or
Part lI - How to Compute Your Underpayment
merchant seamen.
Line 3. To compute your 2015 Virginia income tax liability:
If your Virginia adjusted gross income (VAGI) is below the filing
A. Form 760 - Subtract from Form 760, Line 19 the total
threshold, you are not required to complete this form because you
of Lines 24 through 27, and enter the result; or
are not required to file an income tax return. You must file a Virginia
individual income tax return if your VAGI is equal to or greater than
B. Form 760PY - Subtract from Form 760PY, Line 19 the
the filing threshold for your filing status. The filing threshold amount
total of Lines 24 through 27, and enter the result; or
for a single individual is also applicable to dependent children. The
C. Form 763 - Subtract from Form 763, Line 19 the total
filing threshold amounts are as follows:
of Lines 24 through 27, and enter the result; or
And Your VAGI is Equal to
D. Form 770 - Subtract from Form 770, Line 4 the total
Filing Status is:
or Greater than:
of the credits included on Line 5 and enter the result.
Single
$11,950
NOTE: You are not required to file Form 760F if the amount
on Line 3 is $150 or less.
Married, filing joint return
$23,900
2
/
Line 4.
Enter 66
% (.667) of the amount on Line 3.
Married, filing separate return
$11,950
3
Line 5. Enter the amount of your 2014 income tax liability after
If your Virginia income tax liability is $150 or less after subtracting
Spouse Tax Adjustment and tax credits.
your Spouse Tax Adjustment and other tax credits (except
Line 6. Enter the amount from Line 4 or Line 5, whichever is
withholding, estimated, and extension payments), you do not have
less.
to complete this form; you do not owe an addition to tax.
Line 7. Enter the total amount of income tax withheld and any
If you meet both of the following tests, do not file this form because
estimated tax paid or credited by January 15, 2016.
you do not owe an addition to tax.
NOTE: Fiscal year taxpayers - If you filed your return on a
Test 1.
Your gross income from self-employment as a farmer,
fiscal year basis, change the dates to correspond to your
fisherman and/or being a merchant seaman is at least
fiscal year.
two-thirds of your annual gross income for the taxable
year, and
Line 8. Underpayment of Estimated Tax - Subtract the amount
on Line 7 from the amount on Line 6.
Test 2.
You filed Form 760, Form 760PY, Form 763 or Form 770,
and paid the entire tax due by March 1, 2016.
Part III - How to Compute the Addition to Tax
If you do not meet Test 1, use Form 760C.
Line 9. If Line 8 is an underpayment, enter the amount here.
Due Date
Line 10. Compute the number of days that the underpayment on
If the due date falls on a Saturday, Sunday or legal holiday, then
Line 9 was late.
the return may be filed and the tax may be paid without penalty or
NOTE: Fiscal year taxpayers - If you filed your return on a fiscal
interest on the next succeeding business day.
year basis, compute the number of days based on the
Assistance
due date of your income tax return.
For assistance, contact the Commissioner of the Revenue, Director
Line 11. Multiply Line 10 by the daily rate of .00014 (5% per
of Finance or Director of Tax Administration for the locality in
annum).
which you reside or the Department of Taxation, P.O. Box 1115,
NOTE: Fiscal year taxpayers - If you filed your return on
Richmond, VA 23218-1115, or 804-367-8031. You can obtain most
a fiscal year basis, change the interest rate to correspond
Virginia income tax forms at
to the daily interest rate applicable to the due date of your
Part I - Exceptions Which Void the Addition to Tax
income tax return.
Line 12. Addition to Tax - Multiply the amount on Line 9 by Line
If you underpaid your tax, complete this section to determine if
11.
you meet one of the exceptions on Line 1 or Line 2. If you meet
Enter the amount from Line 12 on the Addition to Tax line on your
either exception, complete the appropriate line on this form. If you
do not meet either exception, complete PART III to compute the
income tax return. If filing Form 760, 760PY or 763, also check
addition to tax.
the farmers, fishermen, and merchant seamen box on the return. If
filing Form 770, check the Form 760F box on the front of the return
Line 1. Exception 1: You qualify if:
and enter the amount of addition to tax on Line 11 of Form 770.
(1) your withholding and any timely estimated tax
You may write one check for payment of the addition to tax and
payments for the 2015 taxable year equal or exceed
any amount you may owe on your income tax return.
the tax (minus any Spouse Tax Adjustment, Tax
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