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*VA760C205888*

FORM 760C

(2005)

PART II - EXCEPTIONS THAT VOID THE ADDITION TO TAX

May 1, 2005

June 15, 2005

Sept. 15, 2005

Jan. 15, 2006

15. Total amount paid and withheld from January 1, 2005

through the installment date indicated .........................................

16. Exception 1: Prior year's tax. (Multiply the

100% of 2004 Tax

25%

50%

75%

100%

2004 tax by the percentage in each column.) ...........

17. Exception 2: Tax on prior year's income using

100% of Tax

25%

50%

75%

100%

the 2005 rates and exemptions. (Multiply the

2004 tax by the percentage in each column.) ...........

Exception 3 Worksheet - Tax On Annualized 2004 Income

Use the formula below to compute the amount on lines 18a, b and c for each column.

Lines 18a, b and c:

April 30 column:

Multiply the actual amount for the period ended April 30, 2005, by 3.

May 31 column:

Multiply the actual amount for the period ended May 31, 2005, by 2.4.

August 31 column:

Multiply the actual amount for the period ended August 31, 2005, by 1.5.

From January 1 to:

April 30

May 31

August 31

Note

18 a. Annualized Virginia adjusted gross income (VAGI) for each period ..............

Estates and trusts

b. Compute the annualized itemized deductions using the formula

should use end dates

above OR enter the full standard deduction in each column if you

did not claim itemized deductions ................................................................

of March 31, April 30

c. Compute the annualized child and dependent care expenses deduction

and July 31.

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 on the amount(s) shown

Note

on line 18e above.

g. Multiply line 18f by the percentage shown for each

22.5%

45%

67.5%

period ........................................................................................................

Exceptions

Exception 4 Worksheet - Tax On 2005

Income Over a 4, 5 And 8 Month Period*

From January 1 to:

April 30

May 31

August 31

3 and 4 do

* 3, 4 and 7 months for estates & trusts

not apply to

19 a. Enter your Virginia adjusted gross income (VAGI) for each period ..............

b. Enter the itemized deductions claimed for each period OR (if greater)

the fourth

the full standard deduction ...........................................................................

installment

c. Enter the child and dependent care expenses deduction for each period. .........

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 on the amount(s) shown on

line 19e above ...........................................................................................

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

May 1, 2005

June 15, 2005

Sept. 15, 2005

Jan. 15, 2006

all other periods, complete each line as instructed below.

20.

Amount of underpayment from line 14, Part I .............................................

21.

Date of payment from line 12, Part I, If no payments were entered on line 12,

enter the actual date of payment or May 1, 2006, whichever is earlier ............

22 a. Number of days after installment due date through date paid or

September 30, 2005, whichever is earlier. If September 30, 2005 is earlier,

enter 152, 107 and 15 respectively .............................................................

b. Number of days after September 30, 2005, through date paid or May 1, 2006,

whichever is earlier. If May 1, 2006 is earlier, enter 213, 213, 213 and 106.

23 a. Multiply the number of days in each column on line 22a by the daily rate

.00021 (8% per annum) .............................................................................

b. Multiply the number of days in each column on line 22b by the daily rate

.00024 (9% per annum) .............................................................................

c. Add lines 23a and 23b in each column; 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 ............................................................................................

Form 760c - Underpayment Of Virginia Estimated Tax By Individuals, Estates And Trusts - 2005 Page 2

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