Fillable Form 770ip - Automatic Extension Payment

FORM 770IP

Virginia Fiduciary and Unified Nonresident

Automatic Extension Payment Voucher

For use when filing Form 770 or Form 765

Virginia automatically grants all taxpayers a 6-month extension

When and Where to File Form 770IP

If you are paying with a paper check or money order, file Form

of time to file their fiduciary or unified nonresident tax returns.

770IP along with your payment on or before May 1, for calendar

• For calendar year filers, the filing date is automatically extended

year filers, or as soon as you realize you owe any additional tax.

to November 1.

For fiscal year filers, file Form 770IP on or before the due date of

• You are NOT required to file Form 770IP in order to obtain this

your return with payment of the balance due.

automatic extension.

If the due date falls on a Saturday, Sunday or legal holiday, Form

• An extension of time to file does NOT extend the amount of

770IP, with payment, may be filed on the next day that is not a

time you have to make your payment.

Saturday, Sunday or legal holiday.

• You must pay any tentative tax due by May 1.

Be sure to write your FEIN, taxable year and “VA 770IP” on

• Penalties and interest will accrue on all late payments.

your payment.

Purpose of Form 770IP

Send the completed return, with payment, to:

Form 770IP, Automatic Fiduciary and Unified Nonresident

Department of Taxation

Extension Payment, is a payment coupon and worksheet that

P.O. Box 760

provides taxpayers who are unable to file their Fiduciary or Unified

Richmond, VA 23218-0760

Nonresident income tax return by May 1 a means of calculating and

(804) 367-8031

remitting a payment to avoid penalty and interest.

Penalty for Failure to Timely File and Pay the Tax Due

Who Must File Form 770IP

Virginia law provides for an automatic 6-month filing extension,

Form 770IP is required if ALL of the following apply to you:

but you must pay at least 90% of your tax liability by the due

date, which is May 1 for calendar year filers. If you file your

1. You cannot file your fiduciary or unified nonresident income tax

return within 6 months after the due date but do not meet the 90%

return by the due date; and

payment requirement, the balance of tax due with your return will

2. You owe tax (this is determined by completing the Tax Payment

be subject to an extension penalty of 2% per month, from the due

Worksheet on the back of this page).

date through the date of filing, to a maximum of 12%. If you file

Do not file Form 770IP if you determine that you do NOT owe

within the extension period but do not pay the full balance of tax

additional tax, or if you make your extension payment electronically

due with your return, the balance due will be subject to a late

using VATAX Online for Individuals.

payment penalty of 6% per month from the date of filing through

the date of payment, up to a maximum of 30%. The late payment

Completing Form 770IP

penalty will be assessed in addition to any extension penalty that

Complete the Tax Computation Worksheet on the back, then enter

may apply. If you file your return more than 6 months after the due

the payment amount in the Payment Amount box on Form 770IP.

date, the extension will be void and a late filing penalty of 30% will

Instructions for the worksheet and the form are on the back.

be applied to the balance of tax due with the return.

If additional tax is due when you file your return, you may owe

penalty and interest charges in addition to the tax.

Tentative Tax Computation Worksheet Instructions

You must refer to the income tax return you will file for the taxable

year to compute your tentative tax on Line 1 of the Tentative Tax

Computation Worksheet.

Detach here and mail with your tentative tax payment. Keep the worksheet (on the back) with your other tax records.

770IP

2014

Automatic Extension Payment

New Filer or Address Has Changed

Fiscal Year Filer. Enter Dates Below:

(Doc ID 773)

Do not file Form 770IP if no payment is due

Beginning (MM/DD/YY)

or if you make this payment electronically.

Ending

(MM/DD/YY)

0000000000 7730000 000000

Be sure to

FEIN of Estate or Trust or Unified Nonresident

include payment.

Name of Estate or Trust or Unified Nonresident

Name and Title of Fiduciary or Unified Nonresident Representative

Payment Amount

Address (Number and Street) of Fiduciary or Unified Nonresident Representative

.00

City, State and ZIP Code

Form 770ip - Automatic Extension Payment - 2014

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