Form 760f - Underpayment Of Virginia Estimated Tax By Farmers, Fishermen And Merchant Seamen - 2014 Page 2
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1
22014 Form 760F Instructions
(3) the return was for a period of twelve months.
Definition of Farmer, Fisherman or Merchant Seaman
Income tax withheld during the year may be considered paid on
For the purpose of estimating Virginia income tax, "a farmer,
fisherman or merchant seaman," is an individual having an
the required installment date.
estimated Virginia gross income from self-employed farming, fishing
Line 2. Exception 2: You qualify if your withholding and any timely
or being a merchant seaman for the taxable year which is at least
estimated income tax payments (Line 7) for the 2014
2
/
% of the individual's total estimated Virginia gross income for
Taxable Year equal or exceed the amount that would be
66
3
the taxable year.
due by computing your 2013 tax using the 2014 income
tax rates and personal exemptions.
Purpose of This Form
Part lI - How to Compute Your Underpayment
If you are an individual taxpayer who is a qualified farmer, fisherman
or merchant seaman, you may use this form to determine whether
Line 3. To compute your 2014 Virginia income tax liability:
your income tax was sufficiently paid throughout the year by
A. Form 760 - Subtract from Form 760, Line 19 the total
withholding and/or by timely filed installment payments of estimated
of Lines 24, 25, 26 and the credits included on Line
income taxes. If not, you may owe an addition to tax computed
27, and enter the result; or
at the applicable daily interest rate. Form 760C is the equivalent
B. Form 760PY - Subtract from Form 760PY, Line 19 the
form for individual taxpayers who are not farmers, fishermen or
total of Lines 24, 25, 26 and the credits included on
merchant seamen.
Line 27, and enter the result; or
If your Virginia adjusted gross income (VAGI) is below the filing
C. Form 763 - Subtract from Form 763, Line 19 the total
threshold, you are not required to complete this form because you
of Lines 24, 25, 26 and the credits included on Line
are not required to file an income tax return. You must file a Virginia
27, and enter the result; or
individual income tax return if your VAGI is equal to or greater than
the filing threshold for your filing status. The filing threshold amount
D. Form 770 - Subtract from Form 770, Line 4 the total
for a single individual is also applicable to dependent children. The
of the credits included on Line 5 and enter the result.
filing threshold amounts are as follows:
NOTE: You are not required to file Form 760F if the amount
on Line 3 is $150 or less.
And Your VAGI is Equal to
2
/
Filing Status is:
or Greater than:
Line 4.
Enter 66
% (.666) of the amount on Line 3.
3
Single
$11,950
Line 5. Enter the amount of your 2013 income tax liability after
Spouse Tax Adjustment and tax credits.
Married, filing joint return
$23,900
Line 6. Enter the amount from Line 4 or Line 5, whichever is
Married, filing separate return
$11,950
less.
If your Virginia income tax liability is $150 or less after subtracting
Line 7. Enter the total amount of income tax withheld and any
your Spouse Tax Adjustment and other tax credits (except
estimated tax paid or credited by January 15, 2015.
withholding, estimated, and extension payments), you do not have
NOTE: Fiscal year taxpayers - If you filed your return on a
to complete this form; you do not owe an addition to tax.
fiscal year basis, change the dates to correspond to your
If you meet both of the following tests, do not file this form because
fiscal year.
you do not owe an addition to tax.
Line 8. Underpayment of Estimated Tax - Subtract the amount
Test 1.
Your gross income from self-employment as a farmer,
on Line 7 from the amount on Line 6.
fisherman and/or being a merchant seaman is at least
two-thirds of your annual gross income for the taxable
Part III - How to Compute the Addition to Tax
year, and
Line 9. If Line 8 is an underpayment, enter the amount here.
Test 2.
You filed Form 760, Form 760PY, Form 763 or Form 770,
Line 10. Compute the number of days that the underpayment on
and paid the entire tax due by March 1, 2015.
Line 9 was late.
If you do not meet Test 1, use Form 760C.
NOTE: Fiscal year taxpayers - If you filed your return on a fiscal
For assistance, contact the Commissioner of the Revenue, Director
year basis, compute the number of days based on the
of Finance or Director of Tax Administration for the locality in
due date of your income tax return.
which you reside or the Department of Taxation, P.O. Box 1115,
Line 11. Multiply Line 10 by the daily rate of .00014 (5% per
Richmond, VA 23218-1115, or 804-367-8031. You can obtain most
annum).
Virginia income tax forms at
NOTE: Fiscal year taxpayers - If you filed your return on
Part I - Exceptions Which Void the Addition to Tax
a fiscal year basis, change the interest rate to correspond
to the daily interest rate applicable to the due date of your
If you underpaid your tax, complete this section to determine if
income tax return.
you meet one of the exceptions on Line 1 or Line 2. If you meet
Line 12. Addition to Tax - Multiply the amount on Line 9 by Line
either exception, complete the appropriate line on this form. If you
do not meet either exception, complete PART III to compute the
11.
addition to tax.
Enter the amount from Line 12 on the Addition to Tax line on your
Line 1. Exception 1: You qualify if:
income tax return. If filing Form 760, 760PY or 763, also check
the farmers, fishermen, and merchant seamen box on the return. If
(1) your withholding and any timely estimated tax
filing Form 770, check the Form 760F box on the front of the return
payments for the 2014 taxable year equal or exceed
and enter the amount of addition to tax on Line 11 of Form 770.
the tax (minus any Spouse Tax Adjustment, Tax
You may write one check for payment of the addition to tax and
Credit for Low Income Individuals, Credit for Tax Paid
any amount you may owe on your income tax return.
to Another Sate, and the tax credits from Schedule
CR) on your return for the 2013 taxable year; AND
(2) You filed a 2013 Virginia return showing a tax liability;
AND
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