Form Est-80 - Virginia Estate Tax Return Page 3
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3Tax Table — Virginia Estate Tax
Based on adjusted taxable estate (line 3c - form est-80 less $60,000)
(1)
(2)
(3)
(4)
(1)
(2)
(3)
(4)
adjusted taxable estate
adjusted taxable estate
tax on amount in
rate of tax on excess
tax on amount in
rate of tax on excess
column (1)
over amount
column (1)
over amount
taxable amount
taxable amount
taxable amount
taxable amount
equal to or over
not over
in column (1)
not over
in column (1)
equal to or over
2,540,000
3,040,000
146,800
8.8%
0
40,000
0
40,000
90,000
0
0.8%
3,040,000
3,540,000
190,800
9.6%
90,000
140,000
400
1.6%
3,540,000
4,040,000
238,800
10.4%
140,000
240,000
1,200
2.4%
4,040,000
5,040,000
290,800
11.2%
240,000
440,000
3,600
3.2%
5,040,000
6,040,000
402,800
12.0%
440,000
640,000
10,000
4.0%
6,040,000
7,040,000
522,800
12.8%
640,000
840,000
18,000
4.8%
7,040,000
8,040,000
650,800
13.6%
840,000
1,040,000
27,600
5.6%
8,040,000
9,040,000
786,800
14.4%
1,040,000
1,540,000
38,800
6.4%
9,040,000
10,040,000
930,800
15.2%
1,540,000
2,040,000
70,800
7.2%
10,040,000
---------------
1,082,800
16.0%
2,040,000
2,540,000
106,800
8.0%
NEW FEDERAL DEDUCTION
effective for decedents dying on and after January 1, 2005, federal
it will be necessary to use simultaneous equations to calculate the
law allows estates to deduct the inheritance and estate taxes paid
virginia tax. additional information is available on the department of
to the states. Because the virginia estate tax will reduce the federal
taxation website to assist you in calculating virginia tax. see www.
taxable estate, which is the starting point for calculating virginia tax,
tax.virginia.gov.
PENALTY AND INTEREST
in accordance with § 58.1-15 of the code of virginia, interest is
the penalty for late payment of the tax is 5% of the tax due on line 13
assessed at the federal underpayment rate established by the
of the return. There is no penalty for late filing. Interest is accrued on
the tax owed, from the due date through the date the tax is paid.
internal revenue service, plus 2%.
EXTENSIONS
Virginia law allows an extension of time for filing Form EST-80 and/
amount of tax on line 15, leave lines 1-14 blank. if the tax is not
or paying the tax due only if a federal extension has been granted.
paid by the due date, penalty and interest will be assessed. estates
the department of taxation accepts any extension granted by the
requesting a payment extension under internal revenue code
internal revenue service, as long as a true copy of the approved
§6166 must attach a copy of the letter requesting such extension
federal extension is attached to the Virginia return when filed. If a
and check Box h on page 1. interest on the virginia estate tax under
federal extension is requested for filing only, the Virginia tax is still
this extension will not be reduced to correspond with the internal
due to be paid within nine months from the date of death. to pay the
revenue service reductions.
tax (estimated payment), use form est-80, check Box f and enter
AMENDED RETURNS
If filing an amended return to report changes to the original return,
file an amended return due to a federal change, check Box E and
attach a copy of the federal audit.
check Box d and attach a copy of the amended federal form 706.
if this return is requesting a refund, include federal acceptance. to
IMPORTANT
a coPY of the federal estate tax return, forM 706
section 6166 of the internal revenue code. do not include a copy
Must Be filed With this return. Be sure to include all
of the will or copies of real and personal property appraisals. this
schedules and continuation pages, approved payment extensions
information will be requested if needed.
and/or a copy of the letter to the irs requesting an extension under
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