Form 760f - Underpayment Of Virginia Estimated Tax By Farmers, Fishermen And Merchant Seamen - 2012 Page 2
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1
22012 Form 760F Instructions
Definition of Farmer, Fisherman or Merchant Seaman
Income tax withheld during the year may be considered paid on
the required installment date.
For the purpose of estimating Virginia income tax, "a farmer,
Line 2. Exception 2: You qualify if your withholding and any
fisherman or merchant seaman," is an individual having an
timely estimated income tax payments (Line 7) for Taxable
estimated Virginia gross income from self-employed farming, fishing
Year 2012 equal or exceed the amount that would be due
or being a merchant seaman for the taxable year which is at least
by computing your 2011 tax using the 2012 rates and
/
2
66
% of the individual's total estimated Virginia gross income for
3
personal exemptions.
the taxable year.
Part lI - How to Compute Your Underpayment
Purpose of This Form
Line 3. To compute your 2012 Virginia income tax liability:
If you are an individual taxpayer who is a qualified farmer,
fisherman or merchant seaman, you may use this form to determine
A. Form 760 - Subtract from Form 760, Line 17 the total
whether your income tax was sufficiently paid throughout the
of Lines 21, 22, and the credits included on Line 23,
year by withholding and/or by timely filed installment payments of
and enter the result; or
estimated income taxes. If it was not, you may owe an addition to
B. Form 760PY - Subtract from Form 760PY, Line 19 the
tax computed at the applicable daily interest rate. Form 760C is
total of Lines 23, 24, and the credits included on Line
the equivalent form for individual taxpayers who are not farmers,
25, and enter the result; or
fishermen or merchant seamen.
C. Form 763 - Subtract from Form 763, Line 19 the total
If your Virginia Adjusted Gross Income (VAGI) is below the filing
of Lines 23, 24, and the credits included on Line 25,
threshold, you are not required to complete this form because you
and enter the result; or
are not required to file an income tax return. You must file a Virginia
D. Form 770 - Subtract from Form 770, Line 4 the total
individual income tax return if your VAGI is equal to or greater than
of the credits included on Line 5 and enter the result.
the filing threshold for your filing status. The filing threshold amount
for a single individual is also applicable to dependent children. The
NOTE: You are not required to file Form 760F if the amount
filing threshold amounts are as follows:
on Line 3 is $150 or less.
/
2
Line 4.
Enter 66
% (.666) of the amount on Line 3.
And Your VAGI is Equal to
3
Filing Status is:
or Greater than:
Line 5. Enter the amount of your 2011 income tax liability after
Spouse Tax Adjustment and tax credits.
Single
$11,950
Line 6. Enter the amount from Line 4 or Line 5, whichever is
Married, filing joint return
$23,900
less.
Married, filing separate return
$11,950
Line 7. Enter the total amount withheld and any estimated tax
If your Virginia income tax liability is $150 or less after subtracting
paid or credited by January 15, 2013.
your Spouse Tax Adjustment and other tax credits (except
NOTE: Fiscal year taxpayers - If you filed your return on a
withholding, estimated, and extension payments), you do not have
fiscal year basis, change the dates to correspond to your
to complete this form; you do not owe an addition to tax.
fiscal year.
If you meet both of the following tests, do not file this form because
Line 8. Underpayment of Estimated Tax - Subtract the amount
you do not owe an addition to tax.
on Line 7 from the amount on Line 6.
Test 1.
Your gross income from self-employed farming, fishing
Part III - How to Compute the Addition to Tax
and/or being a merchant seaman is at least two-thirds of
your annual gross income for the taxable year, and
Line 9. If Line 8 is an underpayment, enter that 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, 2013.
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 amount on Line 9 by Line 11.
either exception, complete the appropriate line on this form. If you
do not meet either exception, complete PART III to compute the
Enter the amount from Line 12 on the Addition to Tax line on your
addition to tax.
income tax return. If filing Form 760, 760PY or 763, also check
the farmers, fishermen, and merchant seamen box on the return. If
Line 1. Exception 1: You qualify if
filing Form 770, check the Form 760F box on the front of the return
(1) your withholding and any timely estimated tax
and enter the amount of addition to tax on Line 11 of Form 770.
payments for Taxable Year 2012 equal or exceed the
You may write one check for payment of the addition to tax and
tax (minus any Spouse Tax Adjustment, Tax Credit
any amount you may owe on your income tax return.
for Low Income Individuals, Credit for Tax Paid to
Another Sate, and the tax credits from Schedule CR)
on your Taxable Year 2011 return; AND
(2) if a Virginia return showing a tax liability was filed for
2011; AND
(3) the return was for a period of twelve months.
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