Get 2023 Form 760c - Underpayment Of Virginia Estimated Tax By Individuals, Estates, And Trusts

Filling out the 2023 Form 760C is a crucial step for individuals, estates, and trusts to report underpayment of Virginia estimated tax. This guide aims to provide clear and supportive instructions for completing the form online, ensuring a smooth filing process.

Follow the steps to accurately fill out your Form 760C.

1. Click ‘Get Form’ button to obtain the form and open it for completion.
2. Enter the applicable fiscal year dates by filling in the beginning and ending dates.
3. Complete the section for the filer’s name. If filing jointly, provide names for both individuals, or indicate the name of the estate or trust.
4. Include the Social Security Number or Federal Employer Identification Number (FEIN) for accurate identification.
5. If the form is for an estate or trust, provide the name and title of the fiduciary.
6. For Part I, compute your underpayment by entering the 2023 income tax liability followed by 90% of this amount.
7. Provide your 2022 income tax liability for comparison purposes and enter the lower of the two amounts.
8. Indicate the number of installment periods for which payments were due.
9. Fill out the due dates for installment payments along with the tax liability for each date in the given columns.
10. Report the income tax withheld for each installment period and any overpayment credit from the previous year's return.
11. Enter any timely payments made for each period and calculate the underpayment or overpayment by subtracting the payments from the tax liability.
12. Continue to complete the Late Payment/Overpayment table, providing details for any payments made.
13. Upon completing Part I, determine if you need to proceed to Part II to assess exceptions that void the addition to tax.
14. Complete the calculations required in Part II regarding exceptions to underpayment based on prior year's tax and annualized income.
15. In Part III, compute the addition to tax based on any underpayments and the duration of those underpayments.
16. Review all entries for accuracy, then save changes, download, print, or share the completed form as needed.

Get started on filling out your 2023 Form 760C online today.