Instructions for Form 760C Underpayment of Virginia Estimated Tax by Individuals, Estates and Trusts - Virginia

Form 760C Underpayment of Virginia Estimated Tax by Individuals, Estates and Trusts - Virginia

This document contains official instructions for Form 760C , Underpayment of Virginia Estimated Tax by Individuals, Estates and Trusts - a form released and collected by the Virginia Department of Taxation. An up-to-date fillable Form 760C is available for download through this link.

FAQ

Q: What is Form 760C?
A: Form 760C is used for reporting underpayment of Virginia estimated tax by individuals, estates, and trusts.

Q: Who needs to file Form 760C?
A: Individuals, estates, and trusts who have underpaid their Virginia estimated tax need to file Form 760C.

Q: When should Form 760C be filed?
A: Form 760C should be filed on or before the due date of the tax return for the tax year in question.

Q: How do I calculate the underpayment penalty?
A: The underpayment penalty is calculated based on the amount of underpayment and the applicable interest rate.

Q: What happens if I don't file Form 760C?
A: Failure to file Form 760C may result in additional penalties and interest charges.

Q: Can I request a waiver of the underpayment penalty?
A: Yes, you can request a waiver of the underpayment penalty by providing a valid reason for the underpayment.

Q: Is there a deadline for requesting a waiver of the underpayment penalty?
A: Yes, the request for waiver of the underpayment penalty must be submitted on or before the due date of the tax return.

Q: What supporting documentation do I need to submit with Form 760C?
A: You may need to submit documentation such as copies of federal income tax returns and schedules or other relevant documents.