Administrative Code

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Virginia Administrative Code
Title 23. Taxation
Agency 10. Department of Taxation
Chapter 112. Declaration of Estimated Income Tax by Individuals

23VAC10-112-25. Declarations of estimated tax; return as declaration or payment.

If on or before March 1 of the succeeding taxable year an individual files his return for the taxable year for which the declaration is required, and pays the full amount of the tax shown to be due on the return:

1. Such return shall be considered as his declaration if no declaration was required to be filed during the taxable year, but is otherwise required to be filed on or before January 15.

2. Such return and payment shall be considered as the last installment of estimated tax which would otherwise have been payable on or before January 15.

Filing a return on or before March 1 of the succeeding taxable year or filing a declaration or payment of the last installment on January 15 will not relieve a taxpayer of liability for the addition to tax for the underpayment of any of the installments of estimated tax that were due on May 1, June 15 or September 15 of the taxable year.

EXAMPLE 1: Taxpayer A discovers on September 15, 1988, that his expected Virginia estimated tax for calendar year 1988 will exceed $150. Taxpayer is required to file his declaration by January 15, 1989, but by filing his 1988 income tax return on or before March 1, 1989, and paying in full his tax liability shown on the return, Taxpayer is deemed to have timely filed the declaration required by 23VAC10-112-23 A 3.

EXAMPLE 2: Taxpayer A makes the same discovery but on September 1, 1988. He must file his declaration on or before September 15, 1988. His second installment would be due January 15, 1989. (See 23VAC10-112-30 A 3). However, because he files his 1988 return on February 28, 1989, accompanied by payment in full of his 1988 liability, he is deemed to have timely made the filing/payment of his second installment.

Statutory Authority

§§ 58.1-203 and 58.1-490 of the Code of Virginia.

Historical Notes

Derived from VR630-2-490.2 § 7; adopted September 19, 1984, eff. January 1, 1985; amended, eff. February 1, 1989, but retroactive in effect for taxable years beginning on and after January 1, 1987.

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