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Virginia Administrative Code
Title 23. Taxation
Agency 10. Department of Taxation
Chapter 112. Declaration of Estimated Income Tax by Individuals
12/1/2022

23VAC10-112-30. Payments of estimated tax.

A. General. The estimated tax relating to the filed declaration shall be paid as follows:

1. If the declaration is filed on or before May 1 of the taxable year, the estimated tax shall be paid in four equal installments. The first installment shall be paid at the time the declaration is filed, and the second, third and fourth installments on the following June 15, September 15, and January 15, respectively.

2. If the declaration is filed after May 1 but on or before June 15 of the taxable year, and is not required to be filed on or before May 1 of the taxable year, the estimated tax shall be paid in three equal installments. The first installment shall be paid at the time the declaration is filed, and the second and third installments on the following September 15 and January 15, respectively.

3. If the declaration is filed after June 15 but on or before September 15 of the taxable year, and is not required to be filed on or before June 15 of the taxable year, the estimated tax shall be paid in two equal installments, the first at the time the declaration is filed, and the second on the following January 15.

4. If the declaration is filed after September 15 of the taxable year, and is not required to be filed on or before September 15 of the taxable year, the estimated tax shall be paid in full at the time the declaration is filed.

5. If the declaration is filed after the due date, including cases where an extension of time has been granted, subdivisions 2, 3 and 4 of this subsection shall not apply, and all installments of estimated tax which would have been due shall be paid at or before the time of filing, and the remaining installments shall be paid at the times at which, and in the amounts in which, they would have been payable if the declaration had been filed when due.

Example: Taxpayer B becomes obligated on April 1, 1983, to file a declaration of estimated tax, due on or before May 1, 1983, and is required to pay his estimated tax in four equal installments (by May 1, June 15, and September 15, 1983 and by January 15, 1984). In fact, he files the declaration on September 20, 1983, at which time he is delinquent in the payment of three installments of his estimated tax for taxable year 1983. Therefore, he must pay three-fourths of his estimated tax when he files his declaration September 20, 1983.

B. Farmers and fisherpersons. If a self-employed farmer or fisherperson referred to in 23VAC10-112-23 B makes a declaration of estimated tax after September 15 of the taxable year and on or before the following January 15, the estimated tax shall be paid in full at the time the declaration is filed.

C. Amendments of declaration. If any amendment of a declaration is filed, the remaining installments, if any, shall be ratably increased or decreased (as the case may be) to reflect any increase or decrease in the estimated tax by reason of such amendment. If any amendment is made after September 15 of the taxable year, any increase in the estimated tax by reason thereof shall be paid at the time of making such amendment.

Example: Taxpayer Z estimated his tax liability for taxable year 1982 to be $1,600, and timely filed his declaration and paid $400 on May 1, 1982. 0n June 1, 1982 he won a grocery store sweepstakes, which increased his 1982 estimated tax liability by $300 to $1,900. To absorb the estimated increase in tax liability, each of his three subsequent estimated tax installments on June 15 and September 15, 1982, and January 15, 1983, was increased to $500.

D. Application to short taxable year. In the case of a short taxable year of an individual for which a declaration is required to be filed the estimated tax shall be paid in equal installments, one at the time of filing the declaration, one on the 15th day of the sixth month of the taxable year and another on the 15th day of the ninth month of such year unless the short taxable year closed during or prior to such sixth or ninth month, and one on the 15th day of the first month of the succeeding taxable year. For example, if the short taxable year is the period of 10 months from January 1, 1982 to October 31, 1982, and the declaration is required to be filed on or before May 1, 1982, the estimated tax is payable in four equal installments, one on the date of filing the declaration, and one each on June 15, September 15, and November 15, 1982. If in such case the declaration is required to be filed after May 1 but on or before June 15, the tax will be payable in three equal installments, one on the date of filing the declaration, and one each on September 15, and November 15, 1982. The provisions of subdivision A 5 of this section, relating to payment of estimated tax in any case in which the declaration is filed after the due date, are equally applicable to the payment of the estimated tax for short taxable years.

In the case of a decedent, no payment of estimated tax need be filed after the date of death.

E. Fiscal year. This section shall apply to a taxable year other than a calendar year by substituting the corresponding fiscal year months. For example, for a fiscal year of July 1 through June 30, if the declaration is filed on or before November 1, the estimated tax shall be paid in four equal installments, the first when the declaration is filed and the second, third and fourth installments on the following December 15, March 15 and July 15, respectively.

F. Installments or entire estimated tax paid in advance. An individual may elect to pay any installment of his estimated tax before the date prescribed for its payment. An individual may also elect to file a declaration of estimated tax in the closing days of a calendar year for his taxable year about to begin, and may pay in full the amount of his estimated tax for such taxable year at the time he files the declaration.

G. Payment is on account of tax for taxable year. Payment of the estimated tax, or any installment thereof, shall be considered payment on account of the tax for the taxable year. For example, a payment made on May 1, 1984 will be applied to income tax for taxable year 1984 and may not subsequently be applied to any additional tax assessed for any taxable year other than 1984.

H. Credit against estimated tax liability. See § 58.1-499 of the Code of Virginia and regulations thereunder with respect to crediting income tax overpayment against estimated tax for the ensuing year.

Statutory Authority

§§ 58.1-203 and 58.1-491 of the Code of Virginia.

Historical Notes

Derived from VR630-2-491; adopted September 19, 1984, eff. January 1, 1985.

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