When Do I Need to File Tax Returns in Virginia?

Virginia individual income tax applies to income that you have made from any residents and Virginia-based sources. If you are a nonresident individual, this also applies to you, as long as you received Virginia source income. You are required to file a federal income tax return if you are single with income over $11,950, or are married with a combined income exceeding $24,000, or are married filing separately with income exceeding $12,000.

It is advised that you file your Virginia tax returns after January 1, but no later than May 1st. However, if the due date happens to be on a weekend, then you may file on the next business day. However, Virginia law usually comes with a six-month income tax filing extension.

But keep in mind that the extension is for filing the return. It does not include the return payment. As such, you must ensure that you pay at least 90% of your tax by the required due date, and to make a tentative tax payment you will use Form 760IP.

What Forms Are Required To File My Virginia State Income Tax Return?

The Department of Taxation is using imaging equipment that allows tax returns to be processed more efficiently. As such you will need to file Virginia Forms 760, Schedule ADJ, OSC, and CR. However, make sure that you send the originals and not photocopies. Additionally, if you are in the army and happen to be situated in Virginia, then you will also be liable for tax on your military salary while on active duty.

In which case, you will need to file your return using the 760 Resident form. On the other hand, if you are not a resident of Virginia, then you will be taxed in Virginia on the money you earned locally from Virginia-based sources.

In this case, you would make a filing using Form 763 and Form 760PY income tax returns. Make sure that there are copies of Form 1040, or 1040EZ. Plus, you will need to include any W-2 and 1099 forms that you may have, which may indicate any Virginia tax that is withheld.

What Is the Penalty for Filing My Virginia Tax Returns Late?

You would be handed a penalty, if the tax return in question, showed that there was a due balance and the return was filed after the extension period elapsed. In which case, you will be obligated to pay a penalty that amounts to about 30% of the tax due.

Moreover, if you end up filing the return after 6 months past its due date, or if the tax owed is more than 10% of your total tax liability, you will be obligated to pay a penalty on the balance of the tax owed. The extension penalty is applied at 2% each month, or part of the month, from the due date through the date your return is filed.

Whether you filed with or without an extension, the interest would be added from the filing due date, up to the day the return is officially filed. Meanwhile, interest is determined on the balance due on a daily rate that is normally 2% over the underpayment rate.

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