A. Every resident and nonresident individual shall make a declaration of hisestimated tax for every taxable year, if his Virginia tax liability canreasonably be expected to exceed an amount, to be determined underregulations promulgated by the Tax Commissioner, which takes into account theadditions, subtractions and deductions set forth in § 58.1-322, the creditsset forth in §§ 58.1-330, 58.1-332 and 58.1-333 and the filing exclusions setforth in § 58.1-321. Every estate with respect to any taxable year ending twoor more years after the date of death of the decedent and every trust shallmake a declaration of its estimated tax for every taxable year, if itsVirginia taxable income can reasonably be expected to exceed the amountspecified by regulation for individuals as set forth above.
B. For purposes of this article, "estimated tax" means the amount which anindividual estimates to be his income tax under this chapter for the taxableyear, less the amount which he estimates to be the sum of any creditsallowable against the tax.
C. For purposes of this section, the declaration shall be the first voucher.
D. In the case of a husband and wife, a single declaration under this sectionmay be made by them jointly, in which case the liability with respect to theestimated tax shall be joint and several. No joint declaration may be made ifeither the husband or the wife is a nonresident of the Commonwealth unlessboth are required by this chapter to file a return, if they are separatedunder a decree of divorce or of separate maintenance, or if they havedifferent taxable years. If a joint declaration is made but a joint return isnot made for the taxable year, the estimated tax for such year may be treatedas the estimated tax of either the husband or the wife, or may be dividedbetween them.
E. A declaration of estimated tax of an individual other than a farmer,fisherman, or merchant seaman shall be filed on or before May 1 of thetaxable year, except that if the requirements of subsection A are first met:
1. The declaration shall be filed on or before June 15, or
2. After June 1 and before September 2 of the taxable year, the declarationshall be filed on or before September 15, or
3. After September 1 of the taxable year, the declaration shall be filed onor before January 15 of the succeeding year.
F. A declaration of estimated tax of an individual having an estimated grossincome from (i) farming (including oyster farming); (ii) fishing; or (iii)working as a merchant seaman for the taxable year, which is at leasttwo-thirds of his total estimated gross income for the taxable year, may befiled at any time on or before January 15 of the succeeding year, in lieu ofthe time otherwise prescribed.
G. A declaration of estimated tax of an individual having a total estimatedtax for the taxable year of forty dollars or less may be filed at any time onor before January 15 of the succeeding year under regulations of the TaxCommissioner.
H. An individual may amend a declaration under regulations of the TaxCommissioner.
I. If on or before March 1 of the succeeding taxable year an individual fileshis return for the taxable year for which the declaration is required, andpays therewith 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 wasrequired to be filed during the taxable year, but is otherwise required to befiled on or before January 15.
2. Such return shall be considered as the amendment permitted by subsection Hto be filed on or before January 15 if the tax shown on the return is greaterthan the estimated tax shown in a declaration previously made.
J. This section shall apply to a taxable year other than a calendar year bythe substitution of the months of such fiscal year for the correspondingmonths specified in this section.
K. An individual having a taxable year of less than twelve months shall makea declaration in accordance with regulations of the Tax Commissioner.
L. The declaration of estimated tax for an individual who is unable to make adeclaration by reason of any disability shall be made and filed by hisguardian, committee, fiduciary or other person charged with the care of hisperson or property (other than a receiver in possession of only a part of hisproperty), or by his duly authorized agent.
M. The declaration of estimated tax for a trust or estate shall be made bythe fiduciary. For purposes of the estimated tax imposed in this article, anyreference to an "individual" shall be deemed to include the fiduciaryrequired to file a declaration for a trust or estate. Any overpayment ofestimated tax with respect to any trust or estate shall be refunded to thefiduciary. A beneficiary of a trust or estate shall not be entitled to acredit against the beneficiary's individual income tax for any overpayment ofestimated tax by a trust or estate.
(Code 1950, § 58-151.21; 1962, c. 612; 1970, c. 102; 1971, Ex. Sess., cc.171, 261; 1978, c. 157; 1984, c. 675; 1985, c. 221; 1987, cc. 484, 599; 1988,c. 248; 1997, c. 257; 2000, c. 415; 2009, c. 34.)
A. Every resident and nonresident individual shall make a declaration of hisestimated tax for every taxable year, if his Virginia tax liability canreasonably be expected to exceed an amount, to be determined underregulations promulgated by the Tax Commissioner, which takes into account theadditions, subtractions and deductions set forth in § 58.1-322, the creditsset forth in §§ 58.1-330, 58.1-332 and 58.1-333 and the filing exclusions setforth in § 58.1-321. Every estate with respect to any taxable year ending twoor more years after the date of death of the decedent and every trust shallmake a declaration of its estimated tax for every taxable year, if itsVirginia taxable income can reasonably be expected to exceed the amountspecified by regulation for individuals as set forth above.
B. For purposes of this article, "estimated tax" means the amount which anindividual estimates to be his income tax under this chapter for the taxableyear, less the amount which he estimates to be the sum of any creditsallowable against the tax.
C. For purposes of this section, the declaration shall be the first voucher.
D. In the case of a husband and wife, a single declaration under this sectionmay be made by them jointly, in which case the liability with respect to theestimated tax shall be joint and several. No joint declaration may be made ifeither the husband or the wife is a nonresident of the Commonwealth unlessboth are required by this chapter to file a return, if they are separatedunder a decree of divorce or of separate maintenance, or if they havedifferent taxable years. If a joint declaration is made but a joint return isnot made for the taxable year, the estimated tax for such year may be treatedas the estimated tax of either the husband or the wife, or may be dividedbetween them.
E. A declaration of estimated tax of an individual other than a farmer,fisherman, or merchant seaman shall be filed on or before May 1 of thetaxable year, except that if the requirements of subsection A are first met:
1. The declaration shall be filed on or before June 15, or
2. After June 1 and before September 2 of the taxable year, the declarationshall be filed on or before September 15, or
3. After September 1 of the taxable year, the declaration shall be filed onor before January 15 of the succeeding year.
F. A declaration of estimated tax of an individual having an estimated grossincome from (i) farming (including oyster farming); (ii) fishing; or (iii)working as a merchant seaman for the taxable year, which is at leasttwo-thirds of his total estimated gross income for the taxable year, may befiled at any time on or before January 15 of the succeeding year, in lieu ofthe time otherwise prescribed.
G. A declaration of estimated tax of an individual having a total estimatedtax for the taxable year of forty dollars or less may be filed at any time onor before January 15 of the succeeding year under regulations of the TaxCommissioner.
H. An individual may amend a declaration under regulations of the TaxCommissioner.
I. If on or before March 1 of the succeeding taxable year an individual fileshis return for the taxable year for which the declaration is required, andpays therewith 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 wasrequired to be filed during the taxable year, but is otherwise required to befiled on or before January 15.
2. Such return shall be considered as the amendment permitted by subsection Hto be filed on or before January 15 if the tax shown on the return is greaterthan the estimated tax shown in a declaration previously made.
J. This section shall apply to a taxable year other than a calendar year bythe substitution of the months of such fiscal year for the correspondingmonths specified in this section.
K. An individual having a taxable year of less than twelve months shall makea declaration in accordance with regulations of the Tax Commissioner.
L. The declaration of estimated tax for an individual who is unable to make adeclaration by reason of any disability shall be made and filed by hisguardian, committee, fiduciary or other person charged with the care of hisperson or property (other than a receiver in possession of only a part of hisproperty), or by his duly authorized agent.
M. The declaration of estimated tax for a trust or estate shall be made bythe fiduciary. For purposes of the estimated tax imposed in this article, anyreference to an "individual" shall be deemed to include the fiduciaryrequired to file a declaration for a trust or estate. Any overpayment ofestimated tax with respect to any trust or estate shall be refunded to thefiduciary. A beneficiary of a trust or estate shall not be entitled to acredit against the beneficiary's individual income tax for any overpayment ofestimated tax by a trust or estate.
(Code 1950, § 58-151.21; 1962, c. 612; 1970, c. 102; 1971, Ex. Sess., cc.171, 261; 1978, c. 157; 1984, c. 675; 1985, c. 221; 1987, cc. 484, 599; 1988,c. 248; 1997, c. 257; 2000, c. 415; 2009, c. 34.)
A. Every resident and nonresident individual shall make a declaration of hisestimated tax for every taxable year, if his Virginia tax liability canreasonably be expected to exceed an amount, to be determined underregulations promulgated by the Tax Commissioner, which takes into account theadditions, subtractions and deductions set forth in § 58.1-322, the creditsset forth in §§ 58.1-330, 58.1-332 and 58.1-333 and the filing exclusions setforth in § 58.1-321. Every estate with respect to any taxable year ending twoor more years after the date of death of the decedent and every trust shallmake a declaration of its estimated tax for every taxable year, if itsVirginia taxable income can reasonably be expected to exceed the amountspecified by regulation for individuals as set forth above.
B. For purposes of this article, "estimated tax" means the amount which anindividual estimates to be his income tax under this chapter for the taxableyear, less the amount which he estimates to be the sum of any creditsallowable against the tax.
C. For purposes of this section, the declaration shall be the first voucher.
D. In the case of a husband and wife, a single declaration under this sectionmay be made by them jointly, in which case the liability with respect to theestimated tax shall be joint and several. No joint declaration may be made ifeither the husband or the wife is a nonresident of the Commonwealth unlessboth are required by this chapter to file a return, if they are separatedunder a decree of divorce or of separate maintenance, or if they havedifferent taxable years. If a joint declaration is made but a joint return isnot made for the taxable year, the estimated tax for such year may be treatedas the estimated tax of either the husband or the wife, or may be dividedbetween them.
E. A declaration of estimated tax of an individual other than a farmer,fisherman, or merchant seaman shall be filed on or before May 1 of thetaxable year, except that if the requirements of subsection A are first met:
1. The declaration shall be filed on or before June 15, or
2. After June 1 and before September 2 of the taxable year, the declarationshall be filed on or before September 15, or
3. After September 1 of the taxable year, the declaration shall be filed onor before January 15 of the succeeding year.
F. A declaration of estimated tax of an individual having an estimated grossincome from (i) farming (including oyster farming); (ii) fishing; or (iii)working as a merchant seaman for the taxable year, which is at leasttwo-thirds of his total estimated gross income for the taxable year, may befiled at any time on or before January 15 of the succeeding year, in lieu ofthe time otherwise prescribed.
G. A declaration of estimated tax of an individual having a total estimatedtax for the taxable year of forty dollars or less may be filed at any time onor before January 15 of the succeeding year under regulations of the TaxCommissioner.
H. An individual may amend a declaration under regulations of the TaxCommissioner.
I. If on or before March 1 of the succeeding taxable year an individual fileshis return for the taxable year for which the declaration is required, andpays therewith 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 wasrequired to be filed during the taxable year, but is otherwise required to befiled on or before January 15.
2. Such return shall be considered as the amendment permitted by subsection Hto be filed on or before January 15 if the tax shown on the return is greaterthan the estimated tax shown in a declaration previously made.
J. This section shall apply to a taxable year other than a calendar year bythe substitution of the months of such fiscal year for the correspondingmonths specified in this section.
K. An individual having a taxable year of less than twelve months shall makea declaration in accordance with regulations of the Tax Commissioner.
L. The declaration of estimated tax for an individual who is unable to make adeclaration by reason of any disability shall be made and filed by hisguardian, committee, fiduciary or other person charged with the care of hisperson or property (other than a receiver in possession of only a part of hisproperty), or by his duly authorized agent.
M. The declaration of estimated tax for a trust or estate shall be made bythe fiduciary. For purposes of the estimated tax imposed in this article, anyreference to an "individual" shall be deemed to include the fiduciaryrequired to file a declaration for a trust or estate. Any overpayment ofestimated tax with respect to any trust or estate shall be refunded to thefiduciary. A beneficiary of a trust or estate shall not be entitled to acredit against the beneficiary's individual income tax for any overpayment ofestimated tax by a trust or estate.
(Code 1950, § 58-151.21; 1962, c. 612; 1970, c. 102; 1971, Ex. Sess., cc.171, 261; 1978, c. 157; 1984, c. 675; 1985, c. 221; 1987, cc. 484, 599; 1988,c. 248; 1997, c. 257; 2000, c. 415; 2009, c. 34.)
