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Virginia Administrative Code (Last Updated: January 10, 2017) |
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Title 23. Taxation |
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Agency 10. Department of Taxation |
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Chapter 112. Declaration of Estimated Income Tax by Individuals |
Section 41. Failure by individual to pay estimated tax; amount of underpayment
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For purpose of 23VAC10-112-40, the amount of the underpayment shall be the excess of:
1. The amount of the installment which would be required to be paid if the estimated tax were equal to 90% (66-2/3% in the case of a self-employed farmer or fisherman referred to in 23VAC10-112-23 B) of the tax shown on the individual income tax return for the taxable year, or if no return was filed, 90% (66-2/3% in the case of self-employed farmers or fishermen referred to in 23VAC10-112-23 B) of the tax for such year, over
2. The amount, if any, of the installment paid on or before the last date prescribed for such payment.
Historical Notes
Derived from VR630-2-492 § 2; adopted September 19, 1984, eff. January 1, 1985; amended, eff. February 1, 1989.