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Virginia safe harbor

emerlingl — Tue, 07 Jan 2020 23:38:40 GMT

Greetings, I recently moved to Virginia so I payed no 2018 income taxes to Virginia. My only 2019 income attributable as a Virginia resident was in December 2019 when I converted funds from my IRA to my ROTH.

Do I need to pay a 4th Q estimated tax payment to Virginia by 1/15/20 - or - is 'safe harbor' in play since I owed no taxes in 2018 and I would just pay the Virginia taxes penalty free when I file my tax returns later this spring?

Thank you, Larry

Re: Virginia safe harbor

MinhT — Thu, 09 Jan 2020 23:29:13 GMT

As you had no tax liability in Virginia for tax year 2018, you are not required to pay estimated taxes for tax year 2019.

In fact, this is one of the exceptions to the penalty for underpayment of estimated taxes.

Please read this article for the Virginia Tax Department:

Virginia Estimated Tax

Re: Virginia safe harbor

emerlingl — Fri, 10 Jan 2020 00:07:03 GMT

Thank you for your reply. That's how I read it as well, Take care, Larry