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mitchellddavis
New Member

Form 760-c...I don't know what to do

I don't know what to put in your 760-c\3
10 Replies
KathrynG3
Expert Alumni

Form 760-c...I don't know what to do

Enter what amount of income was earned in each quarter. 

 

The purpose of Form 760C is to "annualize" your income. The government's default position that your income was earned evenly throughout the year. Therefore, they expect to receive payments throughout the year and are allowed to assess penalties and interest if those payments are delayed or did not occur. 

 

Form 760C reports that income was not earned evenly and reports the periods that income was earned so that any penalties or interest are mitigated. 

 

TurboTax is flagging this form to minimize any underpayment penalties and interest.

 

See 2020 instructions for Form 760C Underpayment of Virginia Estimated Tax by Individuals, Estates and T..., Who Must File Form 760C:

There are four installment periods for determining whether you underpaid your tax during the year.

 

For calendar year filers, the due dates for each installment period are: May 1, June 15, September 15, and January 15.

Fiscal year filers should refer to Virginia Form 760ES and the instructions to determine their installment due dates.

 

If your tax is underpaid as of any installment due date, you must file Form 760C. The form must be filed even if you are due a refund when you file your tax return.

 

Since underpayments are determined as of each installment due date, an overpayment in one installment period cannot "cancel out" an underpayment in a previous period. You must also file Form 760C if you were liable to make payments for less than four installment periods during the year (see the instructions for Line 5).

 

You are not required to file Form 760C if your income tax liability after subtracting the Spouse Tax Adjustment and tax credits is $150 or less, or if you were not required to file an income tax return.
  

You may have also been asked about when income was earned on the federal return, or via Form 2210. For more information: How do I add Form 2210?

dwestbrook3
Returning Member

Form 760-c...I don't know what to do

Does not explain bug in software that does not allow changes flagged by turbo tax as errors

 

jgrusse
Returning Member

Form 760-c...I don't know what to do

There appears to be an error in how estimated tax payments are placed into columns A-D on line 10, and there does not appear to be any way for me to correct the error.  A payment I made on June 8 should be in Column B (payments by June 15 for 2Q) but it is reported by TurboTax in Column C (payments by Sept. 15).  This error in the assignment of my estimated tax payment on June 8 to Column C, leads to a calculation that I underpaid in 2Q, although no underpayment penalty is calculated.

BillM223
Expert Alumni

Form 760-c...I don't know what to do

I am looking into this; thanks for bringing up another data point.

 

@jgrusse

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sharathkovela
New Member

Form 760-c...I don't know what to do

I also have exactly same issue!! In the other worksheets, it shows payments against correct dates but not in this form. 

BillM223
Expert Alumni

Form 760-c...I don't know what to do

This issue has been confirmed and is being worked on.

 

 

@sharathkovela

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Stzh
Level 2

Form 760-c...I don't know what to do

This problem is still unresolved as of March 10, 2022.

My underpayment penalty should be zero, and no penalty is reflected on main form VA 760CG.  
I think this 760C should not be required to be printed for me at all.
Can I just print VA tax and mail it without this problematic form 760C?

When this software problem is expected to be fixed by TurboTax?

 

BillM223
Expert Alumni

Form 760-c...I don't know what to do

This issue has been identified and is being worked on. Please see this TurboTax Help page and sign up to be notified of a resolution.

 

 

@Stzh

@sharathkovela

@jgrusse

@dwestbrook3

@mitchellddavis

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sharathkovela
New Member

Form 760-c...I don't know what to do

I got an email saying this issue is resolved. Column 2 is fixed but the last column for 1/15/2022 is still showing zero as due in Estimated taxes, which is wrong. The estimated taxes need to be divided equally for all four quatres.

BillM223
Expert Alumni

Form 760-c...I don't know what to do

Are you talking about line 10 on the 760-C? You enter these amounts on the federal return where you enter "Estimated Taxes" then navigate down to state taxes paid.

 

Are we talking about the same thing?

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