Virginia

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Download Extension Form(s)

Virginia

Extension for tax year 2005

General Instructions

The Virginia Department of Taxation automatically grants all taxpayers a six month extension of time to file their income tax return until November 1, 2006. No application for extension is required, however, any tentative tax due must be paid by the original due date of the return, May 1, 2006. Any tax due must be paid using Form 760IP, Automatic Extension Payment. Do not file Form 760IP if you determine that you do not owe additional tax or make your extension payment electronically or by other means.

To avoid penalties and interest, the balance due on a Virginia return must be paid by the original due date of the return. The automatic extension does not extend the time to pay your taxes. For returns that are extended, there is an extension penalty if 90% of the tax liability is not paid by the original due date. There is also a late payment penalty if the full balance due is not paid by the extended due date. There is a late filing penalty assessed on balance due returns filed after the due date or extended due date that will apply as if no extension had been granted. Interest is charged on any tax due and/or penalties.

Penalty and Interest Charges on Tax Owed:

• Extension Penalty: If a return is filed during the extension period but greater than 10% of the tax liability was not paid by May 1, 2006, there will be a penalty assessed of 2% per month (or fraction thereof) from the original due date until the return is filed. The extension penalty cannot exceed 12% of the tax due.
• Late Filing Penalty: Any balance due return that is not filed by the due date or extended due date will be assessed a penalty of 6% of the tax due for any month (or fraction thereof) that the return is late, but not more than 30%. If you file your return after the extended due date, your extension will be considered void and you will be liable for the late filing penalty instead of an extension penalty.
• Late Payment Penalty: If 90% if tax due is not paid by the original due date or the full amount of tax due is not paid by the extended due date, a penalty will be assessed of 6% of the balance due for each month (or fraction thereof) that the payment is late, but not more than 30%. For any month that the late filing penalty applies, the late payment penalty will not apply. The total of the late filing penalty and the late payment penalty cannot exceed 30%.
• Interest: Virginia will assess interest on any balance of unpaid tax, from the due date through the date the tax is paid. Interest charges apply to any late payments including payments for returns filed on extension. Interest is assessed at the federal underpayment rate plus 2%.

If You Owe...

If you owe Virginia income taxes you may request an extension for additional time to file and pay your estimated balance due in the following ways:

1. Prepare a Virginia Form 760IP (click here to download PDF)
2. Enclose a check or money order along with the completed form.
3. Write your SSN, tax year and "VA 760IP" on your check or money order.
4. Mail on or before May 1, 2006 to:
   Virginia Department of Taxation
   PO Box 760
   Richmond, VA 23218-0760

Pay by Credit Card:

Virginia accepts payment by credit card through Official Payments Corporation. You will need to know the Virginia jurisdiction code of 1080 to complete this transaction. Making your payment in this way automatically qualifies you for an extension of time to file your Virginia tax return. You will not need to file any other forms at this time. You can do this either on the web or by telephone.

Official Payments Corporation will accept Discover/NOVUS, MasterCard, Visa or American Express card to pay your personal income taxes. There is a convenience fee for this service equal to 2.5% of the tax amount being charged. The minimum fee is $1.00.

To make your payment and receive an automatic extension of time to file, have the following information ready:

• The amount you are paying in dollars and cents
• Your social security number
• Your spouse's social security number (if applicable)
• The first four letters of your last name
• The first four letters of your spouse's last name, if different from yours
• Tax year 2005
• Your home telephone number (including area code)
• Credit card number
• Credit card expiration date (MM/YYYY)
• ZIP Code for the address where your credit card bills are sent

On the Web:

Make your payment at the Official Payments Corp. web site or file your extension and make your payment at the Virginia Department of Taxation web site.

By Telephone:

Use your touch-tone phone to call toll-free (800) 272-9829.

Pay by Direct Debit:

Virginia allows you to file your extension and pay your income taxes using electronic funds withdrawal at the Virginia Department of Taxation web site.

If You Do Not Owe...

Virginia does not require an extension if you do not owe or are expecting a tax refund. There is nothing to be filed at this time.