                                 CODE OF VIRGINIA

DECLARATIONS OF ESTIMATED TAX (§ 58.1-490)

A. Every resident and nonresident individual shall make a declaration of his
estimated tax for every taxable year, if his Virginia tax liability can
reasonably be expected to exceed an amount, to be determined under regulations
promulgated by the Tax Commissioner, which takes into account the additions,
subtractions, and deductions set forth in &#xA7;&#xA7; 58.1-322.01, 58.1-322.02,
58.1-322.03, and 58.1-322.04, the credits set forth in Articles 3 (&#xA7;
58.1-332 et seq.) and 13.2 (&#xA7; 58.1-439.18 et seq.), and the filing
exclusions set forth in &#xA7; 58.1-321. Every estate with respect to any
taxable year ending two or more years after the date of death of the decedent
and every trust shall make a declaration of its estimated tax for every taxable
year, if its Virginia taxable income can reasonably be expected to exceed the
amount specified by regulation for individuals as set forth above.

B. For purposes of this article, &#8220;estimated tax&#8221; means the amount
which an individual estimates to be his income tax under this chapter for the
taxable year, less the amount which he estimates to be the sum of any credits
allowable against the tax.

C. For purposes of this section, the declaration shall be the first voucher.

D. In the case of married individuals, a single declaration under this section
may be made by them jointly, in which case the liability with respect to the
estimated tax shall be joint and several. No joint declaration may be made if
either spouse is a nonresident of the Commonwealth unless both are required by
this chapter to file a return, if they are separated under a decree of divorce
or of separate maintenance, or if they have different taxable years. If a joint
declaration is made but a joint return is not made for the taxable year, the
estimated tax for such year may be treated as the estimated tax of either
spouse, or may be divided between 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 the taxable
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 declaration
   shall be filed on or before September 15; or

   3. After September 1 of the taxable year, the declaration shall be filed on or
   before January 15 of the succeeding year.

F. A declaration of estimated tax of an individual having an estimated gross
income from (i) farming (including oyster farming); (ii) fishing; or (iii)
working as a merchant seaman for the taxable year, which is at least two-thirds
of his total estimated gross income for the taxable year, may be filed at any
time on or before January 15 of the succeeding year, in lieu of the time
otherwise prescribed.

G. A declaration of estimated tax of an individual having a total estimated tax
for the taxable year of $40 or less may be filed at any time on or before
January 15 of the succeeding year under regulations of the Tax Commissioner.

H. An individual may amend a declaration under regulations of the Tax
Commissioner.

I. If on or before March 1 of the succeeding taxable year an individual files
his return for the taxable year for which the declaration is required, and pays
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 was
   required to be filed during the taxable year, but is otherwise required to be
   filed on or before January 15.

   2. Such return shall be considered as the amendment permitted by subsection H
   to be filed on or before January 15 if the tax shown on the return is greater
   than the estimated tax shown in a declaration previously made.

J. This section shall apply to a taxable year other than a calendar year by the
substitution of the months of such fiscal year for the corresponding months
specified in this section.

K. An individual having a taxable year of less than 12 months shall make a
declaration in accordance with regulations of the Tax Commissioner.

L. The declaration of estimated tax for an individual who is unable to make a
declaration by reason of any disability shall be made and filed by his guardian,
committee, fiduciary or other person charged with the care of his person or
property (other than a receiver in possession of only a part of his property),
or by his duly authorized agent.

M. The declaration of estimated tax for a trust or estate shall be made by the
fiduciary. For purposes of the estimated tax imposed in this article, any
reference to an &#8220;individual&#8221; shall be deemed to include the
fiduciary required to file a declaration for a trust or estate. Any overpayment
of estimated tax with respect to any trust or estate shall be refunded to the
fiduciary. A beneficiary of a trust or estate shall not be entitled to a credit
against the beneficiary&#8217;s individual income tax for any overpayment of
estimated tax by a trust or estate.

HISTORY: 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; 2011, c. 851; 2017, c.
444; 2020, c. 900.