Virginia already gives taxpayers a little extra time to file, until May 1 if you live in the US or July 1 if you are traveling or live abroad. You can even get an automatic six-month extension if you need it. However, if you managed to forget to file your Virginia state income taxes for a previous year, never fear: You can file a late tax return, but you will owe interest and penalties on the original amount due.
Items you will need
- Federal tax return
- Virginia Form 760
Fill in Form 760 as usual. Report amounts from federal tax forms as required and make any necessary adjustments to state income.
File Form 760. You may file online or mail a paper return. Keep in mind that many online tax preparation options are no longer available after November 1, the close of the automatic six-month extension period.
Fill in and print Form 760 if online options are unavailable. Sign and date the return and attach any required forms, such as W-2s or 1099s, to the paper copy. Keep an extra copy of the return for your records.
Pay any balance due by check for paper forms, or by credit card or check if filing online. Any penalty and interest will be calculated by the state, and you will be mailed a bill detailing the calculation of applicable penalties.
Mail the forms to the correct address, based on whether you owe a balance or will be getting a refund.
Pay the penalty amount when you receive a bill from the state.
- If you are due a refund, you will not face any penalties for filing late, but you must file within three years of the original due date to claim the refund.
- The late filing penalty is 2 percent per month calculated on the balance due, if more than six months late. There is no filing penalty if the return is filed by November 1. If not, the late filing penalty is assessed from May 1. The maximum late filing penalty is 30 percent of the tax owed.
- Virginia has an extension penalty if you do not pay at least 90 percent of your tax liability by May 1. In this case, you will be charged 2 percent of the balance per month between May and the date you file, even if you file during the extension period.
- A late payment penalty is 6 percent per month, starting in May. The maximum penalty is 30 percent of the tax owed and is not assessed in months you are accruing the late filing penalty.
- The Commonwealth of Virginia also charges interest on the balance due and penalties. The rate is 2 percent on top of the federal interest rates charged by the IRS, and change monthly (as of August 2012, that totals a 3-percent annual rate).
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