Virginia
automatically grants all taxpayers a six-month extension of time to file their income tax return.• For calendar year filers, the filing date is automatically extended to November 1.
• You are not required to file Form 760IP in order to obtain this automatic extension.
• You must pay any
tentative tax due by May 2.• An extension of time to file
does not extend the amount of time you have to make your payment.• Penalties and interest will accrue on all late payments.
Purpose of Form 760IP
Form 760IP, Automatic Extension Payment, is a payment coupon and worksheet that provides taxpayers who are unable to file their individual income tax return by May 2 a means of calculating and remitting a payment to avoid penalty and interest.
Who Must File Form 760IP
Form 760IP is required if all of the following apply to you:
1. You cannot file your individual income tax return by the due date;
2. You owe tax (this is determined by completing the Tax Payment Worksheet on the back of this page);
and3. You submit your payment by paper check or money order (i.e., you do not use any electronic means, such as VATAX Online for Individuals, to make your payment).