Form 760ES

Forum|Forum|11 months ago
April 19, 2025
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Hello, I have filed both the federal and state income tax. I owe $274 to the state and my payment will be withdrawn soon. Even if I paid full amount, do I still pay vouchers (Form 76ES) to the state department?

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baldietax

assuming this is VA?

Either way, estimated tax is for 2025, it has nothing to do with your 2024 taxes/payments.

For 2025, you need to pay estimated tax if your withholding thru the year is not enough to meet the 'safe harbor' amount calculated as the smaller of - 100% of 2024 tax (110% if AGI > 150k), or 90% of 2025 tax. I believe VA follows the same convention for state tax as Fed; pls see useful links below for more details.

TT will by default generate Fed ES vouchers assuming "100% of 2024 tax" and assuming your 2025 withholding will remain the same as 2024. This is the simplest option since everything is known, tho could result in overpaying estimated tax depending on your 2025 situation. You can provide estimates for 2025 under "Other Tax Situations / Form W4 and Estimated Taxes" to see if 90% of 2025 is a better option. VA State program in TT has a similar section to work on 2025 estimates.

https://www.irs.gov/faqs/estimated-tax

https://www.tax.virginia.gov/individual-estimated-tax-payments