{"data":{"id":"us-va/23vac10-115-162","jurisdiction":"us-va","citation":"23VAC10-115-162","heading":"Period of underpayment","body":"The period of the underpayment shall run from the date the installment was required to be paid to the earlier of the following dates:\n\n1. May 1, if a calendar year, or the 15th day of the fourth month following the close of the taxable year, if a fiscal year, or\n\n2. With respect to any portion of the underpayment, the date on which such portion is paid. For purposes of this subdivision, a payment of estimated tax on any installment date shall be considered a payment of any previous underpayment only to the extent such payment exceeds the amount of the installment determined under subdivision 1 of 23VAC10-115-161 for such installment date.\n\n3. Example: The principles of 23VAC10-115-160, 23VAC10-115-161, and 23VAC10-115-162 may be illustrated by the following: On or before May 1, 1988, the trustee of The Jones Trust could reasonably expect the fiduciary's Virginia tax liability for calendar year 1988 to exceed $150. Therefore, the trustee timely makes four installment payments: $1,500 on May 1, 1988, and June 15, 1988, and $2,000 on September 15, 1988, and January 15, 1989. When the fiduciary income tax return is filed on May 1, 1989, the tax liability is $10,000. The total paid ($7,000) is less than 90% of the tax ($9,000). Therefore, an addition to the tax in the amount of $174.56 is due, computed as follows:\n\nINSTALLMENT                       1st       2nd       3rd       4th\n\nAMOUNT OF UNDERPAYMENT\n\n90% of the tax / 4           2,250.00  2,250.00  2,250.00  2,250.00\n\nActual Payment               1,500.00  1,500.00  2,000.00  2,000.00\n\nUnderpayment                   750.00    750.00    250.00    250.00\n\nPERIOD OF UNDERPAYMENT\n\nDate due                       5/1/88   6/15/88   9/15/88   1/15/89\n\nDate Paid                      5/1/89    5/1/89    5/1/89    5/1/89\n\nNo. of days (total)               365       320       228       106\n\nNo. of days underpayment is\n\nsubject to each rate\n\n4/1/88 - 6/30/88 at 10%            60        15         0         0\n\n7/1/88 - 9/30/88 at 10%            92        92        15         0\n\n10/1/88 - 12/31/88 at 11%          92        92        92         0\n\n1/1/89 - 5/1/89 at 11%            121       121       121       106\n\nADDITION TO THE TAX\n\n4/1/88 - 6/30/88 at 10%         12.33      3.08      0.00      0.00\n\n7/1/88 - 9/30/88 at 10%         18.90     18.90      1.03      0.00\n\n10/1/88 - 12/31/88 at 11%       20.79     20.79      6.93      0.00\n\n1/1/89 - 5/1/89 at 11%          27.35     27.35      9.12      7.99\n\nTotal addition = 174.56         79.37     70.12     17.08      7.99","path":["Title 23. Taxation","Agency 10. Department of Taxation","Chapter 115. Fiduciary Income Tax","Part II. Fiduciary Estimated Tax"],"source_url":"https://law.lis.virginia.gov/admincode/title23/agency10/chapter115/section162/","current_through":"2026 Regular Session (effective July 1, 2026)","vintage":"","retrieved_at":"2026-09-14T04:54:12Z","sha256":"6ce9629f7033268eff5263ecbf72ff0e41629763cbf95b845e7244c6256351f4","source_id":"us-va-vac","stale":false,"prev":"us-va/23vac10-115-161","next":"us-va/23vac10-115-163"},"notice":"GroundRules: Original legal text. Not legal advice."}