Virginia Tax Extension: A Comprehensive Guide

Need more time to get your paperwork in order?

An extension will give you the time you need to file without penalties.

But remember, while the deadline is extended, you must pay any taxes due by the original due date to avoid penalties and interest.

Understanding the details and process of requesting an extension will save you time and money.

So, how do you get an extension in Virginia?

Read on.

Overview of Virginia Tax Extension Requirements

What is a Tax Extension?

An extension gives you more time to file your Virginia state return without late filing penalties. But an extension to file does not mean an extension to pay. You must pay at least 90% of your taxes by the original due date, May 1st.

Virginia gives you an automatic six-month extension to file your state return. This extension is granted whether you file a federal extension or not. But you must pay any taxes due by the original due date to qualify.

Important Virginia Extension Deadlines

When is the Deadline to File a Tax Extension for Virginia?

The deadline to file an extension for Virginia is the same as the original due date for your state return—May 1st. If you need more time, the automatic six-month extension gives you until November 1st to file.

Do I Need to File a Separate Tax Extension for Virginia If I Already Filed a Federal Tax Extension?

If you have already filed a federal tax extension, you do not need to file a separate form for Virginia. The state grants an automatic extension if you have received one for your federal return. However, any state taxes owed must still be paid by May 1st to avoid interest and penalties.

If I File a Tax Extension for Virginia, When is My New Deadline?

Your new deadline to file your Virginia tax return will be six months from the original filing deadline, moving from May 1st to November 1st.

How to Request an Extension in Virginia

How Do I File a Virginia Tax Extension?

Filing a tax extension in Virginia is a straightforward process. You have two options to file—online or by mail:

Pay Your Taxes:

Ensure you pay at least 90% of your estimated tax liability by May 1st to avoid penalties. You can make this payment online or by mail.

Online Filing:

Visit the Virginia Tax Online Form 760IP to submit your extension payment electronically. This option allows you to pay using an electronic check (e-check) or a credit/debit card. Ensure all information is accurate before submitting.

Mail-In Filing:

If you prefer to file by mail, download and complete Form 760IP. Fill out the required information, including your Social Security number, tax year, and payment details. Make your check or money order payable to "Virginia Department of Taxation" and include your Social Security number and tax year on the check.

Mail the completed form and payment to:

Virginia Department of Taxation

P.O. Box 760

Richmond, VA 23218-0760

File Your Virginia Tax Return by November 1st:

Submit your completed state tax return by the extended deadline to avoid late filing penalties. If you paid with Form 760IP, attach a copy with your return.

Example:

If your estimated tax liability is $10,000, you must pay at least $9,000 by May 1st. If you file for a federal extension and make this payment, you have until November 1st to submit your completed Virginia tax return.

FAQs

Do I Need to Pay My State Taxes When I File a Tax Extension for Virginia?

You must pay at least 90% of your taxes by the original deadline (May 1st) to avoid penalties. The extension applies only to the filing deadline, not the payment deadline.

Who is Eligible for a Tax Extension for Virginia?

Any taxpayer who needs more time to file their Virginia state tax return can file for an extension, provided they meet the payment requirements.

What Are the Penalties for Filing My Taxes Late in Virginia?

Virginia imposes a penalty of 5% per month, up to a maximum of 30%, on the unpaid tax balance if you do not file by the extended deadline.

What Are the Penalties for Paying My Taxes Late in Virginia?

The penalty for late payment is 6% of the unpaid tax per month, up to a maximum of 30%. Interest on unpaid taxes accrues from the original due date until the tax is paid.

How Do I Know Whether I Should File a Tax Extension for Virginia?

You should file a tax extension if you need more time to gather your documents and file an accurate return. Remember to pay at least 90% of your tax liability by May 1st to avoid penalties.

Analyzing Virginia's General Fund Revenue Trends

Virginia Tax General Fund Revenue by Tax Type After Refunds (2023 Fiscal Year)

Individual Income Tax: Contributed the largest share of revenue, accounting for 67.0% of the total general fund.

Sales and Use Tax: Made up 17.0% of the fund.

Corporate Income Tax: Added 7.0% to the general fund.

Other Taxes: Accounted for the remaining 9.0% of revenue.

This breakdown highlights the dominance of individual income taxes in Virginia's revenue structure, with sales taxes and corporate income taxes also playing significant roles.

Virginia General Fund Revenue by Select Tax and Fiscal Year (2017-2023)

Over the years from FY 2017 to FY 2023, individual income tax consistently generated the most significant portion of Virginia’s revenue, showing steady growth each year.

Sales and Use Tax and Corporate Income Tax also showed incremental increases, contributing to the overall rise in the state’s revenue over this period.

FY 2021 and FY 2023 saw the highest revenue collection, particularly from individual income taxes, demonstrating robust economic activity and tax compliance.

This steady growth across key revenue sources underscores Virginia’s strong tax collection and economic resilience.

Conclusion

Filing a tax extension in Virginia gives you extra time to file your return but doesn’t extend the time you have to pay any taxes owed. To avoid penalties and interest, pay at least 90% of your taxes by the original deadline. Need Help? Get Personalized Assistance! Feeling overwhelmed? Our team is here to provide personalized assistance with your federal tax extensions. Contact IRS Extension today to get started.