W. Va. Code R. § 110-21-56

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 110-21-56 - Payments Of Estimated Tax

56.1. General. - The amount of estimated income tax due as shown on a declaration of estimated income tax may be paid in installments or, at the election of the taxpayer, may be paid in full at the time of filing the declaration. If the estimated income tax is paid in installments, the first (1st) payment must accompany the declaration.

56.1.1. Installment Dates. - In the case of a declaration of estimated income tax for a calendar year, the initial payment date and the subsequent payment dates are set forth in the following table:

Date Of Dates Of

Filing Installment

Declaration Payments

(1) On or before

April 15th . . . In four (4) equal installments - one (1) at time of filing declaration (on or before April 15), one (1) on or before June 15, one (1) on or before September 15, and one (1) on or before January 15 of the succeeding taxable year.

(2) After April 15

and before June 16,

if not required to be filed on or before

April 15 . . . In three (3) equal installments - one (1) at time of filing declaration (on or before June 15), one (1) on or before September 15, and one (1) on or before January 15 of the succeeding taxable year.

(3) After June 15

and before September

16, if not required to be filed on or before June 15 or... In two (2) equal installments one (1) at time of filing declaration (on or before September 15), and the other succeeding on or before January 15 of the succeeding taxable year.

(4) After September

15, if not required to be filed on or before September 15... In full at time of filing declaration.

56.1.1.1. Filing After The Prescribed Time. - If a declaration is filed after the time prescribed in Section 55 of these regulations, or after the expiration of any extension of time, items (2), (3) and (4) of the table set forth under Subsection 56.1.1 shall not apply, and there shall be paid at the time of filing the declaration of estimated tax all installments of the estimated tax which would have been payable on or before such date of filing if the declaration had been filed on or before its due date, determined without regard to any extension of time. The remaining installments shall be paid at the time and in the amounts in which they would have been payable if the declaration had been filed when originally due.

56.1.1.1.a. Example. - A taxpayer who was required to file a declaration of estimated income tax on or before April 15, 1989, files his declaration for 1989 on September 15, 1989. Under this example, at the time of filing his declaration, this taxpayer was delinquent in the payment of two (2) installments of his estimated income tax for the taxable year of 1989 and therefore three-fourths (3/4) of the estimated tax shown on his declaration must be paid.

56.2. Estimated Income Tax Payments By Farmers. - Special provisions are made with respect to the filing of the declaration and the payments of the tax by an individual whose estimated West Virginia adjusted gross income for the taxable year is at least two-thirds (2/3) from farming as defined under Subsection 55.5.1.2 of these regulations. The declaration of such an individual may be filed on or before January fifteenth (15th) of the succeeding taxable year, in lieu of the time prescribed for taxpayers generally. Where such an individual makes a declaration of estimated income tax after September fifteenth (15th) of the taxable year, the estimated income tax shall be paid in full at the time of the filing of the declaration as provided under W. Va. Code '11-21-56(b).

56.3. Amendments Of Declaration. - If any amendment of a declaration is filed, the remaining installments, if any, shall be ratably increased or decreased (as the case may be) to reflect any increase or decrease in the estimated tax by reason of such amendment, and if any amendment is made after September fifteenth (15th) of the taxable year, any increase in the estimated tax by reason thereof shall be paid in full at the time of making such amendment.

56.4. Short Taxable Years. - In the case of a short taxable year of an individual for whom a declaration is required to be filed, the estimated income tax may be paid in equal installments, one (1) at the time of filing the declaration, one (1) on the fifteenth (15th) day of the sixth (6th) month of the taxable year and another on the fifteenth (15th) day of the ninth (9th) month of such year (unless the short taxable year closed prior to such sixth (6th) or ninth (9th) month, in which case the respective installment will be eliminated) and one (1) on the fifteenth (15th) day of the first (1st) month of the succeeding taxable year. For example, if the short taxable year is the period of then (10) months from January 1, 1989 to October 31, 1989 and the declaration is required to be filed on or before April 15, 1989, the estimated income tax is payable in four (4) equal installments: one (1) on the date of filing the declaration, and one (1) each on June 15, September 15 and November 15, 1989. If, in such case, the declaration is required to be filed after April 15 but on or before June 15, the tax will be payable in three (3) equal installments, one (1) on the date of filing the declaration, and one (1) each on September 15 and November 15, 1989.

56.5. Fiscal Year. - In the case of individuals on a fiscal year basis, other than those referred to in Subsections 55.4 and 55.5 of these regulations, the declaration must be filed on or before the fifteenth (15th) day of the fourth (4th) month of the taxable year. The provisions of this Section and of Section 55 of these regulations shall apply to a taxable year other than a calendar year by the substitution of the corresponding fiscal year months for the calendar year months referred to in this Section.

56.6. Installments Paid In Advance. - An individual may elect to pay any installment of his estimated tax prior to the date prescribed for its payment.

56.7. Death Of Taxpayer. - In the case of a decedent, payments of estimated income tax are not required subsequent to the date of the decedent's death. However, see Subsection 55.3.4.2 of these regulations relating to the making of an amended declaration by a surviving spouse if a joint declaration had been made prior to the death of the decedent.

56.8. Application Of Installment Payments. - The payment of any installment of estimated income tax shall be considered payment on account of the income tax for the taxable year for which the declaration is made. The aggregate amount of the payments of estimated income tax should be entered upon the income tax return for such taxable year as payments to be applied against the tax shown on such return. See W. Va. Code '11-10-5L pertaining to installment payments.

56.9. Overpayment Of Installments. - In the case of tax payable in installments, if the taxpayer has paid, as an installment of the tax, more than the amount determined to be the correct amount of such installment, the overpayment shall be credited against the unpaid installments, if any for the taxable year. If the amount already paid, whether or not on the basis of installments, exceeds the amount determined to be the correct amount of the tax due for the taxable year, the overpayment shall be credited or refunded as provided under W. Va. Code '11-10-14. See W. Va. Code '11-10-5m.

56.10. Criminal And Administrative Sanctions For Failure To Pay Estimated Tax. - The provisions of the West Virginia Code relating to failure to pay estimated tax or any installment thereof in a proper and timely manner, including but not limited to, the applicable provisions of Chapter 11, Article 9 of the West Virginia Code, Sections 5L, 5m and 18a of Chapter 11, Article 10 of the West Virginia Code, shall apply to payments of estimated tax under W. Va. Code '11-21-56 and Section 56 of these regulations.

W. Va. Code R. § 110-21-56