I Forgot to Send My Virginia Tax Return Last Year

If you forgot to file your state return last year, file it as quickly as possible.

A young woman holding a pen, doing her taxes image by Christopher Meder from Fotolia.com

If you forgot to send your Virginia income tax return last year, using a bad memory as your excuse won't help you avoid any penalties. When you finally realize your mistake, it's important to take immediate steps to file your return.

Step 1

Review your Virginia tax return forms if you filled them out already. If not, fill them out and determine the amount owed, if any.

Step 2

Determine the interest owed on your late filing. Interest is assessed from the original due date of the return at the federal underpayment rate, which is set by the Internal Revenue Service. To determine the amount of interest owed, you should contact the Virginia Department of Taxation and provide your information. The representative there will be able to tell you how much interest you owe. If you want to double-check Virginia's calculation, you can do so based on the explanation of the assessment of fees from the Virginia Department of Taxation website.

Step 3

Determine the penalties owed on your late tax return. The late filing penalty is equal to 6 percent of the taxes owed per month from the date the taxes were due through the date when the taxes are paid in full, with the maximum penalty equal to 30 percent of the tax owed to Virginia. Even if you do not file your taxes by the due date, which is May 15 in Virginia, the Commonwealth of Virginia requires that you pay the taxes owed by that date or you will be assessed an extension penalty. This is assessed in addition to the amount of taxes due and is equal to 2 percent per month from the original due date until the date when the taxes are paid in full.

Step 4

Write a check to cover the amount owed or fill out the paperwork for an installment payment agreement and include it with your tax return.

Step 5

File your completed Virginia tax return either electronically or by mail. You will receive any refund you are owed once you file your tax return. Processing of returns usually takes about 15 days for electronically filed returns or seven weeks for paper returns.