Individual Income Tax

Form IN-111 Income Tax Return

Corporate Income Tax

Form BI-471 Business Income Tax Return

Form CO-411 Corporate Income Tax Return

Vermont Income Tax Forms: A Comprehensive Guide

Introduction

Filing income tax returns is a process that taxpayers go through every year, regardless of the state they live in. Vermont is no exception, with its residents expected to file income tax returns with the state revenue department every year. The tax forms required to file income tax returns in Vermont vary depending on a number of factors, including an individual’s residency status and income level. This article seeks to provide a comprehensive guide to Vermont income tax forms, with detailed information on how to complete each form and how to submit them.

Vermont Tax Forms for Residents

Vermont residents are required to file income tax returns with the state revenue department every year. The tax forms required depend on an individual’s income level and residency status. For individuals who are residents of Vermont and have a taxable income of $10,300 or more, the required form is the Vermont Form IN-111. This form is used to calculate an individual’s taxable income and any tax owed to the state.

For residents with a taxable income of less than $10,300, the required form is the Vermont Form IN-152. This form is used to report any income earned and any income tax that may be owed.

Non-Resident Vermont Tax Forms

Non-residents of Vermont are required to file income tax returns with the state revenue department if they earned any income in Vermont during the tax year. The tax forms required depend on an individual’s income level and the type of income earned in Vermont. For non-residents who earned wages or salaries in Vermont, the required form is the Vermont Form IN-111N. This form is used to calculate taxable income and any tax owed to the state.

For non-residents who earned income from sources other than wages or salaries in Vermont, the required form is the Vermont Form IN-151. This form is used to report any income earned and any income tax that may be owed.

Part-Year Residents Vermont Tax Forms

Part-year residents of Vermont are individuals who lived in Vermont and earned income in Vermont for part of the year only. Such individuals are required to file income tax returns with the state revenue department if they earned any income in Vermont during the tax year. The tax forms required depend on an individual’s income level and the type of income earned in Vermont.

For part-year residents who earned wages or salaries in Vermont, the required form is the Vermont Form IN-111VP. This form is used to calculate taxable income and any tax owed to the state.

For part-year residents who earned income from sources other than wages or salaries in Vermont, the required form is the Vermont Form IN-152. This form is used to report any income earned and any income tax that may be owed.

Vermont Tax Credits

Tax credits are a way for taxpayers to reduce their tax liability by subtracting the credit from the total amount of tax owed. Vermont offers a number of tax credits for qualifying taxpayers. Below are some of the most common tax credits available in Vermont.

Earned Income Tax Credit (EITC)

The Earned Income Tax Credit (EITC) is a federal credit that is also available in Vermont. The credit is intended to help working individuals and families with low-to-moderate incomes. To be eligible for the EITC in Vermont, an individual must have earned income and meet certain income limits.

Property Tax Credit

Vermont offers a property tax credit to homeowners who meet certain eligibility requirements. The credit is designed to help offset the cost of property taxes on a primary residence. To be eligible for the property tax credit in Vermont, an individual must meet certain income limits and must have paid property taxes on their primary residence during the tax year.

Child Care Tax Credit

The Vermont Child Care Tax Credit is designed to help offset the cost of child care for qualifying families. To be eligible for the credit, an individual must have paid child care expenses for a qualifying child and meet certain income limits. Qualifying children include children under age 13 or children with disabilities who require care to function in daily life.

Conclusion

Filing income tax returns is a necessary part of life for all working individuals in Vermont. There are a number of factors that determine which tax forms an individual must file, including their residency status and income level. This guide has provided detailed information about each of the tax forms required for Vermont residents, non-residents, and part-year residents. It has also outlined some of the most common tax credits available in Vermont, which can help to offset an individual’s tax liability. By following the instructions provided on each form, taxpayers can accurately calculate their taxable income and any tax owed to the state.