Form IN-111

File Form IN-111 if any of the following apply:

The taxpayer:

1. Is required to file a federal return and report a federal liability

2. Earned or received $100 or more VT income

2. Had gross income of $1,000 or more

Residency

1. Resident:

   An individual who:

   - Maintains an apartment, home, or other place of abode in Vermont

   - Was present in Vermont for at least 184 days during the tax year

2. Part-Year Resident:

   An individual who:

   - Moved into Vermont during the year to maintain residence from another state or country

   - Moved out of Vermont during the year to maintain residence in another state or country

3. Non-Resident:

   An individual who does not:

   - Maintain an apartment, home, or other place of abode in Vermont

   - Exercise the rights of citizenship in Vermont by meeting the requirements as a voter

Contribution to Nongame Wildlife Fund

The Nongame Wildlife Fund was created to preserve Vermont's natural wildlife heritage for ourselves and our culture. Many species benefit from a contribution including loons, songbirds, frogs, turtles, bald eagles, butterflies and peregrine falcons.

Vermont's Children's Trust Fund Contribution (VCTF)

Invest in Vermont's most valuable human resource - the children. VCTF funds prevention programs include parenting education classes, child sexual abuse prevention workshops, elementary after school programs; teen community services programs, and conflict resolution training.

Vermont Veterans’ Fund Contribution

This fund supports our nearly 60,000 honorably discharged veterans. It helps veterans who are homeless, need long-term care, or need transportation. It also helps veterans apply for benefits and supports recognition programs. You can show we care for our veterans by making a tax deductible contribution which will be used within VT.

Penalties

Returns filed more than 60 days after the due date (original or extended) are assessed a $50 late filing fee. Returns with tax due filed after the April 15 due date may be assessed interest and penalty on the outstanding amount. Interest and penalty starts from April 15 until the date of payment. Interest is 0.4% per month. Penalty accrues at a rate of 1% per month, up to 25% of the unpaid tax.

If withholdings or tax credits do not equal 100% of last year's income tax or 90% of this year's income tax, a penalty for underpayment of estimated tax may be assessed. Interest and penalty are assessed on the underpayment from the original due date of the estimated payment at the rate of 1% penalty per month and 0.4% interest per month.

Form IN-112

File Form IN-112 if any of the following are true:

The taxpayer:

 - Has interest or dividend income from municipal bonds

 - Has adjustments to Vermont tax

 - Claims credit for taxes paid to another state or Canadian Province

 - Is eligible for the Vermont Earned Income Credit

Schedule A

Complete Form IN-112, Schedule A if there is interest or dividend income from municipal bonds present on the return. Interest and dividend income from non-Vermont municipal bonds is taxable. To determine the Vermont income tax due on non-Vermont taxable municipal bond income, add the taxable municipal bond income to the Federal adjusted gross income.

Schedule B, Credit for Tax Paid to Another State

A copy of the other state's return must be attached. If tax is owed to more than one state, the credit for each state must be computed separately. The credit is limited to the amount of Vermont tax savings had the income reported to the other state been omitted, or the amount of tax paid to the other state, whichever is less.

Schedule C, Vermont Earned Income Credit

If the taxpayer qualified for a Federal earned income credit and was a resident or part-year resident of Vermont, he may be eligible for the Vermont earned income credit. The Vermont earned income credit is 32% of the Federal earned income amount.

Basic requirements:

 - The taxpayer does not have a qualifying child; he must be at least 25 years old but under age 65

 - The filing status on the tax return cannot be married filing separately

 - There must be earned income on the tax return

 - The definitions for VT earned income tax credit follow the federal rules

Form IN-113

File Form IN-113 to report differences in Vermont income from that reported on the federal return.

Resident filers use Schedule II to adjust for income exempt from Vermont income tax.

Part-year and non-resident filers complete both Schedule I and Schedule II.

Form IN-114

File Form IN-114 to pay Vermont income tax liability not prepaid through withholding.

File Form IN-114 if all of the following apply:

The taxpayer:

1. Is required to pay estimated federal income tax

2. Has an annual tax liability that exceeds $500

3. Expects Vermont income tax withholding to be less than the smaller of:

   a. 90% of the current year net tax liability

   b. 100% of the changed prior year net tax liability

Interest

Underestimating the required amount of tax or failure to file estimated tax returns and pay the tax within the time allowed will result in an assessment of interest and penalty. The interest will accrue at the statutory interest rate. The penalty is 1% per month, up to 25% of the underpayment of tax from the due date to the date of payment.

Form IN-151

File Form IN-151 to request a six month extension of time to file the Vermont individual income tax return. If the taxpayer expects to owe additional tax, all of the state taxes due must be paid with Form IN-151 by April 15.

Interest and Penalty

If any state taxes due are paid after April 15, the taxpayer will owe an additional amount for a late payment penalty from April 15 to the date of payment. The interest rate is 0.4% per month. Penalty accrues at 1% per month, up to 25% of the unpaid tax.

NOTE: Form IN-151 only extends time to file the Vermont individual income tax return. It does not extend the due date for payment of Vermont income taxes due.