Form In-114 - Individual Income Estimated Tax Payment Vouchers - 2011

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2011
VERMONT
Form IN-114
Individual Income Estimated Tax Payment Vouchers
This booklet contains payment vouchers, instructions, worksheet and 2011 preliminary VT tax rates for calculating your VT estimated income tax
payments for the 2011 tax year, and a record of payment.
To pay by credit card, go to to use our on-line payment system.
No voucher to make out, no mailing, and VTPay keeps a payment record for you.
To mail your payment, print your name, address, and social security number on the voucher. If the payment is for a jointly filed return, be sure
that both names and social security numbers are included on the voucher. The mailing address is printed on the back of each voucher and fits
in a standard window envelope. Remember to use the record of payment section of this booklet to show when each estimated payment was
made.
QUESTIONS? Contact your tax preparer for advice on filing estimated payments. Contact the Vermont Department of Taxes for other assistance.
E-mail:
indincome@state.vt.us
Telephone: (802) 828-2865 (local and out-of-state) OR (866) 828-2865 (toll-free in VT)
Fax:
(802) 828-2720
PLEASE READ INSTRUCTIONS BEFORE COMPLETING VOUCHER
INSTRUCTIONS
15th falls on a weekend or holiday, the payment is due on the next business
Who Must File Estimated Income Tax Payments? Every individual who
day.
expects to incur an income tax liability greater than the combined withholding
Fiscal year taxpayers - contact the Department for instructions.
and other tax credits, or has income not subject to withholding such as self-
Entries - Round payments to the nearest whole dollar. Use blue or black ink
employment earnings. Farmers and fishermen as defined by the Internal
to write entries.
Revenue Service are not required to make estimated income tax payments.
What If My Estimated Tax Payments Are Less Than Tax Minus
How Should I Estimate My Tax Liability? Use the worksheet included
Withholding and Credits? Underpaid estimated tax results in penalty
with the vouchers to estimate your 2011 tax liability. If you expect your tax to
and interest charges. To avoid these charges, estimated payments must
be more than your withholding, you must pay the difference to the Department
equal (1) 100% of last year’s tax liability; or (2) 90% of this year’s tax
of Taxes in quarterly installments. You may apply your 2010 income tax
liability; or (3) the tax due at filing, less withholding and credits, is less than
refund toward your 2011 estimated tax liability. Remember to enter that
$500.
amount on your Record of Payments at the back of this booklet to determine
What If My Estimated Tax Payments Are Late? You will be charged
the next payment amount and due date.
penalty and interest from the due date of the payment to the date paid.
Example: On April 1, 2011, you estimate 2011 VT tax liability at $600.
What are Interest and Penalty Charges? Interest is 0.4% per month and
You should make an estimated payment of $150 on April 15, 2011. On
penalty is 1% per month, up to a maximum of 25% of the payment amount.
June 1, 2011 you change jobs and anticipate the 2011 tax liability will now be
The charges accrue on the difference between the amount that should have
$800. On June 15, you should make an estimated payment of $250 to bring
been paid and the amount paid.
total payments up to 50% of the revised tax. On September 15 and January
15, you should make estimated payments of $200 each.
Can I File Annualized Estimates For Vermont? If you file Federal Form
2210 to annualize, you may also annualize for Vermont. Please send a
When Do I File and Make Payments? Estimated tax payments are due on
complete copy of Form 2210 filed with the IRS when you file your Vermont
April 15, June 15, September 15 of 2011 and January 15, 2012. When the
income tax return.
VT taxable income, in most cases, is your Federal taxable income plus income from non-VT state and local obligations, Federal Form 1040
Schedule A deduction of state and local income taxes over $5,000, less interest income from U. S. obligations, and difference between
Federal depreciation and standard depreciation, and capital gain exclusion for some categories of adjusted net long-term capital gain.
If you have any of the following additions or subtractions to Federal tax, you will need to adjust your Vermont tax.
Additions To VT Tax
Subtractions From VT Tax
Qualified Retirement Plans (including IRA, HSA & MSA)
Credit for Child and Dependent Care (NOTE: This is
Recapture of Federal Investment Tax Credit
not the Federal child tax credit)
Tax from Federal Form 4972
Credit for Elderly or Disabled
VT tax credit recapture
Investment Tax Credit
VT Farm Income Averaging Credit
VT Solar Energy Credit
Go to or see 2010 VT income tax booklet for more information on VT taxable income and additions and subtractions
from tax.

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