Form In-114 - Individual Income Estimated Tax Payment Voucher - 2015 Page 2
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1
2
3INSTRUCTIONS
How Do I Determine My Estimated Tax Liability? Please use your
2014 tax liability or use the worksheet included with this form to
General Information: Estimated income tax is the amount of
estimate your 2015 tax liability. In order to avoid underpayment
Vermont tax you expect to owe for the year on income that is
of estimated tax, which may result in penalty and interest charges,
not subject to withholding (for example: earnings from self-
estimated tax payments must either be: 1) equal to 100% of last
employment, interest, dividends, rental income, alimony, etc.),
year’s tax liability OR 2) 90% of this year’s tax liability. If the
or exceeding withholdings, plus any additions. Additions to VT
tax liability due is less than $500, you will not be subject to
tax may include:
penalty or interest charges.
-
Qualified Retirement Plans (including IRA, HSA &
When Are Estimated Income Tax Payments Due? Estimated
MSA)
income tax payments are made in four equal amounts by the
-
Recapture of Federal Investment Tax Credit
due dates shown below:
-
VT Tax Credit Recapture
1
payment . . . . . . . . . . . . April 15, 2015
st
2
payment . . . . . . . . . . . . June 15, 2015
nd
Who Must Make Estimated Income Tax Payments? Generally,
3
payment . . . . . . . . . . . . September 15, 2015
rd
you must pay estimated income tax if you expect to owe an
4
payment . . . . . . . . . . . . January 15, 2016
th
income tax liability or have income not subject to withholding
Can I File Annualized Estimated Payments for Vermont?
such as self-employment earnings. Individuals receiving two-
thirds of his or her income from farming or fishing, as defined
Individuals who make annualized estimated tax payments
by the IRS, are not required to make estimated income tax
with the IRS may also make annualized estimated payments
payments.
in Vermont. If you make annualized payments, please attach a
completed copy of Federal Form 2210 and VT Form IN-152A
when you file your Vermont income tax return.
Taxpayer’s Worksheet
- Keep for your records
100% of 2014 Tax Liability divided by 4 $ _____________________
OR
90% of 2015 Tax Liability (calculated below)
Line 1
Estimated 2015 Vermont Taxable Income . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. $_____________________
Line 2
Estimated 2015 Vermont Tax: Use 2015 preliminary tax schedules . . . . . . . 2. $_____________________
Line 3
Estimated 2015 Vermont Tax with Additions.
See instructions for Form IN-111, Line 18 . . . . . . . . . . . . . . . . . . . . . . . . . . . 3. $_____________________
Line 4
Estimated Income Adjustment.
See instructions for Form IN-111, Line 21 . . . . . . . . . . . . . . . . . . . . . . . . . . . 4. $____________________ %
Line 5
Adjusted Vermont Tax (Multiply Line 3 by Line 4) . . . . . . . . . . . . . . . . . . . . 5. $_____________________
Line 5a Expected 2015 Vermont Tax Withholding . . . . . . . . . . . . . . . . . . . . . . . . . . 5a. $_____________________
Line 6
Subtract Line 5a from Line 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6. $_____________________
Line 7
2015 ESTIMATED TAX LIABILITY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7. $_____________________
RECORD of 2015 ESTIMATED PAYMENTS
Due Date
Date Paid
Check #
Amount Paid
April 15, 2015
June 15, 2015
Sept. 15, 2015
Jan. 15, 2016
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