Form In-112 - Vt Tax Adjustments And Credits - 2006 printable pdf download

*061121199*

VT Tax Adjustments

FORM

2006

112

IN-

and Credits

VERMONT

* 0 6 1 1 2 1 1 9 9 *

ATTACH TO FORM IN-111

PRINT in BLUE or BLACK INK

Taxpayer’s Social Security Number

Taxpayer’s Last Name

First Name

Initial

VT SCHEDULE A. Adjustments to Income or VT Tax

PART I

INCOME FROM STATE AND LOCAL OBLIGATIONS (See instructions on page 9)

0 0

1. Total interest and dividend income from all state and local obligations exempt from federal tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.

0 0

2. Interest and dividend income from Vermont state and local obligations included in Line 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.

0 0

3. INCOME FROM NON-VT STATE AND LOCAL OBLIGATIONS TO BE ADDED TO VT TAXABLE INCOME . . . . . . . . . . . . . . . . . . . . . . . 3.

Subtract Line 2 from Line 1, but not less than zero. ENTER ON IN-111, SECTION 3, LINE 12.

PART II

ADJUSTMENTS TO VT INCOME TAX

ADDITIONS TO VT TAX:

SUBTRACTIONS FROM VT TAX:

11. Credit for Child and Dependent Care

4. Tax on Qualified Plans including IRA,

0 0

Expenses (1040-Line 48;

MSA, & HSA (1040, Line 60) . . . . . . . . . . 4.

0 0

1040A-Line 29) . . . . . . . . . . . . . . . . . . . . 11.

5. Recapture of Federal Investment

0 0

Tax Credit . . . . . . . . . . . . . . . . . . . . . . . . . . 5.

12. Credit for the Elderly or the Disabled

0 0

(1040-Line 49; 1040A-Line 30) . . . . . . . 12.

0 0

. . . 6.

Tax from Federal Form 4972-Line 7 or 30

0 0

13. Investment Tax Credit. . . . . . . . . . . . . . . . 13.

0 0

7. Add Lines 4 through 6 . . . . . . . . . . . . . 7.

14. VT Farm Income Averaging Credit (From

0 0

8. ADDITIONS TO VT TAX Multiply

0 0

worksheet on reverse side of this form) 14.

Line 7 by 24%. . . . . . . . . . . . . . . . . . . 8.

0 0

9. Recapture of VT Credits

0 0

15. Add Lines 11 through 14. . . . . . . . . . . 15.

(See instructions) . . . . . . . . . . . . . . . . 9.

16. SUBTRACTIONS FROM VT TAX

10. Add Lines 8 and 9. Enter on IN-111,

0 0

Multiply Line 15 by 24%. Enter on

0 0

Section 4, Line 17 . . . . . . . . . . . . . . . 10.

IN-111, Section 4, Line 19. . . . . . . . . . 16.

VT SCHEDULE B. VT Credit for income tax paid to other state or Canadian province

FOR RESIDENTS AND PART-YEAR RESIDENTS ONLY

You must complete a separate Schedule B for each credit claimed. See instructions on page 10.

0 0

1a.

1b.

1c.

Adjusted Gross Income taxed in another state or

Capital Gains Exclusion (40% of long-term capital

AGI eligible for credit (Line 1a minus Line 1b)

Canadian province and also subject to Vermont tax

gains reported to other state or province)

0 0

2a.

2b.

2c.

Adjusted Gross Income (From Form IN-111,

Capital Gains Exclusion (From Form IN-111,

AGI eligible for credit (Line 2a minus Line 2b)

Section 2, Line 10)

Section 3, Line 14c)

0 0

3. VT Income Tax (From Form IN-111, Section 4, Line 20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.

4. Computed tax credit (Divide Line 1c by Line 2c and multiply result by Line 3)

Line 1c

0 0

X Line 3

Line 2c

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.

0 0

5. Amount of Income TAX paid to other state or Canadian province on income on Line 1c (See instructions on page 10) . . . . . . . . . . . . . . . . 5.

0 0

6. TOTAL OTHER STATES CREDIT: Enter the lesser of Line 4 or Line 5 here and on Form IN-111, Section 5, Line 23 . . . . . . . . . . . . . . . . . . 6.

Name of state or Canadian province

COPIES OF NONRESIDENT RETURNS MUST BE ATTACHED

(Use standard two-letter abbreviation)

Schedule C and worksheets on back

Form IN-112