Form Ip-1 - Vermont Insurance Premium Tax Return - 2010
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1
22010 Vermont Insurance Premium Tax Return, Form IP-1
Line-by-Line Instructions, Lines 1-18
Column A
Column B
State of Domicile
State of Vermont
Line 1
Enter the gross direct premiums reported on Schedule T that
Enter the gross direct premiums reported on Schedule T that
were written in Vermont during the year in accordance with the
were written in Vermont during the year less finance and service
laws in the state of domicile.
charges.
Line 2
Not applicable.
Enter the total gross direct premiums written outside of VT
which are not taxed by other state(s) in which you conduct
business.
Line 3
Enter the sum of Line 1 and Line 2.
Enter the sum of Line 1 and Line 2.
Line 4
Enter the amount recorded on Schedule T for dividends paid or
Enter the amount recorded on Schedule T for dividends paid or
credited to policyholders in Vermont.
credited to policyholders in Vermont during the year in
accordance with the laws in state of domicile.
Line 5
Enter the total allowable other deductions. Attach a schedule
Not applicable.
that accurately describes each deduction and the dollar amount
respectively.
Line 6
Record the total sum of Line 4 and Line 5. Please note:
Record the amount from Line 4. Please note: Payments to the
Payments to the Vermont Property and Casualty
Vermont Property and Casualty Insurance Association are
Insurance Association are Not Deductible against your
Not Deductible against your Vermont Insurance Premium Tax
Vermont Insurance Premium Tax Liability (8 V.S.A
Liability (8 V.S.A. Chapter 101, Subchapter 9).
Chapter 101, Subchapter 9).
Line 7
Subtract Line 6 from Line 3 and enter the total taxable premi-
Subtract Line 6 from Line 3 and enter the total taxable premi-
ums.
ums.
Line 8
Enter the tax rate for state of domicile in the space provided,
Not applicable.
then multiply Line 7 by that tax rate and record the tax liability.
Line 9
Not applicable.
Multiply Line 7 by 2% and record the tax liability.
Line 10
Enter the amount from Line 38, Column A.
Enter the amount from Line 38, Column B.
Line 11
Enter the sum of Line 8 and Line 10.
Enter the sum of Line 9 and Line 10.
Line 12
Enter the total dollars paid to the State of Vermont for the three
Enter the total dollars paid to the State of Vermont for the three
estimated payment periods.
estimated payment periods.
Line 13
Not applicable.
Enter the annual allocation of credit. Attach a copy of appli-
cable forms and tax credit certificates. Please note: Payments
to the Vermont Property and Casualty Insurance Association
are Not Deductible against your Vermont Insurance Premium
Tax Liability (8 V.S.A. Chapter 101, Subchapter 9).
Line 14
Not applicable.
Subtract the sum of Lines 12 and 13 from Line 11 and enter the
total.
Line 15
If Line 12 is greater than Line 11, subtract Line 11 from Line 12
If Line 14 is less than zero, subtract the sum of Lines 12 and 13
and enter as an overpayment, otherwise go to Line 18.
from Line 11 and enter as an overpayment. Otherwise, go to
Line 18.
Line 16
Not applicable.
Record the lesser amount of Line 15, Columns A and B OR
enter the portion to apply toward your 2011 estimated tax. Note:
Retaliation applies.
Line 17
Not applicable.
Record the lesser amount of Line 15 Columns A and B OR enter
the portion to apply towards a refund. Note: Retaliation
applies.
Line 18
Subtract Line 12 from Line 11 and enter the balance due.
Subtract the sum of Lines 12 and 13 from Line 11 and enter the
balance due. Retaliation applies - the greater of Column A or B
Retaliation applies - the greater of Column A or B is payable to
the Vermont Department of Taxes.
is payable to the Vermont Department of Taxes.
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