Form Ip-1 - Vermont Insurance Premium Tax Return - 2010 Page 2
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1
22010 Form IP-1, Line-by-Line Instructions, Lines 19-38
Column A
Column B
State of Domicile
State of Vermont
Line 19
Enter the gross direct life premiums reported on Schedule T that
Enter the gross direct life premiums reported on Schedule T that
were collected during the year.
were collected during the year less finance and service charges.
Line 20
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 21
Enter the gross direct accident & health premiums reported on
Enter the gross direct accident & health premiums reported on
Schedule T that were collected during the year.
Schedule T that were collected during the year less finance and
service charges.
Line 22
Record the sum of Lines 19 and 21.
Record the sum of Lines 19, 20, and 21.
Line 23
Record the total amount of life insurance dividends that were
Record the total amount of life insurance dividends that were
applied to renewal premiums in the tax year reported on
applied to renewal premiums in the tax year reported on
Schedule T.
Schedule T.
Line 24
Record the total amount of life dividends that were paid out in
Record the total amount of life dividends that were paid out in
cash during the year reported on Schedule T.
cash during the year reported on Schedule T.
Line 25
Record the total amount of life dividends that were left on the
Record the total amount of life dividends that were left on the
policies to accumulate.
policies to accumulate.
Line 26
Record the total amount of dividends paid to policyholders on
Record the total amount of dividends paid to policyholders on
accident and health claims.
accident and health claims.
Line 27
Enter the total allowable other dividend deductions. Attach a
Not applicable.
schedule that accurately describes each deduction and the dollar
amount respectively.
Line 28
Record the sum of Lines 23, 24, 25, 26, and 27.
Record the sum of Lines 23, 24, 25, and 26.
Line 29
Subtract Line 28 from Line 22 and enter the total taxable
Subtract Line 28 from Line 22 and enter the total taxable
premiums.
premiums.
Line 30
Enter the tax rate for state of domicile in the space provided,
Not applicable.
then multiply Line 29 by that tax rate and record the tax liability.
Line 31
Not applicable.
Multiply Line 29 by 2% and record the tax liability.
Line 32
Record the gross annuity considerations for Vermont during the
Not applicable.
tax year recorded on Schedule T.
Line 33
Enter the total allowable annuity deductions. Attach a schedule
Not applicable.
that accurately describes each deduction and the dollar amount
respectively.
Line 34
Subtract Line 33 from Line 32 and record the total
Not applicable.
Taxable Annuity Considerations.
Line 35
Enter the tax rate for state of domicile in the space provided,
Not applicable.
then multiply Line 34 by that rate and record the tax liability.
Line 36
Enter the sum of Line 30 and Line 35.
Record the amount from Line 31.
Line 37
Payments to the Vermont Life & Health Insurance Guaranty
Payments to the Vermont Life & Health Insurance Guaranty
Association are Deductible as a credit against your Vermont
Association are Deductible as a credit against your Vermont
Life, Accident & Health and Annuity Insurance Premium Tax
Life, Accident & Health and Annuity Insurance Premium Tax
liability [8 V.S.A. §4167(b)]. The credit only applies up to the
liability [8 V.S.A. §4167(b)]. The credit only applies up to the
tax liability on Line 36. The allowable credit is 20% of the
tax liability on Line 36. The allowable credit is 20% of the
payment each year for five years; starting in the year following
payment each year for five years; starting in the year following
that year for which the payment was made to the association.
that year for which the payment was made to the association.
Include proof of payment with copies of the cancelled check and
Include proof of payment with copies of the cancelled check and
the premium tax return on which the credit was first claimed.
the premium tax return on which the credit was first claimed.
Line 38
Subtract Line 37 from Line 36 and enter the Net Premium Tax
Subtract Line 37 from Line 36 and enter the Net Premium Tax
Due. Record on Line 10.
Due. Record on Line 10.
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