Form In-112 - Vt Tax Adjustments And Credits - 2004 printable pdf download

*041121199*

VT Tax Adjustments

FORM

2004

IN-112

and Credits

* 0 4 1 1 2 1 1 9 9 *

VERMONT

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 10)

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:

9. Credit for Child and Dependent Care

4. Tax on Qualified Plans including IRA & MSA

0 0

Expenses (1040-Line 47; 1040A-Line 29;

(1040, Line 59;1040NR, Line 54) . . . . . . . . . 4.

0 0

1040NR-Line 43) . . . . . . . . . . . . . . . . . . . . 9.

0 0

5. Recapture of Federal Investment Tax Credit. 5.

10. Credit for the Elderly or the Disabled

0 0

(1040-Line 48; 1040A-Line 30) . . . . . . . 10.

0 0

6. Tax from Federal Form 4972-Line 7 or 30 . . 6.

0 0

11. Investment Tax Credit . . . . . . . . . . . . . . . 11.

0 0

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

12. VT Farm Income Averaging Credit (From

0 0

8. ADDITIONS TO VT TAX Multiply

worksheet on reverse side of this form) 12.

Line 7 by 24%. Enter on IN-111,

0 0

Section 4, Line 17 . . . . . . . . . . . . . . . . . . . 8.

0 0

13. Add Lines 9 through 12. . . . . . . . . . . . 13.

14. SUBTRACTIONS FROM VT TAX

Multiply Line 13 by 24%. Enter on

0 0

IN-111, Section 4, Line 19. . . . . . . . . . 14.

VT SCHEDULE B. VT Credit for tax paid to another 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 capital gains

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

Canadian province and also subject to Vermont tax

reported to other state or province)

0 0

2. Adjusted gross income (From Form IN-111, Section 2, Line 10). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.

0 0

3. VT Income Tax (From Form IN-111, Section 4, Line 22). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.

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

Line 1c

X Line 3

0 0

Line 2

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

0 0

5. Amount of Income TAX paid to other state or Canadian province on income on Line 1a (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

Schedule C and worksheets on back

Form IN-112