Form In-112 - Vt Tax Adjustments And Credits - 2004 Page 2

*041121299*

* 0 4 1 1 2 1 2 9 9 *

VT SCHEDULE C. VT Earned Income Tax Credit

FOR RESIDENTS AND PART-YEAR RESIDENTS ONLY

A. Enter number of qualifying children

B. Were you (or your spouse if filing a joint return) at least age 25 but under age 65 at the end of 2004?

Yes

No

If you answered “No” and do not have any qualifying children, you do not qualify for Earned Income Tax Credit.

NOTE: Returns with filing status of married filing separately or civil union filing separately do not qualify.

FULL-YEAR RESIDENTS COMPLETE LINES 1 and 2:

.

,

0 0

1. Earned income tax credit from Federal Form 1040-Line 65a, or 1040A-Line 41a, 1040EZ-Line 8a, or Telefile Worksheet Line L . . . . . . . . . . . . . . . . . . . . . 1.

.

,

$ $

0 0

2. VT EARNED INCOME TAX CREDIT (Multiply Line 1 by 32%). Enter the result here and on Form IN-111, Section 7, Line 31c . . . . . . . . . . . . . . . .

2.

PART-YEAR RESIDENTS COMPLETE LINES 3- 9:

For VT Portion $, enter income earned

Enter figures in Column A from your

while a VT resident as shown on Form

IN-113, Column B, Lines 1, 6, 10, & 12.

federal worksheet and VT Form IN-113.

A. Federal Amount $

B. VT Portion $

.

.

,

,

0 0

0 0

3. Wages, salaries, tips, etc. (from IN-113, Line 1) . . . . . . . . . . . . . . . . . . . . . . . . 3.

3.

Check to

Check to

.

.

,

,

0 0

0 0

indicate loss

indicate loss

4. Other earned income (from IN-113, Lines 6, 10, & 12)

4.

4.

.

.

,

,

0 0

0 0

5. Total earned income (Add Lines 3 and 4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.

5.

.

%

6. Earned income tax credit adjustment (Divide Line 5B by Line 5A and enter here, but not more than 100%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.

.

,

7. Earned income tax credit from Federal Form 1040-Line 65a, or 1040A-Line 41a,

0 0

1040EZ-Line 8a, or Telefile Worksheet Line L. . . . . . . . . . . . . . . . . . . . . . . . . . 7.

.

,

0 0

8. Multiply Line 7 by 32% and enter the result here . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.

.

,

0 0

$ $

9. VT EARNED INCOME TAX CREDIT (Multiply Line 8 by Line 6) Enter the result here and on Form IN-111, Section 7, Line 31c. . . . . . . . . . . . . . . .

9.

WORKSHEETS

CAPITAL GAINS WORKSHEET

LOW INCOME CHILD & DEPENDENT

CARE WORKSHEET

For Lines A - C, enter amounts from Federal Schedule D.

A. Smaller of Line 15 or 16 . . . . . . . . . . . . . . . . . . . . A. ______________

1. Accredited care provider amount. . . . . . . . . 1. __________________

B. Line 18 ______________

2. Total care amount . . . . . . . . . . . . . . . . . . . . . 2. __________________

C. Line 19 ______________

D. Add Lines B and C. If negative, enter zero . . . . . D. ______________

3. Divide Line 1 by Line 2 . . . . . . . . . . . . . . . . . 3. __________________

E. Subtract Line D from Line A . . . . . . . . . . . . . . . . . E. ______________

For Lines F, G, I, and J, enter amounts from Federal Form 4952. If you did not file

$__________ x _______ = $__________ x 50% = $ ___________

Form 4952, enter amount from Line E above on Line M below.

Federal Credit Line 3 above Eligible Credit

Low Income Credit

(1040, Line 47,

IN-111, Section 7,

F. Line 4g ______________

or 1040A, Line 29

Line 31h.

G. Line 4e ______________

You may wish to also calculate your VT tax credit using 24% of the full

H. Multiply Line F by Line G. . . . . . . . . . . . . . . . . . . . H. ______________

Federal credit and compare to the credit calculated on this worksheet to

I. Line 4b ______________

determine which credit is best for you. You cannot take both credits.

J. Line 4e ______________

VT FARM INCOME AVERAGING WORKSHEET

K. Add Lines I and J . . . . . . . . . . . . . . . . . . . . . . . . . . K. ______________

1. Calculate and enter here Federal income tax using Federal

L. Divide Line H by Line K . . . . . . . . . . . . . . . . . . . . . L. ______________

Schedule D, Federal Schedule D Worksheet, or Federal

M. Subtract Line L from Line E.

tax rate schedules as if Schedule J was not used. 1. $ __________

Also enter on Form IN-111, Section 3, Line 14b . M. ______________

less

2. Enter Federal tax from Federal Schedule J Line 22 2. $ __________

3. Subtract Line 2 from Line 1. This is your VT Farm

Income Averaging Credit. Enter the result on

VT Form IN-112, Part II, Line 12 . . . . . . . . . . . . . . . 3. $ __________

18

Form IN-112