Form In-114 - Individual Income Estimated Tax Payment Voucher

2012

VERMONT

Form IN-114

Individual Income Estimated Tax Payment Vouchers

This booklet contains payment vouchers, instructions, worksheet and 2012 preliminary VT tax rates for calculating your VT estimated income tax

payments for the 2012 tax year, and a record of payment.

To pay by credit card, go to to use our on-line payment system.

No voucher to make out, no mailing, and VTPay keeps a payment record for you.

To mail your payment, print your name, address, and social security number on the voucher. If the payment is for a jointly filed return, be sure

that both names and social security numbers are included on the voucher. The mailing address is printed on the back of each voucher and fits in

a standard window envelope. Remember to use the record of payment section of this booklet to show when each estimated payment was made.

QUESTIONS? Contact your tax preparer for advice on filing estimated payments. Contact the Vermont Department of Taxes for other assistance.

E-mail:

indincome@state.vt.us

Telephone: (802) 828-2865 (local and out-of-state) OR (866) 828-2865 (toll-free in VT)

Fax:

(802) 828-2720

PLEASE READ INSTRUCTIONS BEFORE COMPLETING VOUCHER

INSTRUCTIONS

15th falls on a weekend or holiday, the payment is due on the next business

day.

Who Must File Estimated Income Tax Payments? Every individual who

Fiscal year taxpayers - contact the Department for instructions.

expects to incur an income tax liability greater than the combined

withholding and other tax credits, or has income not subject to withholding

Entries - Round payments to the nearest whole dollar. Use blue or black

such as self-employment earnings. Farmers and fishermen as defined by

ink to write entries.

the Internal Revenue Service are not required to make estimated income

What If My Estimated Tax Payments Are Less Than Tax Minus Withholding and

tax payments.

Credits? Underpaid estimated tax results in penalty and interest charges.

How Should I Estimate My Tax Liability? Use the worksheet included with

To avoid these charges, estimated payments must equal (1) 100% of last

the vouchers to estimate your 2012 tax liability. If you expect your tax to be

year’s tax liability; or (2) 90% of this year’s tax liability; or (3) the tax due

more than your withholding, you must pay the difference to the Department

at filing, less withholding and credits, is less than $500.

of Taxes in quarterly installments. You may apply your 2011 income tax

What If My Estimated Tax Payments Are Late? You will be charged

refund toward your 2012estimated tax liability. Remember to enter that

penalty and interest from the due date of the payment to the date paid.

amount on your Record of Payments at the back of this booklet to determine

What are Interest and Penalty Charges? Interest is 0.4% per month and

the next payment amount and due date.

penalty is 1% per month, up to a maximum of 25% of the payment amount.

Example: On April 1, 2012, you estimate 2012 VT tax liability at $600.

The charges accrue on the difference between the amount that should have

You should make an estimated payment of $150 on April 15, 2012. On

been paid and the amount paid.

June 1, 2012 you change jobs and anticipate the 2012 tax liability will now

Can I File Annualized Estimates For Vermont? If you file Federal Form 2210

be $800. On June 15, you should make an estimated payment of $250 to

to annualize, you may also annualize for Vermont. Please send a complete

bring total payments up to 50% of the revised tax. On September 15 and

copy of Form 2210 filed with the IRS when you file your Vermont income

January 15, you should make estimated payments of $200 each.

tax return.

When Do I File and Make Payments? Estimated tax payments are due on

April 15, June 15, September 15 of 2012 and January 15, 2013. When the

VT taxable income, in most cases, is your Federal taxable income plus income from non-VT state and local obligations, Federal Form 1040

Schedule A deduction of state and local income taxes over $5,000, less interest income from U. S. obligations, and difference between Federal

depreciation and standard depreciation, and capital gain exclusion for some categories of adjusted net long-term capital gain.

If you have any of the following additions or subtractions to Federal tax, you will need to adjust your Vermont tax.

Additions To VT Tax

Subtractions From VT Tax

Qualified Retirement Plans (including IRA, HSA & MSA)

Credit for Child and Dependent Care (NOTE: This is

Recapture of Federal Investment Tax Credit

not the Federal child tax credit)

Tax from Federal Form 4972

Credit for Elderly or Disabled

VT tax credit recapture

Investment Tax Credit

VT Farm Income Averaging Credit

VT Solar Energy Credit

Go to or see 2011 VT income tax booklet for more information on VT taxable income and additions and subtractions

from tax.

Form In-114 - Individual Income Estimated Tax Payment Voucher - 2012

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