Form Bi-473 Instructions - Partnership/llc Schedule
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1FORM BI-473 INSTRUCTIONS - PARTNERSHIP/LLC SCHEDULE
For Those Entities Filing Federal Form 1065/1065-B and Having Vermont Nonresident Shareholders.
Do not complete this form if all owners are VT residents.
Form BI-473 is used to determine the amount of VT-sourced income
Form BI-473 and the Schedule K-1 VT are used to distribute
distributed to partners/members who are not residents of VT.
non-resident estimated payments made with Form(s) WH-435. In
order for partners or members to receive proper credit on their tax
With respect to each of its nonresident partners or members,
returns, these forms must be prepared completely and accurately. In
the entity shall, for each taxable period, be liable for all income
accordance with statute, payments will be distributed in proportion
taxes together with related interest and penalties imposed on the
to the partners’ or members’ share of income.
nonresident by VT. Payments are generally due quarterly, and are
made with Form WH-435. See 32 V.S.A. § 5914, and Technical
Bulletin 06 for more details.
is not a valid entry. While the proportion of ownership
Please use blue or black ink.
may have changed over the year, an exact amount of
NOTE: References to federal forms are based on the most recent
income would have been reported to non-residents. You
IRS DRAFTS available at the time VT forms are finalized. If there
may need to “back into” this number from Line 11.
are substantive changes, they will be noted on the Department’s
website.
Line 16: Enter the dollar amount of VT-source income or loss
passed through to non-resident partners or members.
Enter your business name and Federal Employer Identification
This is the basis amount for required estimated
Number (FEIN).
payments for non-residents. The current rate is 6.8%.
If total Form WH-435 payments (including “catch-up”
NOTE: VT does not conform to the special “bonus”
payment) are less than 6.8% of the amount on
depreciation provisions of IRC 168(k) for assets placed in
service in 2008 and later. If the company took advantage of the
Line 16 plus apportioned part of guaranteed payments
bonus depreciation provision, all figures must be recomputed
to partners, the company will be subject to assessment
for the underpayment, interest, and penalty.
to disregard its effects.
Lines 1 - 5: Complete as directed on Side 1.
Line 17: Enter the amount, if any, of VT-source income
distributed to non-residents that is reported and taxed on
NOTE:
Federal Schedule K-1 deductions and credits are allowed
a composite basis. Enter this amount on Form BI-471,
under VT statutes, but as such are passed through to
Line 2.
individual partners and members on their individual
income tax returns and are not specific to this schedule.
Schedule K-1VT:
Line 6:
Enter the amount of interest received by the partnership
The required form for all shareholders, Schedule K-1VT,
“Shareholder’s, Partner’s, or Member’s Information”, includes
from non-VT municipal bonds which are exempt from
federal tax. Interest received on bonds from states other
instuctions to the forms and line numbers of the VT Individual
than VT is taxable under VT income tax law.
Income Tax Return.
Total Income or Loss Add Lines 1 through 6.
Line 7:
Distribution of estimated payments will not occur if Schedule
K-1VTs are not complete and correct.
Enter the amount of U.S. Government interest included
Line 8:
in Line 3 above.
Mail Forms BI-471, BI-473; and, if applicable, BA-402 and
BA-404; a copy of the first five pages of Federal Form 1065
Total Net Income – subtract Line 8 from Line 7.
Line 9:
or 1065-B as filed with the IRS; and all Schedules K-1VTs to:
Line 10: Income Allocated Everywhere Enter the amount from
VT Department of Taxes
Form BA-402, Part 1, Line 1a. If no Form BA-402 is
133 State Street
attached, Line 10 will be adjusted to 100%.
Montpelier, VT 05633-1401
Line 11: Net Apportionable Income Subtract Line 5 from
Line 4.
(802) 828-5723
Taxpayer Services:
Line 12: VT Apportionment Percentage Enter 100% or amount
Email Address:
tax-corpincome@state.vt.us
from Form BA-402, Line 22.
Web Site Address:
Line 13: Net Income Apportioned to VT Multiply Line 11 by
(802) 828-5787
Fax:
Line 12.
(802) 828-2515
Forms:
Line 14: Total Net Income Allocated and Apportioned to VT
Add Form BA-402, Part 1, Line 1b, and Line 13, above.
Line 15: Enter the percent of VT-source income or loss passed
Form BI-473 Instructions
through to non-resident partners or members. “Various”
Rev. 09/13
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