Form Bi-472 Instructions - S Corporation Schedule
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1FORM BI-472 INSTRUCTIONS - S CORPORATION SCHEDULE
For Those Entities Filing Federal Form 1120S and Having Vermont Nonresident Shareholders.
Do not complete this form if all shareholders are VT residents.
Form BI-472 is used to determine the amount of Vermont-sourced
Form BI-472 and Schedules K-1 VT are used to distribute
non-resident estimated payments made with Form(s) WH-435. In
income distributed to shareholders who are not residents of
Vermont. With respect to each of its nonresident shareholders,
order for shareholders to receive proper credit on their tax returns,
the entity shall, for each taxable period, be liable for all income
these forms must be prepared completely and accurately. In
taxes together with related interest and penalties imposed on the
accordance with statute, payments will be distributed in proportion
nonresident by Vermont. Payments are generally due quarterly,
to the shareholders’ share of income.
and are made with Form WH-435. See 32 V.S.A. § 5914, and
Technical Bulletin 06 for more details.
Line 8: Net Income Apportioned to VT Multiply Line 6 by
Please use blue or black ink.
Line 7.
NOTE: References to federal forms are based on the most recent
DRAFTS available at the time VT forms are finalized. If there
Line 9: Total Net Income Allocated and Apportioned to VT
Add Form BA-402, Part 1, Line 1b, and Line 8, above.
are substantive changes, they will be noted at the Department’s
website.
Line 10: Enter the percent of VT-source income or loss passed
Enter your business name and Federal Employer Identification
through to non-resident owners. “Various” is not a valid
entry. While the proportion of ownership may have changed
Number (FEIN).
over the year, an exact amount of income would have been
NOTE: VT does not conform to the special “bonus”
reported to nonresidents. You may need to “back into” this
depreciation provisions of IRC 168(k) for assets placed in
number from Line 11.
service in 2008 and later. If the company took advantage of
the bonus depreciation provision on assetsplaced in service in
Line 11: Enter the dollar amount of VT-source income or loss
2008 and later, all figures must be recomputed to disregard
passed through to non-residents. This is the basis amount for
required estimated payments for non-residents. The current
its effects.
rate is 6.8%. If total Form WH-435 payments (including
Line 1: From Federal 1120-S Schedule K, Combine: Ordinary
“catch-up” payment) are less than 6.8% of the amount on
business income (loss), Net rental real estate income (loss),
Line 11, the company will be subject to assessment for the
Other net rental income (loss), Interest income, Ordinary
underpayment, interest, and penalty.
dividends, Royalties, Net short-term capital gain (loss), Net
long-term capital gain (loss), Net section 1231 gain (loss), and
Line 12: Enter the amount, if any, of VT-source income passed
Other income (loss). Then subtract: Section 179 deduction,
through to non-residents that is reported and taxed on a
Contributions, Investment interest expense, Section 59(e)(2)
composite basis. Enter this amount on Form BI-471, Line 2.
expenditures amount, and Other deductions. This is the total
Schedule K-1VT:
Shareholders Share of Income Less Deductions which you
enter on Line 1.
The required form for all shareholders, Schedule K-1VT,
“Shareholder’s, Partner’s, or Member’s Information”, includes
Adjustments To Taxable Income
instructions to the forms and line numbers of the VT Individual
Income Tax Return.
Line 2: Enter the amount of interest received from non-VT state
and local obligations that were exempted from federal tax.
Distribution of estimated payments will not occur if Schedule
Line 3: (a) Enter the amount of interest received from U.S.
K-1VTs are not complete and correct.
Government Obligations.
Mail Forms BI-471, BI-472; and, if applicable, BA-402 and
(b) Enter the wage expense associated with targeted jobs
BA-404; a copy of the first four pages of Federal Form 1120S
credit disallowed on the Federal return by IRC Section
as filed with the IRS; and all Schedules K-1VTs to:
280C(a).
VT Department of Taxes
(c) Add Lines 3(a) and 3(b).
133 State Street
Montpelier, VT 05633-1401
Line 4: Total Net Income (loss) Add Lines 1 and 2 and then
subtract Line 3(c).
Taxpayer Services: (802) 828-5723
Line 5: Income Allocated Everywhere Enter the amount from
Email Address:
tax-corpincome@state.vt.us
Form BA-402, Part 1, Line 1a.
Web Site Address:
Line 6: Net Apportionable Income Subtract Line 5 from Line 4.
(802) 828-5787
Fax:
(802) 828-2515
Forms:
Line 7: VT Apportionment Percentage Enter 100% or amount
from Form BA-402, Line 22. If no Form BA-402 is attached,
Form BI-472 Instructions
Line 7 will be adjusted to 100%.
Rev. 09/13
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