Form Fi-161 - Vermont Fiduciary Return Of Income

that has only a portion of its assets invested in VT state and local

Line 31: For other state or Canadian province – Negative taxable

obligations, enter only the VT obligation amount.

income, enter the negative amount. Positive total income and

taxable income, enter the income.

Line 18: Subtract Line 17 from Line 16. Enter result here and also

on Line 2a. This is the amount of interest and dividend income

Lines 32 through 38 Adjustments for bonus depreciation, non-VT

from non-VT state and local obligations that must be included in

state and local obligations, and U. S. government interest income

VT taxable income.

are made to create the income comparable to the total income used

for Vermont tax purposes.

SCHEDULE B

Line 39 Enter the Total Income from Federal Form 1041, Line 9.

If estate or trust filed Federal Form 1041, use Lines 19-23. If

For Qualified Settlement Funds, enter the figure from Federal Form

Federal Form 1120-SF was filed, use Lines 24-25.

1120-SF. NOTE: If negative VT taxable income, enter zero.

Line 19: Compute the tax by using the VT 2012 tax rate schedule

Lines 40 through 45 Adjustments for bonus depreciation, non-VT

printed in the instructions.

state and local obligations, and U. S. government interest income

are made to make the income comparable to the other state or

Lines 20a-b: Complete these lines if the estate or trust is liable

Canadian province.

for tax on lump-sum distributions from Federal Form 4972 or

recapture of Federal investment credit from Federal Form 4255.

Line 46 Subtract Line 45 from Line 42. If Line 45 is greater than

Line 42, enter zero.

Line 20c: Add Lines 20a and 20b and multiply the sum by 24%.

Line 47 Enter the Vermont fiduciary income tax calculated on

Line 22a: Investment tax credit from Form 3468. This credit is

Form FI-161, Line 6.

limited to the amount of investment tax credit attributable to the

VT-property portion.

Line 48 Divide Line 38, Modified Total fiduciary income for

the other state or Canadian province by Line 46, Modified total

Line 22b: Multiply Line 22a by 24%.

fiduciary income for Vermont, and multiply that result by Line 47.

LINE 22c VT-Based Business Solar Energy Investment Credit

Line 49 Enter the amount of income tax paid to the other state or

carryfoward. Unused VT-based business solar energy investment

Canadian province. This amount is income tax paid to the state

tax credit may be carried forward no more than five years following

or Canadian province; not the amount of withholding. City and

the year the credit is claimed. See Technical Bulletin 45 on our

county tax paid to the state is not allowed. Credit for the Canadian

website under “Publications”.

provincial income tax does not include the portion used as a foreign

Line 22d: Add Lines 22b and 22c.

credit on Federal Form 1040.

Line 23: Subtract Line 22d from Line 21. Enter amount here

Line 50 Enter the lesser of Line 48 or Line 49. This is your

and on Line 6.

credit for income tax paid to another state or Canadian province.

Line 24: If filing Federal Form 1120-SF, Qualified Settlement

If this is the only state or province, also enter on Form FI-161,

Fund, enter amount from Federal Form 1120-SF here.

Line 9. Otherwise, see instructions for “More Than One State

Line 25: Multiply Line 24 amount by 8.95%. Enter amount here

or Province.”

and on Line 6.

SCHEDULE E

SCHEDULE C

Lines 51-58: Enter in Column A all the items comprising

Nonresident or part-year resident estates or trusts must first complete

Federal income as they appear on the Federal Form 1041. Enter

Schedule E to determine the non-VT portion of income used in

in Column B the VT portion of all items listed in Column A.

calculating the adjustment percentage on Schedule C.

Nonresidents: Use Line 58 to adjust Column A for non-VT state

and local obligations and U.S. obligation interest.

SCHEDULE D

Line 52A: Use amount from Federal Form 1041, Line 2a.

A credit may be allowed against VT Fiduciary income tax on estate/

Lines 53, 55, and 56: Use amount from Federal K-1 before

trust income paid to another state or Canadian province on income

recalculation for exclusion of bonus depreciation for both

taxed by both VT and the other taxing jurisdiction.

Column A and Column B.

Supporting Documentation Required: Copy of the tax return

filed in the other state(s). For Canadian province(s), a copy of the

provincial tax return filed, copy of Federal Form 1116 (Foreign Tax

Credit), and copy of, Revenue Canada income tax return. Convert

amounts on Canadian returns to U. S. dollars.

See Technical Bulletin 38 if you have capital gain, business

income, or made adjustments to arrive at your Federal

Adjusted Gross Income.

More Than One State or Province?

•

Complete a VT Schedule D for each state or province. Do

NOT combine the income and credit of all states or provinces

on one Schedule D.

•

Add Line 50 from each VT Schedule D to calculate the tax

credit entry on Form FI-161, Line 9.

•

Attach all VT Schedules D and the supporting documents

required.

Line 30: Enter the name of the state or Canadian province where

fiduciary income tax was paid.

Form Fi-161 - Vermont Fiduciary Return Of Income - 2012 Page 8

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