Form Bi-473 - Vermont Partnership/limited Liability Company Schedule Page 2
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2FORM 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
Bulletins 05 & 06 for more details.
Please use blue or black ink.
is not a valid entry. While the proportion of ownership
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%.
NOTE: VT does not conform to the special “bonus”
If total Form WH-435 payments (including “catch-up”
depreciation provisions of IRC 168(k) for assets placed in
payment) are less than 6.8% of the amount on Line
service in 2008 and later. If the company took advantage of the
16 plus apportioned part of guaranteed payments to
bonus depreciation provision, all figures must be recomputed
partners, the company will be subject to assessment for
to disregard its effects.
the underpayment, interest, and penalty.
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
NOTE:
Federal Schedule K-1 deductions and credits are allowed
on a composite basis. Enter this amount on Form
under VT statutes, but as such are passed through to
BI-471, Line 2. See Technical Bulletins 05 and 06 for
individual partners and members on their individual
information on composite filing.
income tax returns and are not specific to this schedule.
Schedule K-1VT:
Line 6:
Enter the amount of interest received by the partnership
from non-VT municipal bonds which are exempt from
The required form for all shareholders, Schedule K-1VT,
federal tax. Interest received on bonds from states other
“Shareholder’s, Partner’s, or Member’s Information”, includes
than VT is taxable under VT income tax law.
instuctions to the forms and line numbers of the VT Individual
Income Tax Return.
Line 7:
Total Income or Loss Add Lines 1 through 6.
Distribution of estimated payments will not occur if Schedule
Line 8:
Enter the amount of U.S. Government interest included
K-1VTs are not complete and correct.
in Line 3 above.
Mail Forms BI-471, BI-473; and, if applicable, BA-402 and
Line 9:
Total Net Income – subtract Line 8 from Line 7.
BA-404; a copy of the first five pages of Federal Form 1065
or 1065-B as filed with the IRS; and all Schedules K-1VTs to:
Line 10: Income Allocated Everywhere Enter the amount from
Form BA-402, Part 1, Line 1a. If no Form BA-402 is
VT Department of Taxes
attached, Line 10 will be adjusted to 100%.
133 State Street
Line 11: Net Apportionable Income Subtract Line 5 from
Montpelier, VT 05633-1401
Line 4.
Line 12: VT Apportionment Percentage Enter 100% or amount
Taxpayer Services:
(802) 828-5723
from Form BA-402, Line 22.
Email Address:
tax-corpincome@state.vt.us
Line 13: Net Income Apportioned to VT Multiply Line 11 by
Web Site Address:
Line 12.
Fax:
(802) 828-5787
Line 14: Total Net Income Allocated and Apportioned to VT
Forms:
(802) 828-2515
Add Form BA-402, Part 1, Line 1b, and Line 13, above.
Line 15: Enter the percent of VT-source income or loss passed
through to non-resident partners or members. “Various”
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