Instructions For Form In-111 Page 5

ADVERTISEMENT

Line 9
Exemptions Enter the number of exemptions claimed on your federal return or your recomputed federal return.
Section 3 Taxable Income
Line 10
Adjusted Gross Income REQUIRED entry. Enter the amount from your federal return or, if applicable, from
the recomputed federal return.
Line 11
Federal Taxable Income REQUIRED entry. Enter the amount from your federal return or, if applicable, from
the recomputed federal return.
NOTE: If you have an entry on IN-111 for Lines 12a, 12b, or 12c, calculate the actual Federal Taxable Income
loss. From federal Form 1040, subtract Line 42 from Line 41 or federal Form 1040A, subtract Line 26 from
Line 25. Check the box to the left of the entry line to show a loss and enter the amount on Line 11.
Additions to Federal Taxable Income
Line 12a
Enter the Non-Vermont State and Local Obligations from Schedule IN-112, Part I, Line 3.
Line 12b
Federal Bonus Depreciation Vermont does not recognize the bonus depreciation allowed under federal law.
Enter the difference between the depreciation calculated by standard MACRS methods and the depreciation
calculated using the federal bonus depreciation for assets placed in service in 2017. Read Technical Bulletin 44 on
our website for information on calculating the amount to add back to taxable income.
If you file a federal Form 1040, Schedule A, for 2017, you are required to complete and submit Schedule IN-155.
Line 12c
Addback of Itemized Deductions Enter amount from Schedule IN-155, Line 11.
Line 13
Federal Taxable Income with Additions
Add Lines 11, 12a, 12b, and 12c and enter result. To indicate a loss, check the loss box to the left of the entry line.
Subtractions from Federal Taxable Income
Line 14a
Interest Income from U.S. Obligations Interest income from U.S. government obligations (such as U.S. Treasury
bonds, bills, and notes) is exempt from Vermont tax under the laws of the United States. Enter the amount of
interest income from U.S. Obligations on this line. Read Technical Bulletin 24 on our website.
Line 14b
Capital Gains Exclusion See Schedule IN-153 and instructions to calculate the capital gains exclusion for 2017.
Read Department regulation § 1.5811(21)(B)(ii) and Technical Bulletin 60 on our website to help determine your
capital gain exclusion. Complete and submit Schedule IN-153.
Line 14c
Adjustment for Bonus Depreciation on Prior Year Property Enter the difference between the depreciation
calculated by standard MACRS methods and the depreciation calculated at the federal level. For information on
calculating the amount that can be subtracted from taxable income, read Technical Bulletin 44 on our website.
Line 14d
Taxable refunds of state and local income taxes Enter the amount from your federal Form 1040, Line 10. Skip
if you do not file a federal Form 1040.
Line 14e
Add Lines 14a, 14b, 14c, and 14d.
Line 15
Vermont Taxable Income Subtract Line 14e from Line 13 and enter amount. If Line 14e is more than Line 13,
enter -0-.
Section 4 Vermont Income Tax
Line 16
Vermont Income Tax Taxpayers who have a federal adjusted gross income (AGI) greater than $150,000 must
pay a minimum Vermont tax of 3% of federal AGI. If your federal AGI, Line 10, is greater than $150,000, enter
the amount that is higher: 1) 3% of your federal AGI less interest from U.S. obligations, or 2) tax calculated on
Vermont Taxable Income, Line 15, using the applicable tax table or rate schedule.
If your federal AGI, Line 10, is less than or equal to $150,000, calculate your Vermont tax on Vermont Taxable
Income, Line 15, using the applicable tax table or rate schedule and enter the result.
Line 17
Additions to Vermont Income Tax Complete and submit Vermont Schedule IN-112, Part II, to report:
• Recapture of a Vermont tax credit
OR
• 24% of additional federal tax on the following:
- Qualified Retirement Plan distributions including IRA, HSA & MSA
- Recapture of federal Investment Tax Credit
- Lump-sum Distribution from federal Form 4972
Line 18
Vermont Income Tax with Additions Add Lines 16 and 17 and enter result.
2017 Form IN-111 Instructions
Page 5 of 18

ADVERTISEMENT

00 votes

Related Articles

Top 20 Happy Easter Cards And Gift Tags To Download For Free
Top Ten Easter Arts And Crafts Activities For Your Kids
Free Easter Coloring Pages And Easter Printables For Your Kids

Related forms

Instructions For Form Rct-111 - Gross Receipts Tax Report - Telecommunications Companies Instructions For Form Rct-111 - Gross Receipts Tax Report - Telecommunications Companies Financial
Instructions For Form Rct-111 - Pennsylvania Return Instructions For Form Rct-111 - Pennsylvania Return Financial
Instructions For Form In-114 - Individual Estimated Tax Payment Vouchers - 1999 Instructions For Form In-114 - Individual Estimated Tax Payment Vouchers - 1999 Financial
Instructions For Form In-112 - Municipal Bond Income And Allowable Tax Credits Instructions For Form In-112 - Municipal Bond Income And Allowable Tax Credits Financial
General Instructions For Form Rd-111 General Instructions For Form Rd-111 Financial
Form In-151 - Vermont Application For Extension Of Time To File Form In-111 Vt Individual Income Tax Return - 2012 Form In-151 - Vermont Application For Extension Of Time To File Form In-111 Vt Individual Income Tax Return - 2012 Financial
Form In-151 - Application For Extension Of Time To File Form In-111 Vt Individual Income Tax Return - 2009 Form In-151 - Application For Extension Of Time To File Form In-111 Vt Individual Income Tax Return - 2009 Financial
Form In-151 - Application For Extension Of Time To File Form In-111 Vt Individual Income Tax Return - 2010 Form In-151 - Application For Extension Of Time To File Form In-111 Vt Individual Income Tax Return - 2010 Financial
Form In-151 - Application For Extension Of Time To File Form In-111 Vt Individual Income Tax Return - 2008 Form In-151 - Application For Extension Of Time To File Form In-111 Vt Individual Income Tax Return - 2008 Financial
Form In-151 - Vermont Application For Extension Of Time To File Form In-111 Vt Individual Income Tax Return - 2013 Form In-151 - Vermont Application For Extension Of Time To File Form In-111 Vt Individual Income Tax Return - 2013 Financial

Related Categories

Parent category: Financial
Download
Go
Page of 18