The Vermont IN-111 form is a key document used for filing personal income tax returns in Vermont. This form collects essential financial information, allowing taxpayers to report their income, claim exemptions, and calculate their tax liability. Completing this form accurately is crucial for ensuring compliance with state tax laws and for determining any potential refunds or payments due.
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The Vermont IN-111 form is an essential document for individuals filing their income tax returns in the state. This form serves as a comprehensive declaration of income, deductions, and credits, guiding taxpayers through the process of calculating their state tax liability. For those filing jointly, it accommodates both partners, allowing them to report their combined income and claim appropriate exemptions. The form includes sections for entering personal information, such as Social Security numbers and mailing addresses, as well as details about filing status—whether single, married, or head of household. Taxpayers will also report their adjusted gross income, any federal taxable income, and applicable deductions. Additionally, the IN-111 allows for the declaration of various tax credits, ensuring that individuals can accurately account for their financial situation. With a due date typically set for April 15, the form must be completed with care, as it plays a crucial role in determining the overall tax obligation to the state of Vermont.
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Staple W-2/1099’s here
2008
INCOME TAX RETURN
*081111100*
DUE DATE: April 15, 2009
PRINT in BLUE or BLACK INK
DEPT USE ONLY
FORM
VERMONT
IN-111
If filing jointly,
1
Taxpayer’s Social
-
Spouse or CU Partner
Security Number
Social Security Number
Taxpayer’s Last Name
First Name
Initial
CHECK
Spouse or CU Partner Last Name
HERE if
Information
Fiscal
Year Filer
Taxpayer
Mailing Address (Number and Street/Road or PO Box)
City/Town
District Code
State
Zip Code
1 VT School
Check here if this is
Check if taxpayer
Check if Spouse or CU
2 City/Town of Legal Residence on 12/31/2008
an AMENDED return
died during 2008
Partner died during 2008
2
FILING STATUS
7a
7b
3
4
5
6
8
Enter Spouse or CU Partner full name
Married
CU
Single
Head of
CU Partner
Enter Spouse or CU
Qualifying Widow(er)
Filing
Household
Partner Social
with dependent
Separately
Jointly
children
9. EXEMPTIONS CLAIMED (Federal Form 1040–Line 6d; 1040A–Line 6d; 1040EZ/1040NR-EZ–enter 0, 1, or 2) . . . .
.
. .
. . .
. 9.
Check to
Tax
10.
ADJUSTED GROSS INCOME (Federal Form 1040–Line 37; 1040A–Line 21; 1040EZ–Line 4)
indicate loss
,
0
11.
FEDERAL TAXABLE INCOME If the Federal amount is zero, see instructions on
page 7 (Federal Form 1040–Line 43; 1040A–Line 27; 1040EZ–Line 6)
12a.
Income from Non-VT State and Local Obligations (Schedule IN-112, VT Calculation A, Part I, Line 3)
12b.
50% Bonus Depreciation from 2008 Federal Economic Act
. . . .
13.
FEDERAL TAXABLE INCOME WITH ADDITIONS (Add Lines 11, 12a and 12b)
Income
14a.
Interest Income from U.S. Obligations
Taxable
14b.
x 40%
14c.
Capital Gains (Capital Gains Worksheet, Line M on page 7.)
14d.
14e.
Amount from Line 11 above (If negative, enter “0”)
Capital Gains Limitation
14f.
Add Lines 14a and the smaller of Line 14c or 14e
15.
VT TAXABLE INCOME (Subtract Line 14f from Line 13)
16.
VT INCOME TAX FROM VT TAX TABLE OR TAX RATE SCHEDULE on Line 15 amount
17.
ADDITIONS TO VT INCOME TAX (Schedule IN-112, VT Calculation A, Part II, Line 10)
17.. .
18.
VT INCOME TAX WITH ADDITIONS (Add Lines 16 & 17)
18.. .
VT Income
19.
SUBTRACTIONS FROM VT INCOME TAX (Schedule IN-112, VT Calculation A, Part II, Line 18). . . .
19.. .
20.
VT INCOME TAX (Subtract Line 19 from Line 18) If Line 19 is more than Line 18, enter zero
20.. .
%
21. INCOME ADJUSTMENT (Schedule IN-113, Line 43 OR 100.00%)
21.
22.
ADJUSTED VT INCOME TAX (Multiply Line 20 by Line 21)
22.. .
Continued on back ☛
Form IN-111
15
Carried forward from Line 22 _____________________________
*081111200*
+ 24.
= 25.
23.
CREDIT FOR INCOME TAX PAID TO OTHER
VT TAX CREDITS (Schedule IN-112,
TOTAL VT CREDITS
STATE OR CANADIAN PROVINCE
VT Calculation D, Line 6 OR Schedule IN-119)
(Add Lines 23 and 24)
Use
(Schedule IN-112, VT Calculation B, Line 6)
and
26.
VT INCOME TAX AFTER CREDITS (Subtract Line 25 from Line 22, but not less than zero) . . .
26.. . .
Credits
27.
USE TAX (See page 8 for instructions and chart)
28.
TOTAL VT TAXES (Add Lines 26 and 27) . . . .
28.. . .
Nongame Wildlife Fund
Children’s Trust Fund
VT Campaign Fund
Contributions
30.
TOTAL
OF
VT
TAXES
&
VOLUNTARY CONTRIBUTIONS
(Add Line 28 and
Line 29d).
. .0.
. . 30.
=
29a.
+
29b.
0 0
29c.
29d.
7
31a. VT Tax Withheld (Attach state copy of W-2, 1099, etc.)
31a.
31b. 2008 Estimated Tax or Extension Payments
31b.
31c. Earned Income Tax Credit (Schedule IN-112, VT Calculation C)
31c.
31d.
Renter Rebate (Form PR-141, Line 9) . .
Member, or Shareholder (Form WH-435, see page 9)
31f.
Payments
31e. VT Real Estate Withholding (See instructions on page 9)
31e.
31f. Business Entity Payments for Nonresident Partner,
31g. Low Income Child & Dependent Care Credit
31g.
(See instructions on page 9) . .
31h.
TOTAL PAYMENTS AND CREDITS (Add Lines 31a through 31g)
. 31h.
32.
OVERPAYMENT If Line 30 is less than Line 31h, subtract Line 30 from Line 31h
33a.
REFUND TO BE CREDITED TO 2009 ESTIMATED TAX PAYMENT
Refund
Amount on 31d cannot be credited to 2009 estimated tax payment
33b.
REFUND TO BE CREDITED TO 2009 PROPERTY TAX BILL
34.
. . . . . . . . . . .REFUND AMOUNT (Subtract Lines 33a and 33b from Line 32)
. . . 34.
9
Due
35.
If Line 30 is more than Line 31h, subtract Line 31h from Line 30. See page 10 for instructions on tax due.. . . . . . . . . . . . . . . . . . 35.
Interest and Penalty on Underpayment of
36.
37. Add Lines 35 and 36 . 37.
Estimated Tax (Worksheet IN-152 or 152A)
For amended
Original refund received ________________
Refund due now __________________
Original payment_________________
Amount due now _______________
returns only
10
Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge
and belief, they are true, correct and complete. Preparers cannot use return information for purposes other than preparing returns.
Signature
Date
Occupation
Check if age
Telephone Number (optional)
65 or older
Signatures
Signature. If a joint return, BOTH must sign.
Check here if authorizing the VT Department of Taxes to discuss this return and attachments with your preparer.
Preparer’s signature
Preparer’s
SSN or
PTIN
Use Only
Firm’s name (or yours if self-employed) and address
EIN
Preparer’s Telephone Number
16 Form IN-111
Keep a copy for your records.
The Vermont IN-111 form is similar to the Federal Form 1040, which is the standard individual income tax return used in the United States. Both forms require taxpayers to report their income, deductions, and credits to determine their tax liability. The structure of these forms is quite similar, with sections dedicated to personal information, income reporting, and tax calculations. However, the IN-111 includes specific Vermont tax regulations and credits that are unique to the state, while the 1040 serves as a federal standard applicable to all taxpayers across the country.
Another document that shares similarities with the Vermont IN-111 is the Federal Form 1040A. This form is a simplified version of the standard 1040 and is designed for taxpayers with straightforward tax situations. Like the IN-111, the 1040A allows individuals to report income, claim deductions, and calculate taxes owed. Both forms provide a streamlined approach for those who may not have complex financial situations, making them accessible for a wide range of taxpayers.
The Federal Form 1040EZ is also comparable to the Vermont IN-111. This form is the simplest tax return available at the federal level, aimed at individuals with basic income and no dependents. The IN-111, while more detailed, still shares the same goal of helping taxpayers report income and calculate taxes owed. Both forms focus on clarity and ease of use, making them suitable for individuals who may not require extensive deductions or credits.
The Vermont Schedule IN-112 is another document closely related to the IN-111. This schedule is used to calculate various additions and subtractions to income for Vermont tax purposes. While the IN-111 provides the overall framework for reporting income and tax liability, the IN-112 offers more specific details regarding adjustments based on Vermont tax laws. This relationship highlights the need for taxpayers to understand both documents to accurately complete their tax returns.
Form PR-141, the Vermont Renter Rebate form, is also similar in that it addresses a specific tax credit available to residents. While the IN-111 focuses on income tax, the PR-141 allows renters to claim a rebate based on their rental expenses. Both forms are essential for Vermont residents looking to maximize their tax benefits, and they complement each other in the overall tax filing process.
The Federal Form 8862, used to claim the Earned Income Credit after a prior disallowance, shares a purpose with the IN-111 in that both forms help taxpayers navigate credits that can significantly reduce tax liability. While the IN-111 addresses various Vermont-specific credits, the 8862 is focused on a federal credit that benefits low- to moderate-income working individuals and families. Both forms require careful attention to detail to ensure accurate claims.
The Vermont IN-119 form, which is used for claiming various tax credits, is another document that aligns with the IN-111. Like the IN-112, the IN-119 focuses on specific credits available to Vermont taxpayers. Both forms are integral to ensuring that individuals can take full advantage of the credits available to them, thereby lowering their overall tax burden.
For individuals looking to navigate the complexities of tax documentation, it is essential to understand the various forms they may encounter, such as the Vermont IN-111 and how they relate to other tax forms. This understanding is crucial, as it helps in accurately reporting income and claiming the appropriate credits or deductions. For example, resources like the https://toptemplates.info/ can provide templates that simplify the process, ensuring that taxpayers are well-prepared come tax season.
Form W-2, the Wage and Tax Statement, is essential for both the IN-111 and federal tax returns. This document reports an employee's annual wages and the taxes withheld from their paycheck. Taxpayers must attach their W-2 forms to the IN-111 to substantiate their reported income. The relationship between these two forms emphasizes the importance of accurate income reporting in the tax filing process.
Lastly, the 1099 form series, which reports various types of income other than wages, is similar to the IN-111 in that it provides necessary information for taxpayers who are self-employed or receive income from sources such as freelance work or investments. Just like the W-2, 1099 forms must be included with the IN-111 to ensure that all income is accurately reported and taxed accordingly. This connection underlines the importance of comprehensive income reporting for a complete tax return.
This form is applicable to anyone who has earned income in Vermont, regardless of their state of residence. Non-residents who have Vermont-sourced income must also file this form.
The due date for filing the Vermont IN-111 form is typically April 15, but this may change if it falls on a weekend or holiday. Taxpayers should verify the specific deadline each year.
When filing jointly, spouses can combine their incomes, but they can also choose to report certain income separately if it benefits their tax situation.
Taxpayers can file an amended return if they discover errors or omissions after submitting the original form. This is done using the appropriate amendment procedures.
Individuals with various sources of income, including self-employment, rental income, and investment earnings, are also required to file this form.
Taxpayers must actively claim available credits on the form. Simply filing does not guarantee that credits will be applied unless explicitly claimed.
Regardless of the filing method, taxpayers must attach copies of W-2s and 1099s to the IN-111 form to substantiate their reported income.
This form can also be used by certain business entities that are required to report income and pay taxes in Vermont.
Even if no tax is owed, filing the IN-111 form is necessary to report income and maintain compliance with Vermont tax laws.
The Vermont Department of Taxes offers resources, including instructions and assistance, to help taxpayers accurately complete the IN-111 form.