Get Vt Schedule In-117 2023-2025

The Vermont Schedule IN-117 is an essential form for residents and certain part-year residents seeking to claim a credit for income tax paid to another state or Canadian province. This guide will provide clear, step-by-step instructions on how to complete the form accurately online.

Follow the steps to fill out the VT Schedule IN-117 online.

1. Click 'Get Form' button to access the form and open it in your editing tool.
2. Begin by entering the taxpayer's last name, first name, and middle initial in the designated fields.
3. Input the taxpayer's Social Security Number in the specified section.
4. Indicate the name of the state or Canadian province for which you are claiming the credit, using the standard two-letter abbreviation.
5. In line 2, enter the adjusted gross income that was taxed in the other state or Canadian province. Ensure this amount does not exceed the entry on Form IN-111, Line 1.
6. Fill in line 3 with the 2023 bonus depreciation addback that is taxed in another state and in Vermont.
7. On line 4, include any non-Vermont state or local obligations that are taxed in both the other state and Vermont.
8. Calculate the total for lines 2 through 4 and enter it in line 5.
9. Complete lines 6 and 7 with the bonus depreciation subtracted from income and U.S. Government interest income, respectively.
10. Add lines 6 and 7, entering the result in line 8.
11. Subtract line 8 from line 5 to determine the modified adjusted gross income for the income taxed, and write it in line 9.
12. Refer to line 10 for adjusted gross income from Form IN-111, ensuring to enter -0- for values less than zero.
13. Insert any non-Vermont state/local obligations from Schedule IN-112, Part I, Line 3 in line 11.
14. Enter bonus depreciation from Schedule IN-112, Part I, Line 4 in line 12.
15. Add lines 10 through 12 and place the total in line 13.
16. Report U.S. Government interest income from Schedule IN-112, Part I, Line 7 on line 14.
17. Insert the bonus depreciation from Schedule IN-112, Part I, Line 9 into line 15.
18. Complete line 16 by adding lines 14 and 15.
19. Subtract line 16 from line 13 and write the result in line 17.
20. Input the Vermont income tax from Form IN-111, Line 14 in line 18.
21. Calculate the computed tax credit by dividing line 9 by line 17, and then multiplying by line 18. Document this in line 19.
22. On line 20, enter the income tax paid to another state based on the modified adjusted gross income from line 9.
23. Finally, enter the lesser of line 19 or line 20 in line 21 to determine the Vermont credit for income tax paid.
24. Once all fields are complete and validated, save your changes, and then download, print, or share the form as needed.

Complete your form online to ensure a smooth filing process.