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Vermont Estimated Income Tax Instructions
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Extracted from PDF file 2024-vermont-estimated-tax-instructions.pdf, last modified November 2023Estimated Income Tax Instructions
2024 FORM IN-114 Instructions Individual Income Estimated Tax Payment Voucher General Information Please print in BLUE or BLACK ink only. Estimated income tax is the amount of Vermont tax you expect to owe for the year on income that is not subject to withholding (for example, earnings from self-employment, interest, dividends, rental income, alimony, etc.), or exceeding withholdings, plus any additions. Additions to Vermont tax may include: - Qualified Retirement Plans (including Individual Retirement Accounts, Health Savings Accounts, and Medical Savings Accounts) - Recapture of Federal Investment Tax Credit - Vermont Tax Credit Recapture Who Must Make Estimated Income Tax Payments? Generally, you must pay estimated income tax if you expect to owe an income tax liability or have income not subject to withholding such as self-employment earnings. Individuals receiving twothirds of their income from farming or fishing, as defined by the IRS, are not required to make estimated income tax payments. How Do I Determine My Estimated Tax Liability? Please use your 2023 tax liability or use the worksheet included with this form to estimate your 2024 tax liability. In order to avoid underpayment of estimated tax, which may result in penalty and interest charges, estimated tax payments must either be: 1) 100% of last year’s tax liability or 2) 90% of this year’s tax liability. If the tax liability due is less than $500, you will not be subject to penalty or interest charges. When Are Estimated Income Tax Payments Due? Estimated income tax payments are made in four equal amounts by the due dates shown below: 1st payment. . . . . . . . . . . . . . . . . . . . . April 15, 2024 2nd payment. . . . . . . . . . . . . . . . . . . . June 17, 2024 3rd payment . . . . . . . . . . . . . . . . . . . . September 16, 2024 4th payment. . . . . . . . . . . . . . . . . . . . . January 15, 2025 Can I File Annualized Estimated Payments for Vermont? Individuals who make annualized estimated tax payments with the IRS may also make annualized estimated payments in Vermont. If you make annualized payments, please attach a completed copy of federal Form 2210, Underpayment of Estimated Tax by Individuals, Estates, and Trusts, and Vermont Form IN-152A, Annualized Income Installment Method for Underpayment of 2023 Estimated by Tax by Individual, Estates, and Trusts, when you file your Vermont income tax return. Questions? Contact your tax preparer for advice on filing estimated income tax payments. Please see the Vermont Department of Taxes website, www.tax.vermont.gov, to find answers to many of your tax questions. Contact the Vermont Department of Taxes for other assistance. 2024 Form IN-114 Instructions Page 1 of 1 Rev. 10/23 2024 Preliminary Vermont Tax Rates Married Filing Jointly, Schedule Y-1 Use if your filing status is: Married Filing Jointly; Qualifying Widow(er) or Civil Union Filing Jointly Single Individuals, Schedule X Use if your filing status is: Single If your Taxable Income is Over But Not Over VT Base Tax is of the Amount Over If your Taxable Income is Over But Not Over VT Base Tax is Plus of the Amount Over 0.00 3.35% 0 0 79,950 0.00 3.35% 0 47,900 116,000 1,605.00 6.60% 47,900 79,950 193,350 2,678.00 6.60% 79,950 116,000 242,000 6,099.00 7.60% 116,000 193,350 294,650 10,163.00 7.60% 193,350 294,650 - 17,862.00 8.75% 294,560 0 47,900 Plus 242,000 - 15,675.00 8.75% 242,000 Married Filing Separately, Schedule Y-2 Use if your filing status is: Married Filing Separately or Civil Union Filing Separately If your Taxable Income is Over But Not Over VT Base Tax is 0 39,975 Plus Heads of Household, Schedule Z Use if your filing status is: Head of Household of the Amount Over If your Taxable Income is Over But Not Over VT Base Tax is Plus of the Amount Over 0.00 3.35% 0 0 64,150 0.00 3.35% 0 39,975 96,675 1,339.00 6.60% 39,975 64,150 165,700 2,419.00 6.60% 64,150 96,675 147,325 5,081.00 7.60% 96,675 165,700 268,350 8,851.00 7.60% 165,700 - 8,931.00 8.75% 147,325 268,350 - 16,653.00 8.75% 268,350 147,325 RECORD of 2024 ESTIMATED PAYMENTS Due Date April 15, 2024 June 17, 2024 Sept. 16, 2024 Jan. 15, 2025 Date Paid Check # Amount Paid
Estimated Tax Instructions
More about the Vermont Estimated Tax Instructions Individual Income Tax TY 2024
These instructions explain how to fill out and file your self employment taxes.
Estimated Tax Instructions requires you to list multiple forms of income, such as wages, interest, or alimony .
We last updated the Estimated Income Tax Instructions in March 2024, so this is the latest version of Estimated Tax Instructions, fully updated for tax year 2023. You can download or print current or past-year PDFs of Estimated Tax Instructions directly from TaxFormFinder. You can print other Vermont tax forms here.
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TaxFormFinder has an additional 51 Vermont income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| Form IN-111 | Vermont Personal Income Tax Return |
| Form IN-114 | Individual Income Estimated Tax Payment Voucher |
| Form IN-116 | Income Tax Payment Voucher |
| Form HS-122 (Instructions) | Vermont Homestead Declaration AND Property Tax Credit Claim (Instructions) |
| Form IN-151 | Application For Extension Of Time To File Form IN-111 |
View all 52 Vermont Income Tax Forms
Form Sources:
Vermont usually releases forms for the current tax year between January and April. We last updated Vermont Estimated Tax Instructions from the Department of Taxes in March 2024.
About the Individual Income Tax
The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.
Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!
Historical Past-Year Versions of Vermont Estimated Tax Instructions
We have a total of eight past-year versions of Estimated Tax Instructions in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
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