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Vermont Free Printable  for 2021 Vermont VT Tax Adjustments and Credits

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VT Tax Adjustments and Credits
Schedule IN-112

Vermont Department of Taxes *201121100* 2020 Schedule IN-112 Vermont Tax Adjustments and Credits Taxpayer’s Last Name Please PRINT in BLUE or BLACK INK First Name * 2 0 1 1 2 1 1 0 0 * INCLUDE WITH FORM IN-111 MI Taxpayer’s Social Security Number PART I ADDITIONS TO FEDERAL ADJUSTED GROSS INCOME 1. Total interest and dividend income from all state and local obligations exempt from federal tax (Reported on federal Form 1040) . . . 1. _____________________________ .00 2. Interest and dividend income from Vermont state and local obligations included in Line 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. _____________________________ .00 3. Income from Non-Vermont State and Local Obligations (Subtract Line 2 from Line 1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3. _____________________________ .00 4. Bonus Depreciation Allowed under Federal Law for 2020. . . . . . . . . . . . . 4. _____________________________ .00 5. Total Additions (Add Line 3 and Line 4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5. ______________________________ .00 SUBTRACTIONS FROM FEDERAL ADJUSTED GROSS INCOME 6. Interest Income from U.S. Obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6. _____________________________ .00 7. Capital Gains Exclusion (Schedule IN-153, Line 21). . . . . . . . . . . . . . . . . 7. _____________________________ .00 8. Adjustment for Prior Years’ Bonus Depreciation. . . . . . . . . . . . . . . . . . . . 8. _____________________________ .00 9. Taxable Refunds of State and Local Income Taxes (Reported on federal Form 1040) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9. _____________________________ .00 10. Medical Expense Deduction (see the worksheet in the instructions) . . . . 10. _____________________________ .00 11. Social Security Benefits Exempt from Taxation (see the worksheet in the instructions). . . . . . . . . . . . . . . . . . . . . . . . . . . . 11. _____________________________ .00 12. Railroad Retirement income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12. _____________________________ .00 13. Bond/note interest income from (see below). . . . . . . . . . . . . . . . . . . . . . . 13. _____________________________ .00 Build America VSAC Vermont Telecom Authority Vermont Public Power Supply Authority 14. Total Subtractions (Add Lines 6 through 13) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14. ______________________________ .00 NET MODIFICATIONS TO FEDERAL ADJUSTED GROSS INCOME 15. Subtract Line 14 from Line 5. Enter on Form IN-111, Line 2.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . This can be a negative number. 5454 Page 1 of 2 Check to ç indicate loss 15. ______________________________ Schedule IN-112 Rev. 10/20 .00 Taxpayer’s Last Name Social Security Number *201121200* * 2 0 1 1 2 1 2 0 0 * PART II REFUNDABLE CREDITS Line 1 is for FULL-YEAR residents 1. Low Income Child & Dependent Care Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. _________________ If your federal Adjusted Gross Income is $30,000 (or $40,000 for Married Filing Jointly) or less, and child care services are provided by a Vermont accredited daycare provider, enter 50% of federal Form 2441, Line 11. If you are not a Vermont resident or your daycare provider is not accredited, use Schedule IN-119, Part I, Line 8. See instructions if your providers are both accredited and not accredited. VERMONT EARNED INCOME TAX CREDIT .00 For FULL-YEAR residents and PART-YEAR residents ELIGIBILITY QUESTIONS MUST BE ANSWERED A. Enter number of qualifying children. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A. _______________ B. Enter number of qualifying children under the age of 18. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B. _______________ C. Were you (or your spouse if filing a joint return) at least age 25 but under age 65 at the end of 2020?. . . . . . . . . . . . . . . . . C. If you answered “No” and do not have any qualifying children, you do not qualify for Earned Income Tax Credit Yes No FULL-YEAR RESIDENTS Answer eligibility questions above and complete Lines 2 and 3 2. Earned income tax credit (Reported on federal Form 1040). . . . . . . . . . . . . . . . . . . . . 2. __________________ .00 3. Vermont Earned Income Tax Credit. Multiply Line 2 by 36% (0.36). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3. _______________ .00 PART YEAR RESIDENTS Answer eligibility questions above and complete Lines 4 through 10 B. Vermont Portion $ A. Federal Amount $ Enter figures in Column A from your federal EITC worksheet and Schedule IN-113 For Vermont Portion, enter income earned while a Vermont resident as shown on Schedule IN-113, Column B, Lines 1, 8, 10, and 11 4. Wages, salaries, tips, etc. (Schedule IN-113, Line 1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4A. _______________ .00 4B. _______________ .00 5. Other earned income (Schedule IN-113, Lines 8, 10, and 11) . . . . . . . _______________ ç indicate .00 5B. _______________ .00 loss 6. Total earned income (Add Lines 4 and 5). . . . . . . . . . . . . . . . . 6A. _______________ .00 6B. _______________ .00 Check to ç indicate 5A. loss Check to 7. Earned income tax credit adjustment (Divide Line 6B by Line 6A and enter here, but not more than 100%) . . . . . . . . 7. __________ ._______% 8. Earned income tax credit (Reported on federal Form 1040). . . . . . . . . . . . . . . . . . . . . . . . . 8. _______________ .00 9. Multiply Line 8 by 36% and enter the result here. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9. _______________ .00 10. Vermont Earned Income Tax Credit (Multiply Line 9 by Line 7). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10. _______________ .00 11. TOTAL REFUNDABLE CREDITS (Add Line 1 to Line 3 or Line 10. Enter this amount on the IN-111, Line 25c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11. _______________ .00 5454 Clear ALL fields Page 2 of 2 Save and go to Important Printing Instructions Schedule IN-112 Rev. 10/20 Save and Print
Extracted from PDF file 2020-vermont-schedule-in-112.pdf, last modified October 2020

More about the Vermont Schedule IN-112 Individual Income Tax Tax Credit TY 2020

We last updated the VT Tax Adjustments and Credits in February 2021, so this is the latest version of Schedule IN-112, fully updated for tax year 2020. You can download or print current or past-year PDFs of Schedule IN-112 directly from TaxFormFinder. You can print other Vermont tax forms here.

Related Vermont Individual Income Tax Forms:

TaxFormFinder has an additional 51 Vermont income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Vermont Schedule IN-112.

Form Code Form Name
Schedule IN-153 Capital Gain Exclusion Calculation
Schedule IN-113 Income Adjustment Calculations
Schedule IN-119 VT Economic Incentive Income Tax Credits
Schedule IN-155 Federal Itemized Deductions Addback (OBSOLETE)

Download all VT tax forms 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 Schedule IN-112 from the Department of Taxes in February 2021.

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Schedule IN-112 is a Vermont Individual Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.

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 Schedule IN-112

We have a total of eight past-year versions of Schedule IN-112 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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