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Vermont VT Tax Adjustments and Credits
Extracted from PDF file 2023-vermont-schedule-in-112.pdf, last modified November 2022VT Tax Adjustments and Credits
Vermont Department of Taxes *231121100* 2023 Schedule IN-112 Vermont Tax Adjustments and Credits Taxpayer’s Last Name Please PRINT in BLUE or BLACK INK First Name * 2 3 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 2023 . . . . . . 4. __________________________ .00 RESERVED 5. Other (reserved) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5. __________________________ .00 6. Total Additions (ADD Line 3 and Line 4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6. __________________________ .00 SUBTRACTIONS FROM FEDERAL ADJUSTED GROSS INCOME 7. Interest Income from U.S. Obligations. . . . . . . . . . . . . . . . . . . . . . 7. __________________________ .00 8. Capital Gains Exclusion (Schedule IN-153, Line 21) . . . . . . . . . . 8. __________________________ .00 9. Adjustment for Prior Years’ Bonus Depreciation. . . . . . . . . . . . . . 9. __________________________ .00 10. Taxable Refunds of State and Local Income Taxes (Reported on federal Form 1040). . . . . . . . . . . . . . . . . . . . . . . . . 10. __________________________ .00 11. Medical Expense Deduction (see the worksheet in the instructions). . . . . . . . . . . . . . . . . . . . . 11. __________________________ .00 12. Retirement Benefits Exempt from Taxation (see the worksheet in the instructions). . . . . . . . . . . . . . . . . . . . . 12. __________________________ .00 13. Railroad Retirement income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13. __________________________ .00 14. Bond/note interest income from (see below) . . . . . . . . . . . . . . . . 14. __________________________ .00 Build America VSAC Vermont Telecom Authority Vermont Public Power Supply Authority 15a. For residents only - Enter the total student loan interest you paid in 2023 on qualified student loans.. . . . . . . . . . . . . . . . . . . 15a. __________________________ .00 15b. For residents only - Enter any student loan interest already deducted on federal Form 1040, Schedule 1, Line 21.. . . . . . . . 15b. __________________________ .00 15c. Subtract Line 15b from Line 15a. If filing jointly and AGI is greater than $200,000, enter -0-. All other filers, if AGI is greater than $120,000, enter -0-. . . . . . . . . . . . . . . . . . . . . . . . . 15c. __________________________ .00 RESERVED 16. Other (reserved) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16. __________________________ .00 17. Total Subtractions (ADD Lines 7 through 14 and Line 15c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17. __________________________ .00 NET MODIFICATIONS TO FEDERAL ADJUSTED GROSS INCOME 18. SUBTRACT Line 17 from Line 6. Enter on Form IN-111, Line 2.. . . . . . . . . . . . . . . . . . . . . . . . . . . . 18. __________________________ .00 This can be a negative number. Schedule IN-112 5454 Page 1 of 2 Rev. 10/23 Taxpayer’s Last Name Social Security Number *231121200* * 2 3 1 1 2 1 2 0 0 * PART II REFUNDABLE CREDITS Child and Dependent Care Credit - Resident and Part-Year Resident 1. Child and Dependent Care Credit (federal Form 2441, Line 11). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1. _______________ .00 2. Vermont Child and Dependent Care Credit (MULTIPLY Line 1 by 72% (0.72)) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. _______________ .00 Child Tax Credit - Resident and Part-Year Resident 3. Number of qualifying children. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3. ___________________ List only children who qualify for Child Tax Credit (born 2018 through 2023) below Qualifying Child #1 - Last Name First Name MI Social Security Number Year of Birth Qualifying Child #2 - Last Name First Name MI Social Security Number Year of Birth Qualifying Child #3 - Last Name First Name MI Social Security Number Year of Birth 4. Child Tax Credit (MULTIPLY Line 3 by $1,000). See instructions for credit amount if your Adjusted Gross Income from Form IN-111, Line 1 is over $125,000. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4. _______________ .00 Earned Income Tax Credit - Resident and Part-Year Resident 5. Number of qualifying children from federal Schedule EIC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5. ___________________ 6. Federal Earned Income Tax Credit. Enter amount from federal Form 1040. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6. _______________ .00 7. Vermont Earned Income Tax Credit: MULTIPLY Line 6 by 38% (0.38). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7. _______________ .00 Refundable Tax Credit - Resident and Part-Year Resident 8. Total Vermont Refundable Tax Credit (ADD Lines 2, 4, and 7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8. _______________ .00 Full-Year Residents: Enter this amount on Form IN-111, Line 25c. Part-Year Residents: Complete Lines 9 through 12. Refundable Tax Credit Adjusted for Part-Year Residents 9. Enter amount from Schedule IN-113, Line 14B, Vermont Portion of Total Income. . . . . . . . . . . . . . . . . . . . . . . . . . . . 9. _______________ .00 10. Enter amount from Schedule IN-113, Line 14A, Total Income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10. _______________ .00 11. Refundable Tax Credit Adjustment Percentage. (DIVIDE Line 9 by Line 10, then MULTIPLY the result by 100). . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11. __________ ._______% 12. Total Vermont Refundable Credit Adjusted for Part-Year Residents. (MULTIPLY Line 8 by Line 11.) Enter this amount on Form IN-111, Line 25c. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12. _______________ .00 Schedule IN-112 Page 2 of 2 Rev. 10/23 5454 Clear ALL fields Save and go to Important Printing Instructions Save and Print
Schedule IN-112
More about the Vermont Schedule IN-112 Individual Income Tax Tax Credit TY 2023
We last updated the VT Tax Adjustments and Credits in February 2024, so this is the latest version of Schedule IN-112, fully updated for tax year 2023. 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) |
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 2024.
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 eleven 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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