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Vermont VT Income Adjustments and Tax Computation for Fiduciaries
Extracted from PDF file 2023-vermont-schedule-fit-166.pdf, last modified May 2023VT Income Adjustments and Tax Computation for Fiduciaries
Vermont Department of Taxes 2023 Schedule FIT-166 *231661100* Vermont Income Adjustments and Tax Computations for Fiduciaries Attach to Form FIT-161 Name of Estate or Trust PART I * 2 3 1 6 6 1 1 0 0 * FEIN Tax Year End Date (MMDDYYYY) / / Taxable Municipal Bond Income 1. Total interest and dividend income from all state and local obligations exempt from federal tax (See Line-by-Line Instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 to be added to Vermont taxable income. (Subtract Line 2 from Line 1, but not less than zero.) Enter here and on Form FIT-161, Line 2a. . . . . . . . . 3. _______________________ .00 4. If all municipal bond income was distributed, check here so that it does not get added back on Form FIT-161, Line 2a. PART II ADDITIONS AND SUBTRACTIONS TO TAX 1. Additions to Vermont Tax 1a. Tax on lump-sum distributions (from federal Forms 4972 and 5329). . . . . . . . . . . . . . . . . . . . . . 1a. _______________________ .00 1b. Recapture of federal investment credit (from federal Form 4255) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1b. _______________________ .00 1c. Total additions (Add Lines 1a and 1b; then, multiply by 24%). Enter here and on Form FIT-161, Line 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1c. _______________________ .00 2 Subtractions from Vermont tax 2a. Investment tax credit - Vermont-based only (from federal Form 3468) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2a. _______________________ .00 2b. Multiply Line 2a by 24%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2b. _______________________ .00 2c. Research & Development Credit, 32 V.S.A. § 5930d. . . . . . . . . 2c. _______________________ .00 2d. Charitable Housing Credit, 32 V.S.A § 5830c. . . . . . . . . . . . . . . 2d. _______________________ .00 2e. Total subtractions from Vermont tax (Add Lines 2b, 2c, and 2d) Enter here and on Form FIT-161, Line 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2e. _______________________ .00 Clear ALL fields 5454 Save and go to Important Printing Instructions Save and Print Schedule FIT-166 Page 1 of 2 Rev. 10/23 *231661200* * 2 3 1 6 6 1 2 0 0 * Name of Estate or Trust PART III FEIN Tax Year End Date (MMDDYYYY) / / INCOME ADJUSTMENT CALCULATION Nonresidents and Part-Year Residents must complete this section. Dates of Vermont residency in 2023 From (MMDDYYYY): / To (MMDDYYYY): / / / Name of State(s), Canadian province, or country during non-Vermont residency (use standard 2-letter abbreviation) A. Federal Amount $ B. Vermont Portion $ 1. Interest income. . . . . . . . . . . . . . . . . . . . . . . . . . . 1A. ___________________________ .00 1B. __________________________.00 2. Total ordinary dividends. . . . . . . . . . . . . . . . . . . . 2A. ___________________________ .00 2B. __________________________.00 3. Business income (or loss). . . . . . . . . . . . . . . . . . 3A. ___________________________ .00 3B. __________________________.00 4. Capital gain (or loss). . . . . . . . . . . . . . . . . . . . . . 4A. ___________________________ .00 4B. __________________________.00 5. Rents, royalties, partnerships, S Corporations, LLCs, other estates and trusts, etc. . . . . . . . . . . . . . . . . 5A. ___________________________ .00 5B. __________________________.00 6. Farm income (or loss). . . . . . . . . . . . . . . . . . . . . 6A. ___________________________ .00 6B. __________________________.00 7. Ordinary gain (or loss). . . . . . . . . . . . . . . . . . . . 7A. ___________________________ .00 7B. __________________________.00 8. Other income (Specify type of income) ________________________ . . . . . . . . . . . . . . 8A. ___________________________ .00 8B. __________________________.00 9. Total income (Add Lines 1 through 8). . . . . . . . . . . . . . . . . . . 9A. ___________________________ .00 9B. __________________________.00 10. Adjustment percentage. Divide Line 9B by Line 9A. Express as a percentage, with two digits to the right of the decimal. Enter here and on Form FIT-161, Line 10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10. __________ .__________% Clear ALL fields 5454 Save and go to Important Printing Instructions Save and Print Schedule FIT-166 Page 2 of 2 Rev. 10/23
Schedule FIT-166
More about the Vermont Schedule FIT-166 Corporate Income Tax TY 2023
We last updated the VT Income Adjustments and Tax Computation for Fiduciaries in February 2024, so this is the latest version of Schedule FIT-166, fully updated for tax year 2023. You can download or print current or past-year PDFs of Schedule FIT-166 directly from TaxFormFinder. You can print other Vermont tax forms here.
Related Vermont Corporate 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 FIT-166.
| Form Code | Form Name |
|---|---|
| Schedule FIT-162 | Capital Gains Exclusion Calculation for Estates or Trusts |
| Schedule FIT-167 | VT Credit for Tax Paid to Other State or Canadian Province for Fiduciaries |
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 FIT-166 from the Department of Taxes in February 2024.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Vermont Schedule FIT-166
We have a total of nine past-year versions of Schedule FIT-166 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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