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Vermont VT Credit for Tax Paid to Other State or Canadian Province for Fiduciaries
Extracted from PDF file 2023-vermont-schedule-fit-167.pdf, last modified May 2023VT Credit for Tax Paid to Other State or Canadian Province for Fiduciaries
Vermont Department of Taxes *231671100* 2023 Schedule FIT-167 * 2 3 1 6 7 1 1 0 0 * Vermont Credit for Tax Paid to Another State or Canadian Province for Fiduciaries For Residents and Some Part-Year Residents Only Name of Estate or Trust Attach to Form FIT-161 FEIN Tax Year End Date (MMDDYYYY) / / You must complete a separate Schedule FIT-167 for each state or Canadian province and attach a copy of the other state return. See instructions. 1. Name of state or Canadian province. Use standard two-letter abbreviation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. _________ 2. Enter total income taxed in another state or Canadian province and also subject to Vermont tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. _____________________________ .00 3. 2023 Bonus Depreciation add back taxed in another state or Canadian province AND taxed in Vermont. . . . . . . . . . . . . . . . 3. _____________________________ .00 4. Non-Vermont state/local obligations taxed in another state or Canadian province AND taxed in Vermont. . . . . . . . . . . . . . . . 4. _____________________________ .00 5. Add Lines 2 through 4. If negative, enter -0- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5. __________________________.00 6. Bonus Depreciation subtracted from income in another state or Canadian province in TY 2023 . . . . . . . . . . . . . . . . . . . . . 6. _____________________________ .00 7. U.S. Government interest income. . . . . . . . . . . . . . . . . . . . . . . . . . 7. _____________________________ .00 8. Add Lines 6 and 7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8. __________________________.00 9. Modified total income for income taxed in another state or Canadian province AND taxed in Vermont (Line 5 minus Line 8). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9. __________________________.00 10. Total income (from federal Form 1041, Line 9). . . . . . . . . . . . . . 10. _____________________________ .00 11. Non-Vermont state/local obligations from Form FIT-161, Line 2a. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11. _____________________________ .00 12. Bonus Depreciation from Form FIT-161, Line 2b. . . . . . . . . . . . 12. _____________________________ .00 13. Add Lines 10 through 12. If negative, enter -0- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13. __________________________.00 14. U.S. Government interest income from Form FIT-161, Line 4a . 14. _____________________________ .00 15. Bonus Depreciation from Form FIT-161, Line 4c. . . . . . . . . . . . 15. _____________________________ .00 16. Add Lines 14 and 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16. __________________________.00 17. Line 13 minus Line 16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17. __________________________.00 18. Vermont income tax from Form FIT-161, Line 6. . . . . . . . . . . . . 18. __________________________ .00 19. Computed tax credit (Divide Line 9 by Line 17, and multiply result by Line 18.) Result cannot be more than 100% of Vermont tax. Line 9 Line 17 x Line 18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19. _______________________ .00 20. Income tax paid to another state or Canadian province based on modified adjusted gross income from Line 9 above . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20. _______________________ .00 21. VERMONT CREDIT for income tax paid to another state or Canadian province. Enter the lesser of Line 19 or Line 20. Also enter on Form FIT-161, Line 12. . . . . . . . . . . . . . . . . . . . . . . . . 21. _______________________ .00 Schedule FIT-167 Page 1 of 1 Rev. 10/23 5454 Clear ALL fields Save and go to Important Printing Instructions Save and Print
Schedule FIT-167
More about the Vermont Schedule FIT-167 Corporate Income Tax Tax Credit TY 2023
We last updated the VT Credit for Tax Paid to Other State or Canadian Province for Fiduciaries in February 2024, so this is the latest version of Schedule FIT-167, fully updated for tax year 2023. You can download or print current or past-year PDFs of Schedule FIT-167 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-167.
| Form Code | Form Name |
|---|---|
| Schedule FIT-162 | Capital Gains Exclusion Calculation for Estates or Trusts |
| Schedule FIT-166 | VT Income Adjustments and Tax Computation 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-167 from the Department of Taxes in February 2024.
Schedule FIT-167 is a Vermont Corporate 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 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-167
We have a total of nine past-year versions of Schedule FIT-167 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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