Form BI-472 S Corporation Schedule

(c) SUBTOTAL (Add Lines 3(a) & 3(b)) 4 5 6 8 9 11 12 % % (Form BA 402 Part 1 Line 1a or leave blank) (Multiply Line 6 by Line 7) (Subtract Line 5 from Line 4) 12 Amount of income on Line 11 if any reported with composite return and taxed at entity level Enter here and on Form BI 471 Line 2 133 State Street 2008 and later all figures must be recomputed to disregard 4 TOTAL NET INCOME OR LOSS (Add Lines 1 and 2 then 5 INCOME OR LOSS ALLOCATED EVERYWHERE 6 NET APPORTIONABLE INCOME OR LOSS 9 TOTAL NET INCOME OR LOSS Allocated and Apportioned to Add Form BA 402 Part 1 Line 1b and Line 8 above ADD Interest on non Vermont state and local obligations 2 Add Lines 3(a) and 3(b) Adjustments To Taxable Income are substantive changes they will be noted at the Department s website ATTACH SCHEDULE K 1VT FOR EACH SHAREHOLDER PARTNER OR MEMBER BA 404; a copy of the first four pages of Federal Form 1120S as filed with the IRS; and all Schedules K 1VTs to: Disregard bonus depreciation provisions of IRC 168(k) Distribution of estimated payments will not occur if Schedule K 1VTs are not complete and correct Do not complete this form if all shareholders are VT residents DRAFTS available at the time VT forms are finalized If there Email Address: tax corpincome@state vt us Enter the wage expense associated with targeted jobs credit disallowed on the Federal return by IRC Section 280C(a) Enter your business name and Federal Employer Identification Fax: (802) 828 5787 for assets placed in service in 2008 and later For Those Entities Filing Federal Form 1120S and Having Vermont Nonresident Shareholders Form BI 472 and Schedules K 1 VT are used to distribute non resident estimated payments made with Form(s) WH 435 In order for shareholders to receive proper credit on their tax returns these forms must be prepared completely and accurately In accordance with statute payments will be distributed in proportion to the shareholders share of income FORM BI 472 INSTRUCTIONS S CORPORATION SCHEDULE Form BI 472 is used to determine the amount of Vermont sourced income distributed to shareholders who are not residents of Vermont With respect to each of its nonresident shareholders the entity shall for each taxable period be liable for all income taxes together with related interest and penalties imposed on the nonresident by Vermont Payments are generally due quarterly and are made with Form WH 435 See 32 V S A 5914 and Technical Bulletins 05 & 06 for more details Forms: (802) 828 2515 From Federal Form 1120 S (Schedule K) enter total Shareholders Share of Income Less Deductions (see instructions) Include from Form BA 402 Line 22 If no Form BA 402 is attached Income or loss passed through to nonresidents (Multiply Line 9 by Line 10) Interest on U S Government obligations 3(a) its effects Line 1: From Federal 1120 S Schedule K Combine: Ordinary business income (loss) Net rental real estate income (loss) Other net rental income (loss) Interest income Ordinary dividends Royalties Net short term capital gain (loss) Net long term capital gain (loss) Net section 1231 gain (loss) and Other income (loss) Then subtract: Section 179 deduction Contributions Investment interest expense Section 59(e)(2) expenditures amount and Other deductions This is the total Shareholders Share of Income Less Deductions which you enter on Line 1 Line 10: Enter the percent of VT source income or loss passed through to non resident owners Various is not a valid entry While the proportion of ownership may have changed over the year an exact amount of income would have been reported to nonresidents You may need to back into this number from Line 11 Line 11: Enter the dollar amount of VT source income or loss passed through to non residents This is the basis amount for required estimated payments for non residents The current rate is 6 8% If total Form WH 435 payments (including catch up payment) are less than 6 8% of the amount on Line 11 the company will be subject to assessment for the underpayment interest and penalty Line 12: Enter the amount if any of VT source income passed through to non residents that is reported and taxed on a composite basis Enter this amount on Form BI 471 Line 2 See Technical Bulletins 05 and 06 for information Line 2: Enter the amount of interest received from non VT state and local obligations that were exempted from federal tax Line 22) Calculate percentage to six places to the right of the decimal point 7 Line 3: (a) Enter the amount of interest received from U S Government Obligations Line 4: Total Net Income (loss) Add Lines 1 and 2 and then subtract Line 3(c) Line 5: Income Allocated Everywhere Enter the amount from Form BA 402 Part 1 Line 1a Line 6: Net Apportionable Income Subtract Line 5 from Line 4 Line 7 will be adjusted to 100% Line 7: VT Apportionment Percentage Enter 100% or amount Line 8: Net Income Apportioned to VT Multiply Line 6 by Line 7 Line 9: Total Net Income Allocated and Apportioned to VT Mail Forms BI 471 BI 472; and if applicable BA 402 and Montpelier VT 05633 1401 NET INCOME OR LOSS apportioned to Vermont NOTE: References to federal forms are based on the most recent NOTE: VT does not conform to the special bonus depreciation provisions of IRC 168(k) for assets placed in service in 2008 and later If the company took advantage of the bonus depreciation provision on assetsplaced in service in Number (FEIN) on composite filing Percentage of income or loss passed through to nonresidents Calculate percentage to six places to the right of the decimal point 10 Place an X in the box left of the line number to indicate a loss amount Please use blue or black ink PRINT in BLUE or BLACK INK Attach to Form BI 471 Schedule K 1VT: SUBTRACT subtract Line 3(c)) Targeted Job Credit salary and wage expense add back 3(b) Taxpayer Services: (802) 828 5723 The required form for all shareholders Schedule K 1VT Shareholder s Partner s or Member s Information includes instructions to the forms and line numbers of the VT Individual Income Tax Return total recapture of section 179 expense deduction reported to shareholders on their Schedule K 1s (Form 1120 S) Vermont (Add Form BA 402 Part 1 Line 1b & Line 8 above) VERMONT APPORTIONMENT PERCENTAGE (100% or amount from Form BA 402 VT Department of Taxes VT DEPARTMENT OF TAXES 133 State Street Montpelier VT 05633 1401 / (802) 828 5723 Web Site Address: http://tax vermont gov