Vermont Department of Taxes Releases Instructions for Schedule IN-113 Concerning Individual Income Tax Adjustment

The Vermont Department of Taxes Feb.1 released instructions on Schedule IN-113, Income Adjustment, for individual income taxpayers who are residents, nonresidents, and part-year residents of the state. Residents claiming income exempt from state income tax and nonresidents or part-year residents having earned or received state income must file the schedule. The instructions provide that: 1) nonresidents should compete both parts I and II of the schedule to determine the allocation of state income; 2) state residents should complete part II to adjust for state tax exempt military pay and municipal bond interest; and 3) part-year residents may claim a credit ...