BI-477: Vermont Income Adjustment Calculation: Pass-Through Nonresident (2025)
Vermont · Vermont Department of Taxes · Used for tax years 2025
Vermont Schedule BI-477 calculates a pass-through entity’s Vermont-sourced income and income adjustment percentage. It reports income, deductions, Vermont adjustments, and sales and receipts used for apportionment, and is included with Form BI-471.
What you'll need
Have these forms and records available to complete Schedule BI-477:
- Form BI-471, so the entity name matches, along with the entity’s FEIN and fiscal year ending date.
- Federal Form 1120-S or Form 1065, Schedule K, for the federal income information referenced on Line 28.
- Records of income, deductions, Vermont adjustments, sales and receipts, wages, and property, showing federal or everywhere amounts and Vermont amounts as requested.
The form also calls for these attachments for the relevant entries:
- Line 24: Affiliation Schedule BA-410 and necessary worksheets for income or loss from lower-tier partnerships or pass-through entities.
- Line 41: A detailed supporting statement for other apportionable business income.
- Line 51: A schedule for other assets.
How to file
Include Schedule BI-477 with Form BI-471. Also enter the income adjustment percentage from BI-477, Line 32, on Schedule BI-473, Line 2.
The supplied form does not provide a mailing address or e-filing directions.
Common mistakes
- Do not leave Schedule BI-477 out of the Form BI-471 filing. The form says to include it with Form BI-471.
- Do not forget to also enter the Line 32 income adjustment percentage on Schedule BI-473, Line 2.
- Use the same entity name as on Form BI-471, as reminded in the page headers.
Questions people ask
How do I calculate the income adjustment percentage?
Divide Line 31 by Line 28, multiply by 100, and carry the result out to the sixth decimal place. Enter it on Line 32 and on Schedule BI-473, Line 2.
Where does the sales and receipts percentage on Line 13 come from?
It comes from Schedule A, Line 45. For Line 45, divide Line 44B by Line 44A, multiply by 100, and carry the result out to the sixth decimal place.
Does the form ask whether all pass-through activity took place in Vermont?
Yes. The form asks whether the pass-through activity was conducted entirely within Vermont during the tax year. Check Yes or No.
Are salaries and wages included on this schedule?
Yes. Schedule B, Part VIII, asks for total salaries and wages everywhere and in Vermont on Line 46. It labels this information as required for reporting only.
How do I report rented property?
Line 52 asks for rented real and personal property. Multiply annual rent by 8 and enter the everywhere and Vermont amounts in the corresponding columns.