CO-420: Foreign Dividend Factor Increments (for Unitary-Combined only) (2024)
Vermont · Vermont Department of Taxes · Used for tax years 2024
Vermont’s 2024 Schedule CO-420 is for unitary filers to report affiliate dividends, taxable income, sales and other business income and calculate foreign dividend sales and receipts increments. It is included with Form CO-411, and the increments are entered on Schedule CO-419, Li
Who files this form
The 2024 Schedule CO-420 is for unitary filers only. Complete it for each dividend payor affiliate and include it with Form CO-411. More than one Schedule CO-420 may be attached.
What you'll need
Have the following information ready:
- Entity name, matching Form CO-411, fiscal year ending in YYYYMMDD format, and FEIN.
- Each dividend payor affiliate’s name and FEIN.
- Each affiliate’s dividend paid and taxable income.
- Each affiliate’s sales or gross receipts, business interest, royalties, gross rents, and other business income.
The form also refers to Form CO-411, which must include this schedule, and Schedule CO-419, where the sales and receipts increments are reported.
How to file
Include Schedule CO-420 with Form CO-411. You may attach more than one Schedule CO-420.
Enter the sales and receipts increments from both Line 10 entries on all attached Schedules CO-420 onto Line 2 of Schedule CO-419.
The supplied form does not state a mailing address or e-filing instructions.
Common mistakes
- Enter dollar amounts in whole dollars.
- Use the same entity name as on Form CO-411.
- Carry the Line 3 percentage to six decimal places. If taxable income is $0 or less, enter 100.000000%.
- Complete the schedule for each dividend payor affiliate.
- Include the schedule with Form CO-411, and include both Line 10 entries from all attached Schedules CO-420 when reporting the increments on Schedule CO-419, Line 2.
Questions people ask
Can I attach more than one Schedule CO-420?
Yes. The form allows more than one Schedule CO-420 to be attached and says to complete it for each dividend payor affiliate.
How do I calculate the percentage on Line 3?
Divide the dividend paid on Line 1 by taxable income on Line 2, then multiply by 100. Carry the result to six decimal places. If taxable income is $0 or less, enter 100.000000%.
How do I calculate the sales and receipts increment?
Add Lines 4 through 8 to get Line 9. Then multiply Line 9 by the percentage on Line 3 to get Line 10.
Where do the Line 10 amounts go?
Report the sales and receipts increments from both Line 10 entries on all attached Schedules CO-420 on Line 2 of Schedule CO-419.