IN-152: Underpayment of 2024 Estimated Individual Income Tax (2024)
Vermont · Vermont Department of Taxes · Used for tax years 2024
Vermont Worksheet IN-152 calculates underpayments of 2024 estimated individual income tax. It compares required quarterly payments with payments credited for each quarter and calculates any underpayment interest and penalty.
When it's due
The worksheet lists these quarterly estimated payment due dates for tax year 2024:
- First quarter: April 15, 2024
- Second quarter: June 15, 2024
- Third quarter: September 15, 2024
- Fourth quarter: January 15, 2025
For the 2024 underpayment calculation, Line 7 uses the date full payment was made or April 15, 2025, whichever is earlier. The worksheet does not state a filing deadline.
What you'll need
Have these forms and details available to complete the worksheet:
- Your 2024 Vermont Form IN-111, including Lines 20, 26a, 26c, 26d, and 26e.
- Your 2023 Vermont Form IN-111, including Lines 20 and 25c.
- Records of your 2023 carryforward and 2024 quarterly estimated payments, including payment dates.
- The date full payment was made, if applicable.
- Your name and Social Security number, plus your spouse’s or civil union partner’s information, as applicable.
Common mistakes
- Do not enter more on Line 5c for a quarter than the required payment on Line 4. Apply any excess to the next quarter.
- Do not enter a negative underpayment on Line 6. This line cannot be less than zero.
- On Line 7, use the date full payment was made or April 15, 2025, whichever is earlier.
- For fourth-quarter interest on Line 8b, count days from January 15, 2025, rather than January 1, 2025.
- When counting months for the penalty on Line 12, count a portion of a month as a whole month.
Questions people ask
How is the required annual payment calculated?
Line 3 uses the smaller of two amounts: 90% of your 2024 Vermont tax minus credits, or 100% of your 2023 Vermont tax minus credits. For 2024, subtract Form IN-111 Line 26c from Line 20, then multiply by 90%. For 2023, subtract Form IN-111 Line 25c from Line 20.
How much is required for each quarter?
Line 4 multiplies the required annual payment on Line 3 by 25% to find the required payment for each quarter.
What interest rates does the worksheet use?
The worksheet uses 8.00% for 2024 interest on Line 9a and 8.50% for 2025 interest on Line 9b. Each calculation divides the applicable number of days by 365, then multiplies by the rate and the underpayment on Line 6.
How is the underpayment penalty calculated?
For each quarter, multiply the number of months on Line 12 by 1%, then multiply by the underpayment on Line 6. A portion of a month counts as a whole month.
Where is the total interest and penalty shown?
Line 15 adds the total underpayment interest on Line 11 to the total underpayment penalty on Line 14.