K-1VT: Shareholder, Partner, or Member Information (2024)
Vermont · Vermont Department of Taxes · Used for tax years 2024
The 2024 Vermont Schedule K-1VT reports shareholder, partner, or member information, including ownership shares, Vermont income, allocated tax payments, and tax adjustments. It also reports the owner's distributive share of sales, payroll, and property apportionment factors and i
Who files this form
The 2024 Schedule K-1VT is marked required and must be included with Form BI-471. It reports Vermont shareholder, partner, or member information.
The form does not explain which entities must file Form BI-471.
What you'll need
Have the following information ready to complete the schedule:
- The entity name as shown on Form BI-471, FEIN, and fiscal year ending date.
- The shareholder’s, partner’s, or member’s name, address, FEIN or Social Security number, residency status, and recipient type.
- Ownership, profit, and loss percentages.
- Whether the entity is a disregarded entity, a unit of a Series LLC, or paid tax on this income as part of a composite return.
- Vermont income amounts, allocated nonresident estimated payments, and allocated real estate withholding payments.
- Shares of the federal bonus depreciation difference and state and local taxes deducted difference.
- The distributive share of sales, payroll, and property, both everywhere and in Vermont.
The form does not list supporting documents to attach.
How to file
Include Schedule K-1VT with Form BI-471. Complete the required header information and the three parts covering pass-through entity information, distributions to owners, and the distributive share of apportionment factors.
The provided form does not give a mailing address or e-filing directions.
Common mistakes
- Leaving out the schedule: The form says Schedule K-1VT is required and must be included with Form BI-471.
- Skipping required header information: The header is labeled “Required Entries.” Use the same entity name as on Form BI-471 and enter the fiscal year ending date in YYYYMMDD format.
- Entering cents in Part II: The form directs you to enter all amounts in whole dollars.
- Overlooking the Line 13 direction: The form directs you to enter the share of the federal bonus depreciation difference on Schedule IN-112, Line 4 or Line 9.
Questions people ask
What does Schedule K-1VT report?
It reports Vermont shareholder, partner, or member information, including ownership percentages, distributions to owners, and the distributive share of apportionment factors.
Where do I report allocated payments?
Line 11 reports total annual nonresident estimated payments allocated to the shareholder. Line 12 reports total annual real estate withholding payments allocated to the shareholder.
Who is the exempt income line for?
Line 10 is for tax-exempt entities only. It reports Vermont income not characterized as Unrelated Business Income (UBI) for federal purposes.
What goes on page 2?
Page 2 asks for the entity name, FEIN, and fiscal year ending date. Part III reports the distributive share of sales, payroll, and property in separate “Everywhere” and “Vermont” columns.