Instructions for Schedule BA-402 Apportionment & Allocation Schedule - Vermont

This document contains official instructions for Schedule BA-402 , Apportionment & Allocation Schedule - a form released and collected by the Vermont Department of Taxes.

FAQ

Q: What is Schedule BA-402?
A: Schedule BA-402 is the Apportionment & Allocation Schedule used for reporting business income in Vermont.

Q: Why do I need to fill out Schedule BA-402?
A: You need to fill out Schedule BA-402 if you have business income from multiple states and need to apportion and allocate that income to Vermont.

Q: What does apportionment and allocation mean?
A: Apportionment is the division of business income among different states based on a formula. Allocation is the assignment of a portion of that income to a specific state.

Q: Can I use Schedule BA-402 for personal income?
A: No, Schedule BA-402 is specifically for reporting business income and cannot be used for personal income.

Q: How do I fill out Schedule BA-402?
A: You will need to follow the instructions provided on the form and enter the required information, including the amounts of business income from each state and the apportionment factors.

Q: When is Schedule BA-402 due?
A: Schedule BA-402 is due on the same date as your Vermont tax return, generally April 15th.

Q: Do I need to attach supporting documentation to Schedule BA-402?
A: You may need to attach supporting documentation, such as federal Form 1120 or 1065, depending on the nature of your business.

Q: Can I file Schedule BA-402 electronically?
A: Yes, you can file Schedule BA-402 electronically if you are filing your Vermont tax return electronically.

Q: What happens if I don't file Schedule BA-402?
A: If you have business income from multiple states and fail to file Schedule BA-402, it may result in incorrect reporting of your Vermont tax liability and possible penalties or fines.