Schedule IN-117 Vermont Credit for Income Tax Paid to Other State or Canadian Province - Vermont

What Is Schedule IN-117?

This is a legal form that was released by the Vermont Department of Taxes - a government authority operating within Vermont. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Schedule IN-117?
A: Schedule IN-117 is a form used by Vermont residents to claim a credit for income taxes paid to another state or Canadian province.

Q: Who can use Schedule IN-117?
A: Vermont residents who have paid income taxes to another state or Canadian province can use Schedule IN-117.

Q: What is the purpose of Schedule IN-117?
A: The purpose of Schedule IN-117 is to prevent double taxation by allowing Vermont residents to claim a credit for income taxes paid to another jurisdiction.

Q: How do I complete Schedule IN-117?
A: You will need to gather information about the income taxes you paid to another state or Canadian province, and then fill out the form according to the instructions provided.

Q: When is Schedule IN-117 due?
A: Schedule IN-117 is due on the same date as your Vermont income tax return, which is typically April 15th.

Q: Is there a limit on the amount of credit I can claim?
A: Yes, there is a limit on the amount of credit you can claim. The maximum credit is the lesser of the income tax you paid to the other jurisdiction or the Vermont income tax liability on the same income.