Instructions for Schedule BI-473 Vermont Composite - Vermont

This document contains official instructions for Schedule BI-473 , Vermont Composite - a form released and collected by the Vermont Department of Taxes.

FAQ

Q: What is Schedule BI-473?
A: Schedule BI-473 is a form used by residents of Vermont to report their composite income.

Q: Who needs to file Schedule BI-473?
A: Residents of Vermont who are part of a composite return must file Schedule BI-473.

Q: What is a composite return?
A: A composite return is a type of tax return that allows certain entities, such as partnerships or S corporations, to file a single return on behalf of its nonresident members.

Q: When is Schedule BI-473 due?
A: Schedule BI-473 is due on the same date as the Vermont income tax return, which is typically April 15th.

Q: What information do I need to complete Schedule BI-473?
A: You will need information about your composite income, including income from all nonresident members of the composite return.

Q: Can I file Schedule BI-473 electronically?
A: Yes, you can file Schedule BI-473 electronically if you are filing your Vermont income tax return electronically.

Q: Are there any penalties for not filing Schedule BI-473?
A: Yes, there may be penalties for not filing Schedule BI-473 or for filing it late. It is important to comply with all filing requirements to avoid penalties.

Q: Can I get an extension to file Schedule BI-473?
A: Yes, you can request an extension to file Schedule BI-473. However, any taxes owed are still due by the original deadline.

Q: What if I made a mistake on Schedule BI-473?
A: If you made a mistake on Schedule BI-473, you may need to file an amended return to correct the error. Consult the Vermont Department of Taxes or a tax professional for guidance.