| TAX CALCULATIONS: Believe
it or not, some simplification has been achieved at the
State level. Starting in year 2002, Vermont’s
tax will no longer be a percentage of the federal tax
and subject to several possible recomputations. Instead,
it starts with federal taxable income, modified by
adjustments for US government interest, muni interest,
and capital gains, to arrive at Vermont taxable income.
A Vermont tax rate is then applied to this Vermont
taxable income to arrive at the Vermont tax.
ACT 60 SITUATION:
Starting this year, rebates that you have received for
2002 property taxes will NOT be reconciled as part of
your tax return.
The new procedures in effect work as follows: If your
adjusted gross income last year (2001) was under $100,000,
a year 2002 rebate request was included as part of your
2001 Vermont tax return. The Tax Department also receives
each year from every municipality a list of all the Vermont
Homestead property taxes payable. They match this with
all the rebate requests filed, and based on your prior
year income, determine the amount of current year rebate.
If your prior year income was too high, no rebate would
have been sent.
Going forward, if your 2002 adjusted gross income is under
$100,000, we will include, as part of your Vermont tax
return, a year 2003 property tax rebate request. Following
the same procedures outlined above, the Tax Department
will determine how much rebate to send, if any.
HOMEOWNER OR RENTER REBATE CLAIMS:
- Indicate amount and type of other income received,
which may not normally be taxable (e.g. veteran's benefits,
child support, etc.).
- We also need complete details
of the amounts and types of all income for ALL OTHER
MEMBERS OF YOUR HOUSEHOLD
not included on this tax return (includes children,
roommates, non family persons).
- If you have adult children who use your address
for filing their Vermont tax returns, this will
cause problems unless all of their income is reported
on
the rebate claim.
- If you paid child support in 2002, please provide
the amount paid and proof of payment.
- If you rent a house or apartment, we need the Rent
Paid Certificates provided to you by your landlord.
GENERAL:
- Indicate
amount of OUT-OF-STATE/MAIL ORDER purchases (except
clothes less than $110/item) in 2002 on which no Vermont
Sales tax was paid. If any one purchase exceeded $2,000,
please provide us with a copy of Vermont Form SU-452,
which should have been filed on the 20th day of the
month following the purchase.
- Do you wish
to make a contribution to the Vermont Non-game Wildlife
Fund, the Vermont Campaign Fund,
or the Vermont Children’s Trust Fund? Your
contribution will be tax deductible if you itemize
your deductions
in 2003. If yes, please indicate the amount of your
desired contribution: ____________
CIVIL UNIONS: If
you qualify to file under Vermont's Civil Union rules,
please notify us as we will need to request more information.
This will not affect the manner in which your federal
tax return is filed.
IMPORTANT: PLEASE
PROVIDE US WITH A COPY OF YOUR 2002/2003 PROPERTY TAX BILL
and with ANY REBATE NOTICE that you may have received. |
