Instructions For Schedule In-117 - Credit For Income Tax Paid To Other State Or Canadian Province

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SCHEDULE IN-117
Credit for Income Tax Paid to Other State or Canadian Province
(For full-year and some part-year Vermont residents)
General Instructions
Who needs to file? Full- or part-year residents who earn income in another state or Canadian province while a Vermont
resident.
A credit may be allowed against 2017 Vermont income tax for income tax paid in 2017 tax year to another
state or Canadian province on income that is taxed by both Vermont and the other taxing jurisdiction.
Supporting Documents Required: Copy of 2017 income tax return filed in the other state(s). For Canadian province(s),
copy of 2017 provincial income tax return filed, copy of federal Form 1116 (Foreign Tax Credit) and copy
of Revenue Canada income tax return. Convert amounts on Canadian returns to U.S. dollars.
See Technical Bulletin 38 if you have capital gain, business income, or made adjustments to arrive at
your federal Adjusted Gross Income.
More Than One State Or Canadian Province?
•
Complete a Schedule IN-117 for each state or Canadian province. Do NOT combine the income and
credit of all states or provinces on one Schedule IN-117.
•
Add Line 21 from each Schedule IN-117 to calculate the tax credit entry on Form IN-111, Line 23.
•
Attach all Schedules IN-117 and the supporting documents required.
Line-by-Line Instructions
Line 1
Enter the name of the state or Canadian province where you paid income tax. Use the standard two-letter
abbreviation.
Line 2
Enter Adjusted Gross Income taxed in another state or Canadian province that is also subject to Vermont
income tax. The Adjusted Gross Income for the other state or Canadian province cannot exceed the amount
on Form IN-111, Line 10.
Lines 3 - 9
Adjustments for bonus depreciation, non-Vermont state and local obligations, and U.S. government interest
income are made to create the income comparable to the Adjusted Gross Income used for Vermont income
tax purposes.
Line 10
Enter the Adjusted Gross Income from IN-111, Line 10.
Lines 11 - 16
Adjustments for bonus depreciation, non-Vermont state and local obligations, and U.S. government interest
income are made to make the income comparable to the other state or Canadian province.
Line 17
Subtract Line 16 from Line 13. If Line 16 is greater than Line 13, enter -0-.
Line 18
Enter the Vermont income tax calculated on Form IN-111, Line 20.
Line 19
Divide Line 9, Modified Adjusted Gross Income for the other state or Canadian province, by Line 17,
Modified Adjusted Gross Income for Vermont, and multiply that result by Line 18.
Line 20
Enter the amount of income tax paid to the other state or Canadian province. This amount is income tax
paid to the state or Canadian province – not the amount of withholding. City and county tax paid to the
other state is not allowed. Credit for the Canadian provincial income tax does not include the portion used
as a foreign credit on federal Form 1040.
Line 21
Enter the lesser of Line 19 or 20. This is your credit for income tax paid to another state or Canadian
province. If this is the only state or province, also enter on Form IN-111, Line 23. Otherwise, see instructions
for “More Than One State or Canadian Province.”
Schedule IN-117 Instructions
Page 1 of 1
Rev. 11/17

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