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FORM BI-471 Instructions

Business Income Tax Return
(For Subchapter S Corporations, Partnerships, and Limited Liability Companies) Page 1

Please print in BLUE or BLACK ink only.
New for 2023
The Business Income Tax Return package, Form BI-471 and related schedules – These forms have been substantially
reworked to improve administration, efficiency, and accountability for taxpayers (business income and
individual income) and the Vermont Department of Taxes.
• Effective for years starting on or after Jan. 1, 2023, taxpayers will use the new Schedule BI-477 to
determine sourcing of income and Vermont income adjustment.
○ – is no longer used with Schedule BA-402 Vermont – Apportionment and Allocation
Form BI-471
○ This change aligns the income calculation with:
INSTR (Place at FIRST page)
◙ information available on federal schedules, and Instr. pages
◙ Vermont’s method for income adjustment as defined in individual income tax statutes.
• Schedules BI-472 and BI-473 are streamlined.
• Schedule K-1VT is expanded to include information that will help shareholders, partners, and members
file accurate income tax returns. 1 - 10

• Most underlying statutes have not changed. Nevertheless, business income is now apportioned using a
single sales factor rather than three factor apportionment.
Reminders and additional information for 2023
The Commissioner of Taxes has mandated the electronic filing of Vermont Corporate Income, Business
Income, and Fiduciary Income Taxes beginning with the 2015 tax year, effective Jan. 1, 2016. This
mandate applies to tax practitioners who prepare more than 25 tax returns per year. The Director of the
Division of Taxpayer Services will consider a written request for an exemption based on extraordinary
circumstances.
Composite filing requirements – Composite filing is mandatory for entities that have more than 50
shareholders, partners, or members who are not residents of Vermont. Entities filing composite returns must
include all such nonresident shareholders, partners, or members in the composite filing. “Partial composite”
returns will not be accepted.
We expect to match entries on your Vermont return with entries on your federal return. If an entry on your
Vermont return differs from the expected entry, you must include an explanation and reconciliation. If you
do not provide supporting information, then we may adjust your return based on the available information.
Schedule K-1VT and disregarded entities: Vermont Schedule K-1VT has extended instructions for a
“disregarded entity” that does not file a Vermont income tax return. Please review the Schedule K-1VT
instructions “Notes for disregarded entities.” If Schedule K-1VT is not properly completed, or if required
supporting information is not included, then processing of your return is subject to delays.
TCJA: Tax Cut and Jobs Act of 2017 “TCJA” Conformity. Details are provided on our website
www.tax.vermont.gov. Provisions of the TCJA may affect how you prepare your Vermont income tax
return. Search for “TCJA” on our website www.tax.vermont.gov for detailed information.

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The Business Income Tax Return package, Form BI-471 and related schedules –
Form BI-476, Business Income Tax Return Short Form – The short form is available for business income
tax entities whose owners are all Vermont residents, which operate only in Vermont, and which are only
liable for the $250 minimum tax. If all conditions are met, entities may file the single-page Form BI-476 in Page 2
lieu of the full Form BI-471 package. Please see Form BI-476 instructions for more details.
Schedules BI-472 and BI-473 – Business income tax filers who choose to maintain pass-through status for
Vermont income tax purposes should attach Schedule BI-472 to calculate nonresident estimated payments
(made with Form WH-435). Entities paying composite tax (due to statutory requirement or election) should
attach Schedule BI-473. As of 2023 these schedules are significantly revised, simplified, and they draw
from new Schedule BI-477.
Schedule BI-477, Vermont Income Adjustment Calculation, Passthrough Nonresident – Business
income tax filers who have non-resident owners and do not have 100% Vermont apportioned income are
required to file this form to determine Vermont taxable income, and the Vermont apportionment percentage
for all pass-through entities. This form replaces Form BA-402, Vermont Apportionment and Allocation,
effective Jan. 1, 2023.
The schedules now provide an improved calculation of the entity’s tax liability with regard to nonresident
estimated payments or composite tax, required under 32 V.S.A. § 5914 and § 5920.
Schedule BA-406, Credit Allocation Schedule – This schedule is used to allocate tax credits earned or
received by entities to shareholders, partners, or members. (Previously reported on Schedule K-1VT.)
Overpayments of nonresident estimated payments – If a business makes estimated payments for
nonresidents of Vermont (Form WH-435) in excess of the required amount (currently 6.6% of income), the
Department now offers the option of refunding the overpayment to the entity or applying it as a credit forward
to next year’s liability. This is in addition to the previous practice of distributing the full amount to the owners’
income tax accounts. Please note the Department does not offer this option for Real Estate Withholding. The
Department reserves the right to restructure any refund requests to distribute the overpayments to the S/P/M.
Safe harbor for nonresident estimated payments – The Department will continue to administer safe harbor
provisions for nonresident estimated payments. To qualify, entities must make quarterly payments of at least
the lower of 90% of the current year or 100% of the prior year’s income. Then, make a catch-up payment
to pay the full current year liability by the non-extended return due date. Payments made after the original
due date will not be considered in determining if the entity meets the safe harbor provision.

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                            Forms and Schedules Summary
 •              Form BI-471, Vermont Business Income Tax Return.  For use by those entities not filing federally as 
                a C Corporation to calculate Vermont business income tax liability.  These entities include Subchapter 
                S Corporations, Partnerships, and Limited Liability Companies that elect to be treated as S-Corps or          Page 3
                Partnerships for federal filing purposes.
                NOTE:  Form BI-471 is the first page of every return and the return is incomplete without it.
 •              Schedule BI-472, Non-Composite Schedule.  Used to determine the amount of Vermont-sourced 
                income distributed to shareholders of Subchapter S Corporations, partners in partnerships, or members 
                of LLCs who 1) are not residents of Vermont, where the entity maintains pass-through status, and 
                2) does not file a composite return.
 •              Schedule BI-473, Composite Schedule.  Used to determine the amount of Vermont-sourced income 
                distributed to shareholders of Subchapter S corporations, partners in partnerships, or members of LLCs 
                who are not residents of Vermont, but where the entity does file a composite return.  Business Income 
                Tax return filers must file a composite return when there are more than 50 nonresident shareholders.
 •              Schedule BI-477, Vermont Income Adjustment Calculation, Passthrough Nonresident.  For use by 
                all taxable entities having activity (income or losses) in at least one state/province other than VT.  This 
                form replaces the BA-402 Vermont Apportionment and Allocation effective 01/01/2023.
 •              Form BA-403, Application for Extension of Time to File Vermont Corporate/Business Income 
                Tax Return.  To request an extension of time to file Vermont Corporate or Business Income Tax 
                Return.
 •              Schedule BA-404, Tax Credits Earned, Applied, Expired, and Carried Forward.  To report income 
                tax credits earned, applied, or carried forward by the business.
 •              Schedule BA-405, Expired Economic Advancement Tax Incentives (EATI) Credits: Annual 
                Activity Report.  For use by entities for each of the six years following the end of the EATI authorization 
                period.
 •              Schedule BA-406, Credit Allocation Schedule.  To allocate tax credits earned in the current year 
                (reported on Schedule BA-404) to shareholders/partners/members.
 •              Schedule BA-410, Affiliation Schedule.  For use by Parent S-Corporations that have Qualified 
                Subchapter S Subsidiaries (QSSS) whose activity is included in the activity of this return.  Also for use 
                by any business filing a return that includes the activity of one or more other entities that are disregarded 
                for income tax purposes, or otherwise are not filing their own income tax return, and Partnerships or 
                S Corporations that are part of the unitary business, and directly owned by an entity within the unitary 
                group.
 •              Form WH-435, Estimated Income Tax Payments for Nonresident Shareholders, Partners, or 
                Members.  To make estimated tax payments for its non-Vermont shareholders, partners or members, as 
                required by 32 V.S.A. §§ 5914 & 5920.  For details, see Technical Bulletin TB-06, Estimated Payments 
                by Corporations, Partnerships and Limited Liability Companies on Behalf of Shareholder, on the 
                Department’s website.
 •              Schedule K-1VT, Shareholder’s, Partner’s, or Member’s Information.  For all shareholders, 
                partners, or members summarizing the Vermont net taxable income, Vermont nonresident estimated 
                payments,  all  eligible  credits,  and  adjustment  due  to  Vermont’s  disallowance  of  IRS  “bonus” 
                depreciation.  Beginning for 2023, Schedule K-1VT will also report ownership, profit, and loss 
                percentages, and apportionment factors that flow to owners.
                NOTE:  Distribution of nonresident estimated payments will not happen if Schedules K-1VT are 
                not attached and correct.

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Who Must File
             Effective for tax years beginning on or after Jan. 1, 1997, every Subchapter S Corporation, Partnership, and 
             Limited Liability Company which engages in activities in Vermont must file a return with the Commissioner 
             of Taxes.  This includes entities receiving income as a shareholder, partner, or member.
                                                                                                                            Page 4
             NOTE: Single member LLCs which have elected to be classified for federal purposes as disregarded 
             entities and report their entity’s activity on federal Form 1040, Schedule C, or federal Form 1120 are not 
             required to file Form BI-471.
Note for Income Tax Filers and Preparers
             Form BI-471 is designed to accommodate a large number of taxpayers with varying degrees of organizational 
             and financial complexity.  Vermont’s instructions cannot anticipate and do not attempt to address every 
             situation or tax position possible under the Internal Revenue Code.
             For businesses that maintain pass-through treatment to individual (or corporate, etc.) owners, Vermont 
             individual (or corporate, etc.) income tax laws are used to determine taxable income and tax for those 
             owners and could supersede the instructions for Form BI-471 and related schedules.  Taxpayers that have 
             complex federal tax positions are encouraged to thoroughly research all applicable statutes and regulations.

                                        General Instructions
Filing Dates and Payments
             Subchapter S Corporation, Partnership, and Limited Liability Company returns are due on the date 
             prescribed for filing under the Internal Revenue Code.  For calendar year filers, this date will generally be 
             March 15.  For fiscal year filers, the return is due the 15th day of the third month following the end of the 
             fiscal year.
             The payment of the annual entity tax of $250 and any additional tax including required nonresident 
             estimated payments or composite tax is due on or before the original due date of the return.
             Entities holding federal extensions may file 30 days after the extended federal due date.  These entities must 
             file Form BA-403 by the original return due date.  An extension of time to file does not extend the time to 
             pay the tax due.  Any tax due, including the Vermont minimum tax, must be paid by the original due date 
             of the return.  Any tax due which is unpaid by the original due date will accrue interest and late payment 
             penalties.
Incomplete Returns
             If information necessary to support the request for a credit is missing, your filing may be processed but the 
             credit denied.  This may result in a bill or reduced refund.  The Department will send you a letter requesting 
             the missing information and give you an opportunity to supply what we’ve requested.  The credit will not 
             be processed until the Department receives the missing document(s) or information. 
Returns That Cannot Be Processed
             If your filing is not acceptable for processing, the Department will notify you by letter, and you will be 
             required to submit it again.  The date you resubmit the return becomes the filing date of your return.  The 
             Department may assess a $25 processing fee to partially cover the cost of taking steps to notify you in 
             addition to our normal processing procedures.  Examples of unacceptable filings include, but are not limited 
             to, the following:  forms marked “Draft” or “Do not file,” forms not pre-approved by the Department, 
             photocopies of forms, reduced or enlarged forms, faxed forms, forms not written in blue or black ink, or 
             forms generated from different sources. 

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What to Include with the Filing:
• Form BI-471 – Vermont Business Income Tax Return
• Schedule BI-472 or Schedule BI-473
• Schedule BI-477 – Required for taxable entities having activity (income or losses) in at least one state/ Page 5
province other than Vermont. Returns with no Schedule BI-477 will be automatically adjusted to 100%
Vermont apportionment.
• Schedule K-1VT – Required for each shareholder, partner, or member. Composite filers may prepare
a single Schedule K-1VT which aggregates information for all nonresidents of Vermont. (Exception:
For composite filers, if any of the owners are treating any income as tax exempt, prepare and file
Schedule(s) K-1VT for those owners.)
NOTE: Do NOT include Schedule K-1VT to demonstrate income/loss, payments, credits, etc. received
as a shareholder, partner, or member of another business. Inclusion of Schedules K-1VT issued by
other entities will delay processing.
• Vermont Statements or Explanations – as required by the instructions below.
• Federal Information – The first five pages of the federal income tax return filed (Form 1065 or
Form 1120S). Federal Schedule K-1s are not required with the original filing for paper filed returns
but should be included for electronically filed returns. However, the Vermont Department of Taxes
reserves the right to require a complete copy of the federal income tax returns and all federal schedules
at any point during review or audit of the Vermont filing.
Estimated Taxes
For tax years beginning Jan. 1, 1997, Subchapter S Corporations, Partnerships, and Limited Liability
Companies are given pass-through tax treatment whereby tax is imposed on the income of the business
only at the shareholder, partner, or member level. The pass-through entity is liable for the minimum annual
(entity) tax of $250 for each taxable year beginning on or after Jan. 1, 1998.
The entity is also obligated to make payments for nonresident shareholders, partners, or members (individually
or composite) for the income attributable to Vermont at the second lowest marginal individual income tax
rate. For tax years 2018 and forward, that rate is 6.6%. Each payment is a credit against the shareholder’s,
partner’s, or member’s individual income tax liability, or the composite tax liability.
Estimated payments are due on the 15th day of the 4th, 6th, and 9th months of the tax year and the 1st month
of the subsequent year. For calendar year entities, these dates are normally April 15, June 15, September 15,
and January 15. These payments are made using Form WH-435. Other methods of payment may result in
both the entity and its members not receiving proper credit.
Certain S Corporations, Partnerships, and Limited Liability Companies may file and remit the estimated tax
payments on behalf of nonresident shareholders, partners, and members annually, on January 15, instead
of quarterly. To qualify, the entity must have a single (nonresident) shareholder, partner or member and a
tax liability of $250 or less in the prior year, or two or more shareholders, partners or members and a tax
liability of $500 or less in the prior year.
Interest, Late Fees, and Penalties
Interest is charged on payments not made on or by the statutory due date. The rate of interest is established
each year with reference to the average prime rate.
Payments not made and returns not filed when due are subject to a failure to pay/file penalty of 5% per month
of the outstanding liability up to 25%. If the filing is more than 60 days late from the original due date, even
if no tax is due, a $50 late penalty applies unless timely filed under extension. The Commissioner of Taxes
may abate late filing penalties for reasonable cause.

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Consolidated Returns
       Affiliated entities with identical ownership may elect to file a consolidated Vermont return.  Income of 
       Subchapter S Subsidiaries (QSSS) are included in the parent’s return if it is included in the parent’s federal 
       return.  A consolidated Vermont return must include only entities that have income allocated or apportioned 
       to Vermont.  Attach a statement to Form BI-471 including the name and FEIN of all companies included in           Page 6
       the consolidated return.  Once the election to file consolidated has been made, entities must continue filing 
       on a consolidated basis until the Commissioner of Taxes authorizes separate filing.
Composite Returns
       Definition: A composite return is a return filed by an entity on behalf of its eligible nonresident shareholders, 
       partners, or members stating the income allocable to the included shareholders, partners, or members, and 
       paying tax on their behalf.  Composite returns relieve the included shareholders, partners, or members from 
       the responsibility of filing individual income tax returns, as long as they do not have any other income or 
       activity in Vermont that triggers a filing requirement.
       Who May File Composite: Any entity with nonresident shareholders, partners, or members may file 
       a composite return.  An election for composite filing shall be binding for a period of five years.  Every 
       nonresident shareholder, partner, or member must be included in a composite filing. 
       Who Must File Composite: Any entity with more than 50 nonresident shareholders, partners, or members 
       must file a composite return, including and paying tax for all nonresident owners.
       Tax Rate:    The composite filing tax rate for 2018 and forward is linked to the second highest marginal 
       personal income tax rate which is 7.6%.  The quarterly estimated payment requirements described above 
       also apply to composite returns.
       Refunds: To the extent that the composite tax due is less than the estimated tax payments made by the 
       entity on behalf of its nonresident shareholders, partners or members, the refund must be paid to the entity 
       and not to the individual shareholders, partners, or members.
       Other requirements:        A signature on a composite return indicates that the information presented on that 
       return is true, correct, and complete.  The Department of Taxes may contact the Subchapter S Corporation, 
       Partnership, or Limited Liability Company for further information about the return.  
       It is recommended that composite filers maintain a power of attorney (POA) with their records that is 
       signed by each qualified nonresident shareholder, partner, or member.  The POA gives the Subchapter S 
       Corporation, Partnership, or Limited Liability Company the authority to act on behalf of the shareholder, 
       partner, or member.  The Department may ask the composite filer to submit a copy of a POA before 
       disclosing confidential information pertaining to the return.
       The POA form is available at the Department’s website “Forms” page: 
       www.tax.vermont.gov/research-and-reports/document-library/tax-forms/business-and-corp
Notes on Pass-through Tax Credits:
       Tax credits are reported on Schedule BA-404, and, unless a composite return is being filed, are passed 
       through to the shareholders, partners, or members via Schedule BA-406.  
       Composite credits are reported on Schedule BI-473.  
       Credit calculation schedules and credit allocation schedules must be attached to the return, along with any 
       other documentation required by the credit program.
Appeals
       All appeals for any return adjustment, assessment, bill, and reduced refund should be addressed to: Vermont 
       Department of Taxes, PO Box 1645, Montpelier, VT 05601-1645.  Appeals must be received within 60 
       days of the notice of adjustment, assessment, or denial of refund.

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Facsimile Substitute Forms
Any facsimile or substitute form must be approved by the Department of Taxes prior to its use. If you use
computer-generated returns, the software company is responsible for requesting approval and receiving
an assigned bar code. A $25 fee may be assessed for a taxpayer or preparer who files returns that Page 7
cannot be processed or require special steps to process. Call (802) 828-2512 for further information on
facsimile or substitute forms.

Business Income Tax Return Instructions
Please use blue or black ink only.
Please do not staple or bind your return. You may use binder clips, paper clips, or rubber bands.
“Mixed forms” warning - The Department of Taxes cannot process a return package which includes Vermont forms and
schedules from multiple sources. All forms and schedules must be from the same software vendor, or all
original forms issued by the Department. Filing a package of forms from different sources will result in
delayed processing, a request for a processable return, and the assessment of a manual processing fee.
If a business is owned entirely by Vermont residents and operates entirely within Vermont, please review Form BI-476,
which is a simplified form for certain Vermont companies to file and pay business income tax.
Header Information - Please complete all fields.
Name/Address - Print or type the entity name and address in the space provided. Specify the Foreign
Country if the address is outside the United States.
Check all applicable boxes for the characteristic(s) of the return. If filing as a composite filer, note that
you are making a binding election.
Enter the entity’s Federal Employer Identification Number.
Enter the beginning and ending dates of the entity’s fiscal year, covered by this return, in the requested
format (YYYYMMDD.)
Enter the primary 6-digit North American Industrial Classification System (NAICS) number. See
www.census.gov/naics to research your company’s code, if necessary.
Check the box indicating the federal tax form filed. See Line 1 instructions below if the entity is permitted
to file as an individual/sole proprietor.
Preliminary Questions – Please answer each of the preliminary questions lettered A through G.
Question B – Note that if the answer to question B is “Yes,” then Schedule BI-477 must be completed and
attached to the return.
Question C – Starting in 2008, Vermont individual income, including income passed through to
individuals, must be calculated without regard for federal “bonus” depreciation allowed certain assets under
I.R.C. § 168(k). If the entity took advantage of the bonus depreciation provisions, enter the net adjustment
to entity income as a result of disallowing bonus depreciation. (In the year an asset is placed in service,
report a positive number – an increase in net income due to decreased depreciation expense for Vermont
compared to federal. For later periods, the adjustment will be a negative number.) Attach a statement to
detail the difference. If the entity did not take advantage of the bonus depreciation provisions, enter -0-.
If the company did take advantage of bonus depreciation, income/loss on all schedules must be recalculated
to disallow the effects of the bonus depreciation. Include a copy of a pro-forma federal Schedule 4562 to
show depreciation deduction adjusted to disallow bonus depreciation.

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Question G – Check this box if 32 V.S.A. § 5920(f) or § 5920(g), relating to entities engaged solely in
operating affordable housing projects or operating federal new market tax credit projects, applies. If you
check the box, you must attach authorization or documentation to support the applicability of either of these
sections.
Page 8
For tax years 2015 and forward, also check Box G if § 5920(h) applies. Publicly-traded partnerships are
exempt from the estimated payment requirements of § 5920(c), but are required to send to the Department
information including the name, address, taxpayer identification number, and amount of Vermont source
income for every partner that had greater than $500 Vermont source income for the tax year. Please send
the information in electronic and secure format.
Tax Computation Section
Exceptions Check the applicable box if any of the following exceptions apply.
Entities with no Vermont activity are not required to pay the annual entity tax. This exception may be
claimed if you are a foreign business that has periodic, recurring activity in Vermont, in the current year the
entity has no nexus with Vermont, and you are filing a return to keep the account open in an inactive year.
Property in Vermont means the entity has Vermont nexus, and will need to pay the minimum tax. The “no
Vermont activity” is for businesses with periodic but not constant Vermont nexus, but who want to keep
their tax accounts open.

Vermont businesses may not claim “No Vermont Activity.” If you are a Vermont-based business and
receive any income (positive or negative), this constitutes “activity” and will disqualify you from claiming
the “no Vermont activity” exception. There is no minimum dollar threshold for filing a Vermont return. In
fact, simply filing with the Secretary of State as a registered business will trigger the minimum entity tax.
(See 32 VSA § 5811(15)(B). For pass-through entities, the link up to this law is in §§ 5914(a) and 5920(a).)
Other non-cash activities, such as holding land, providing services to Vermont customers, and engaging in
activity that leads to a net loss will also disqualify a business from claiming “No Vermont Activity.” Please
see Technical Bulletin TB-70 for more information.
Investment clubs whose assets do not exceed $20,000 and whose income does not exceed $5,000 are not
required to pay the annual entity tax. Attach a copy of the balance sheet.
Partnerships electing not to be taxed as partnerships, under I.R.C. § 761 or Check-the-Box Regulations
are not required to pay the annual entity tax. Provide a statement as to the election being taken and cite the
authority for the election.

Line-by-Line Instructions

TAX COMPUTATION
Line 1 Vermont minimum entity tax - Vermont minimum entity tax - Enter the minimum entity tax of $250, or
the amount due under any applicable exception.

Line 2a For non-composite entities, nonresident estimated payment requirement - If the entity does not
file a composite return, enter the amount from Schedule BI-472, Line 6. Otherwise, enter -0-.

Line 2b For non-composite entities only - Overpayment distributed to owners via Schedule K-1VT: Enter the
sum of all Schedules K-1VT, Lines 11 and 12, then subtract Schedule BI-472, Line 6. This cannot be a
negative number.
This amount will be distributed to the entity’s owners and applied to their income tax accounts. Overpayments
generated by real estate withholding payments (Form BI-471, Lines 9 and 10) must be distributed to
shareholders and are not available to refund, credit forward, or pay the minimum entity tax unless a composite
return is filed.

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Line 2c Enter the sum of Lines 2a and 2b.
Line 3 For composite entities - If the entity files a composite return, enter the amount of Vermont composite tax
due, from Schedule BI-473, Line 11. Otherwise, enter -0-.
Line 4 Vermont apportionment of entity level taxes - Subchapter S Corporations subject to federal income Page 9
tax on items such as built-in gains, capital gains, or LIFO recapture, apply the corporate income tax rate
provided in the instructions for Form CO-411 to the Vermont apportioned/allocated tax base. Enter the tax
due on Line 4. Provide a statement that details the nature and calculation of the tax amount.
Line 5 Use this line to report Use Tax due. When a seller does not charge the buyer Vermont Sales Tax on an item
taxable in Vermont, the buyer must pay Vermont Use Tax. Nontaxable items such as food and clothing are
excluded. Taxable items sold over the internet, by mail-order, by phone, or bought out-of-state and used in
Vermont generally qualify. Use Tax applies whether you are resident or nonresident. The Use Tax rate is
the same as the Sales Tax rate: 6%.
Line 6 Total tax due - Add Lines 1, 2c, 3, 4, and 5.

PAYMENTS AND CREDITS
Line 7 Prior Year Overpayment Applied - Enter the amount of any prior year overpayment to be applied to the
current tax year.
Line 8 Payments with Extension - Enter the amount of payment(s) made with an extension application
(Form BA-403) or any other estimated payments made via forms other than Form WH-435 or Form RW-171,
Schedule A.
Line 9 Real estate withholding paid for this entity with Form RW-171, Schedule A - Enter the amount of
nonresident real estate withholding withheld by the buyer of real estate this business sold. (Form RW-171,
Schedule A)
Line 10 Real estate withholding distributed to this entity by a different company through a Schedule K-1VT
- Enter the amount of nonresident real estate withholding distributed to this entity by another entity. (From
Schedule K-1VT, Line 12, on which this business is the shareholder/partner/member.) Include a statement
indicating the name(s) and FEIN(s) of entities through which payments were received, and amount(s) of
payments. Do NOT attach a copy of the Schedule K-1VT issued to this company. Processing delays will
result.
The sum of Lines 9 and 10 should equal the sum of Schedule K-1VT, Line 12, across all Schedules K-1VT
attached to this return.
Line 11 Nonresident estimated payments paid by this entity with Form WH-435 - If the business had Vermont
nonresident owners, enter the total amount paid on behalf of nonresident owners with Form WH-435 for
the current tax year, including any catch-up payment, if applicable.
Line 12 Nonresident estimated payments distributed to this entity by a different company through
a Schedule K-1VT - Enter the amount of any nonresident estimated payments distributed to this
entity by a different company. (From Schedule K-1VT, Line 11, on which this business is the
shareholder/partner/member.) Include a statement indicating the name(s) and FEIN(s) of entities through
which payments were received, and amount(s) of payments. Do not attach a copy of the Schedule K-1VT
issued to this company. Processing delays will result.
The sum of Lines 11 and 12 should equal or be greater than the sum of Schedule K-1VT, Line 11, across all
Schedules K-1VT attached to this return.
Line 13 Total payments - Add Lines 7 through 12.

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RECONCILIATION
Line 14 Balance due - If Line 6 is greater than Line 13, enter the difference.  Otherwise, enter -0-.  Also, enter the 
        amount from Line 14 to the Balance Due line at the bottom of page 1 of the return.
Line 15 Payment attached to this return - Enter the amount of the payment attached to this return.  Payment            Page 10
        may be included directly with this return (attach by paperclip to the front page) or with payment coupon 
        Form BI-470.  Make checks payable to Vermont Department of Taxes.
Line 16 Overpayment - If Line 6 is less than the sum of Lines 13 and 15, enter the difference.
Line 17 Overpayment to be credited to next tax year   - Enter the amount of overpayment to be credited to next 
        year’s tax liability.  (Payments from Lines 9 and 10 not available as a credit forward unless a composite 
        return is filed.)
Line 18 Overpayment to be refunded - Enter the amount of overpayment to be refunded.  (Payments from 
        Lines 9 and 10 not available as a refund unless a composite return is filed.)

SIGNATURE SECTION
        The return must be signed by an officer or agent of the entity and the preparer.  Please make your check 
        payable to the Vermont Department of Taxes.  Please write your FEIN number on your check and clip your 
        check to the front of your return.  Please do not staple the check to your return.
                                                                                                                       INSTR  (Place at LAST page)
        If authorizing the Department of Taxes to discuss this return and attachments with your preparer, check        Instr. pages 
        “Yes” for this question.  This will not authorize the Department of Taxes to discuss the filing status of the 
        shareholders, partners, or members.  Each individual must authorize such disclosure.

                         Contacting the Department
                                                                                                                       1 - 10
 Mailing address: 
                                             Taxpayer Services: (802) 828-5723
 Vermont Department of Taxes                 Email Address:     tax.corporate@vermont.gov
 133 State Street                            Website Address:   www.tax.vermont.gov
 Montpelier, VT  05633-1401                  Forms:             (802) 828-2515

                                                                                          Form BI-471 Instructions
                                                                                              Page 10 of 10
tax.vermont.gov                                                                               Rev. 10/23

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