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SCHEDULE K-1VT-F

Beneficiary Information for Fiduciaries
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Please print in BLUE or BLACK ink only.

General Information
Schedule K-1VT-F reports the Vermont-sourced income earned by a trust or an estate that is passed through
to the beneficiaries. In general, trusts and estates should include a Schedule K-1VT-F for each beneficiary
with their Form FIT-161, Fiduciary Return of Income.
The fiduciary of a grantor trust is required to file with the Vermont Department of Taxes an information
return, Form FIT-161, along with a Schedule K-1VT-F indicating the items of income, deduction, and
credits against tax attributable to the trust treated as owned by the grantor/owner and send a copy of the
Schedule K-1VT-F to the grantor/owner, who is required to report the income, deductions, and credits on
their individual Vermont income tax return.
Every fiduciary must provide each beneficiary with a copy of their Schedule K-1VT-F on or before the due
date of Form FIT-161. INSTR (Place at FIRST page)
Instr. pages
For detailed information on filing requirements and definitions of income and residency, see Vermont law
at 32 V.S.A. § 5811, § 5823, § 5861.
COMPLETE A SEPARATE SCHEDULE K-1VT-F FOR EACH BENEFICIARY.
Above the Header Information – REQUIRED ENTRIES
1 - 3
Enter the begin and end dates of the fiscal year of the trust or estate filing the return.
Enter the Trust or Estate Name and Federal Employer Identification Number (FEIN) of the trust or estate
filing the return.
Header Information – REQUIRED ENTRIES
All information in the Header Section is required. Failure to correctly complete this information will result
in processing delays and/or late filing penalties for your return.
• Name, Address, FEIN
• If the beneficiary is an entity other than an individual, enter the Entity Name of the
beneficiary, and its FEIN. If the beneficiary is an individual, enter the individual’s Last Name,
First Name, and Middle Initial, and their Social Security Number.
• Enter the complete address of the beneficiary.
• Enter the Foreign Country for the beneficiary if other than the United States.

2023 Schedule K-1VT-F Instructions
Page 1 of 3
tax.vermont.gov Rev. 10/23

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Recipient Type:
I –Individual (including Grantor Trusts that report directly on an individual income tax return, as opposed
to filing a fiduciary return)
C –C-Corporation, 501(c)(3) Page2
S –S-Corporation
L –Limited Liability Company (not a disregarded entity)
P –Partnership
T –Trust (filing a fiduciary return)
X –Exempt Organization - If the beneficiary is an exempt entity, not subject to income taxation (such as
an ESOP or nonprofit to which this income is not characterized as unrelated business income). Provide
a statement of the name(s) and FEIN(s), and description of why or authority by which they are exempt
from income taxation.
Residency Status
Check the appropriate box to indicate the residency status of the beneficiary. Review 32 V.S.A. § 5811 if
necessary.
Percentage of Entity’s income or loss to this recipient
Enter the percentage of the entity’s Vermont sourced income distributed or allocable to this beneficiary,
written as a percent, and calculated to two places to the right of the decimal point. For example, exactly 5%
would be written as 5.00%.

Line-by-Line Instructions

Vermont Resident Beneficiary
Line 1 Beneficiary’s share of distributed net income allocated to Vermont.
Line 2 Enter interest/dividends from obligations of other states.
Line 3 Enter interest/dividends from U.S. obligations.

Vermont Nonresident Beneficiary
Line 4 Enter Nonresident Beneficiary information on Lines 4a through 4f, with total income on Line 4g.
NOTE: Intangible income from a nonresident trust or estate is not taxed in Vermont. Therefore, the
Vermont Schedule K-1VT-F for a nonresident does not include listing the intangible income.
Line 5 Total annual nonresident estimated payments allocated to this beneficiary - If this beneficiary is a
Vermont resident, enter -0-.
If this beneficiary is a nonresident, enter the amount of nonresident estimated payments allocated to
this beneficiary from Schedule K-1VT-F received due to the trust’s ownership in another pass-through
entity. These payments are made via Form WH-435, Estimated Income Tax Payments for Nonresident
Shareholders, Partners, or Members, from the pass-through entity.

2023 Schedule K-1VT-F Instructions
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tax.vermont.gov Rev. 10/23

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Line 6 Total annual real estate withholding payments allocated to this beneficiary - If this beneficiary is a
Vermont resident, enter -0-.
If this beneficiary is a nonresident, enter the amount of any real estate withholding payments allocated to
this beneficiary. Real estate withholding would have been paid by the seller of Vermont real estate this
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trust or estate sold in this fiscal year, and reported on Form RW-171, Vermont Withholding Tax Return
for Transfer of Real Property, Schedule A, or may have been distributed to this entity from such a seller of
which this entity is an owner via Schedule K-1VT-F.
Line 7 Enter the beneficiary’s allocation of any other withholding payments made by this trust/estate, such as 1099
withholdings or estimated payments.
Line 8 Share of total federal bonus depreciation difference - Enter the difference between bonus depreciation
taken for federal income tax purposes and depreciation allowed for Vermont as included on Line 1. Bonus
depreciation taken in the current year is not allowed for Vermont purposes and results in an increase in
Vermont income. Report on Schedule IN-112, Vermont Tax Adjustments and Credits, Line 4. Bonus
depreciation taken in a prior year results in a decrease in the current year Vermont income. If the decrease
from past bonus depreciation exceeds the current year disallowance, report the negative value on Line 7 and
report the decrease in income on Schedule IN-112, Line 9.
Line 9 Estates, trusts, and corporations are required to perform an add-back of certain state and local income and
franchise taxes, including pass through entity taxes, deducted. Indicate here the portion of the Vermont INSTR (Place at LAST page)
apportionable income (which would otherwise have been included in Line 1 of Schedule K-1VT-F if not Instr. pages
for the deduction) that is attributable to state and local income taxes deducted on the federal return. Unlike
bonus depreciation, which is required to be a part of the apportionable tax base and will be included in the
calculations for Schedule K-1VT-F, Line 1, this item will be calculated by taking the SALT deduction on
the federal return, applying the Vermont apportionment rate, then separately stating the pro-rata share of
that deduction per Schedule K-1VT-F recipient on Line 9. 1 - 3

Notes for trusts and estates
If the beneficiary does not file a Vermont income tax return, provide information for the beneficiary who
will file a return. Include a statement that identifies the estate or trust.
Examples:
A) The beneficiary is a single-member LLC owned by an individual that reports all activity
on federal Form 1040, Schedule C. Provide the name and SSN of the individual filing
Schedule C, and indicate “I” in the recipient type box.
B) The beneficiary is a single-member LLC owned by a C-Corporation. Provide the corporation’s
name and FEIN, and indicate “C” in the recipient type box.
C) The beneficiary is a trust that reports all activity directly on the beneficiary’s individual
income tax return. Provide the name and SSN of the individual on whose return the trust is
reported, and indicate “I” in the recipient type box.
D) The beneficiary is a trust which files a fiduciary return with Vermont. Provide the entity
name and the FEIN of the trust. Indicate “T” in the recipient type box.
For assistance, call (802) 828-6820.

2023 Schedule K-1VT-F Instructions
Page 3 of 3
tax.vermont.gov Rev. 10/23

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