Vermont Department of Taxes 

            2023 Schedule IN-112                                                                                         *231121100*
                                                                                                   Please PRINT in       *231121100*
    Vermont Tax Adjustments and Credits                                                        BLUE or BLACK INK
                                                                                                                              INCLUDE WITH FORM IN-111                                                                          Page 23
            Taxpayer’s Last Name                                                               First Name                MI                                                                   Taxpayer’s Social Security Number

PART I 
ADDITIONS TO FEDERAL ADJUSTED GROSS INCOME                                                                                                                                                                                      FORM  (Place at FIRST page)
  1.  Total interest and dividend income from all state and local                                                                                                                                                               Form pages 
      obligations exempt from federal tax  
      (reported on federal Form 1040)  . . . . . . . . . . . . . . . . . . . . . . . . . .  .1.  _________________________ .00
  2.  Interest and dividend income from Vermont state and local 
      obligations included in Line 1  . . . . . . . . . . . . . . . . . . . . . . . . . . . .  .2.  _________________________ .00

  3.  Income from Non-Vermont State and Local Obligations (SUBTRACT Line 2 from Line 1)   . . . . . . . . 3.   _________________________ .00                                                                                    23 - 24

  4.  Bonus Depreciation Allowed under Federal Law for 2023  . . . . .  .4.  _________________________ .00

  5.  Other (reserved)   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5. ._________________________RESERVED .00

  6.  Total Additions (ADD Line 3 and Line 4)  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 6.   _________________________ .00
SUBTRACTIONS FROM FEDERAL ADJUSTED GROSS INCOME
  7.  Interest Income from U .S . Obligations  . . . . . . . . . . . . . . . . . . . . .  .7.  _________________________ .00

  8.  Capital Gains Exclusion (Schedule IN-153, Line 21)   . . . . . . . . .  .8.  _________________________ .00

  9.  Adjustment for Prior Years’ Bonus Depreciation  . . . . . . . . . . . . .  .9.  _________________________ .00
 10.  Taxable Refunds of State and Local Income Taxes 
      (Reported on federal Form 1040)  . . . . . . . . . . . . . . . . . . . . . . . .  .10.  _________________________ .00
 11.  Medical Expense Deduction  
      (see the worksheet in the instructions)  . . . . . . . . . . . . . . . . . . . .  .11.  _________________________ .00
 12.  Retirement Benefits Exempt from Taxation  
      (see the worksheet in the instructions)  . . . . . . . . . . . . . . . . . . . .  .12.  _________________________ .00

 13.  Railroad Retirement income  . . . . . . . . . . . . . . . . . . . . . . . . . . . .  .13.  _________________________ .00

 14.  Bond/note interest income from (see below)  . . . . . . . . . . . . . . .  .14.  _________________________ .00
       VSAC                    Build                           Vermont Telecom                           Vermont Public Power 
                               America                         Authority                                 Supply Authority
  15a. For residents only -Enter the total student loan interest you  
      paid in 2023 on qualified student loans .  . . . . . . . . . . . . . . . . . .  .15a.  _________________________ .00
  15b. For residents only -Enter any student loan interest already  
      deducted on federal Form 1040, Schedule 1, Line 21 .  . . . . . . .                        15b.  _________________________ .00
  15c. Subtract Line 15b from Line 15a .  If filing jointly and AGI is  
      greater than $200,000, enter -0- .  All other filers, if AGI is  
      greater than $120,000, enter -0- .   . . . . . . . . . . . . . . . . . . . . . . .  .15c.  _________________________ .00

 16.  Other (reserved)   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16. . _________________________RESERVED .00

 17.  Total Subtractions (ADD Lines 7 through 14 and Line 15c)  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 17.   _________________________ .00
NET MODIFICATIONS TO FEDERAL ADJUSTED GROSS INCOME
 18.  SUBTRACT Line 17 from Line 6 .  Enter on Form IN-111, Line 2 .  . . . . . . . . . . . . . . .  .  .  .  .  .  .  .  .  .  .  .  . 18.   _________________________ .00 
      This can be a negative number .                                                                                                                                                         Schedule IN-112
                                                                                                                                                                                              Page 1 of 2
            5454                                                                                                                                                                              Rev. 10/23

         Taxpayer’s Last Name                      Social Security Number

                                                                                       *231121200*
                                                                                       *231121200*
PART II                                                                                                                                                                                                                                                                Page 24
REFUNDABLE CREDITS 
Child and Dependent Care Credit - Resident and Part-Year Resident
  1. Child and Dependent Care Credit (federal Form 2441, Line 11)  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .1.  ______________ .00

  2. Vermont Child and Dependent Care Credit (MULTIPLY Line 1 by 72% (0.72))   . . . . . . . . . . . . . . . . . . . . . . . . . . .  .2.  ______________ .00
                                                                                                                                                                                                                                                                       FORM  (Place at LAST page)
Child Tax Credit - Resident and Part-Year Resident                                                                                                                                                                                                                     Form pages 
  3. Number of qualifying children  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .3.  __________________
     List only children who qualify for Child Tax Credit (born 2018 through 2023) below
      Qualifying Child #1 - Last Name                     First Name                   MI    Social Security Number                                                                                                                              Year of Birth

      Qualifying Child #2 - Last Name                     First Name                   MI    Social Security Number                                                                                                                              Year of Birth
                                                                                                                                                                                                                                                                       23 - 24
      Qualifying Child #3 - Last Name                     First Name                   MI    Social Security Number                                                                                                                              Year of Birth

  4. Child Tax Credit (MULTIPLY Line 3 by $1,000) .  See instructions for credit amount if  
     your Adjusted Gross Income from Form IN-111, Line 1 is over $125,000  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  .4.  ______________ .00
Earned Income Tax Credit - Resident and Part-Year Resident
  5. Number of qualifying children from federal Schedule EIC  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .5.  __________________

  6. Federal Earned Income Tax Credit .  Enter amount from federal Form 1040  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  .6.  ______________ .00

  7. Vermont Earned Income Tax Credit: MULTIPLY Line 6 by 38% (0.38)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  .7.  ______________ .00
Refundable Tax Credit - Resident and Part-Year Resident
  8. Total Vermont Refundable Tax Credit (ADD Lines 2, 4, and 7)   .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .8.  ______________ .00 
      Full-Year Residents:  Enter this amount on Form IN-111, Line 25c . 
      Part-Year Residents:  Complete Lines 9 through 12 .

Refundable Tax Credit Adjusted for Part-Year Residents
  9. Enter amount from Schedule IN-113, Line 14B, Vermont Portion of Total Income  . . . . . . . . . . . . . . . . . . . . . . . . . . .  .9.  ______________ .00

 10. Enter amount from Schedule IN-113, Line 14A, Total Income  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .10.  ______________ .00
 11. Refundable Tax Credit Adjustment Percentage . (DIVIDE Line 9 by Line 10, then  
     MULTIPLY the result by 100) ...........................    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  .11.  _________ ._______%
 12. Total Vermont Refundable Credit Adjusted for Part-Year Residents . (MULTIPLY Line 8 by Line 11.)   
     Enter this amount on Form IN-111, Line 25c .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .12.  ______________ .00

                                                                                                        Schedule IN-112
                                                                                                                                                                                                                                                 Page 2 of 2
         5454                                                                                                                                                                                                                                    Rev. 10/23

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