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FORM IN-114 Instructions
Individual Income Estimated Tax Payment Voucher
Page 1
General Information
Please print in BLUE or BLACK ink only.
Estimated income tax is the amount of Vermont tax you expect to owe for the year on income that is not subject
to withholding (for example, earnings from self-employment, interest, dividends, rental income, alimony, etc.), or
exceeding withholdings, plus any additions. Additions to Vermont tax may include:
- Qualified Retirement Plans (including Individual Retirement Accounts, Health Savings Accounts,
and Medical Savings Accounts)
- Recapture of Federal Investment Tax Credit
- Vermont Tax Credit Recapture
Who Must Make Estimated Income Tax Payments?
Generally, you must pay estimated income tax if you expect to owe an income tax liability or have
INSTR (Place at FIRST page)
income not subject to withholding such as self-employment earnings. Individuals receiving two- Instr. pages
thirds of his or her income from farming or fishing, as defined by the IRS, are not required to make
estimated income tax payments.
How Do I Determine My Estimated Tax Liability?
Please use your 2019 tax liability or use the worksheet included with this form to estimate your 1 - 2
2020 tax liability. In order to avoid underpayment of estimated tax, which may result in penalty
and interest charges, estimated tax payments must either be: 1) equal to 100% of last year’s tax
liability or 2) 90% of this year’s tax liability. If the tax liability due is less than $500, you will not
be subject to penalty or interest charges.
When Are Estimated Income Tax Payments Due?
Estimated income tax payments are made in four equal amounts by the due dates shown below:
1st payment ....................April 15, 2020
2nd payment ...................June 15, 2020
3rd payment ...................September 15, 2020
4th payment ....................January 15, 2021
Can I File Annualized Estimated Payments for Vermont?
Individuals who make annualized estimated tax payments with the IRS may also make annualized
estimated payments in Vermont. If you make annualized payments, please attach a completed copy
of federal Form 2210 and Vermont Form IN-152A when you file your Vermont income tax return.
Questions?
Contact your tax preparer for advice on filing estimated income tax payments. Please see the
Vermont Department of Taxes website to find answers to many of your taxpayer questions at
www.tax.vermont.gov. Contact the Vermont Department of Taxes for other assistance.
Form IN-114 Instructions
Page 1 of 1
Rev. 10/19
