2021 ProSeries/Vermont Readme

Release 2021.35

Contents

Items addressed in this release

• Schedule IN-113, line 31a has been updated to disallow municipal bond interest adjustment for full time residents.

Items addressed in previous releases

• Schedule IN-112 has been updated to reflect the latest federal update related to Form 8915.
• Voluntary contributions will now print correctly on Form IN-111, lines 23a-23d.
• Form RCC-146 is now checking to ensure SPAN number entry has the correct format.
• Form RCC-146 is no longer part of the return if total income exceeds $63,300.
• Schedule IN-113 has been updated to incorporate State of Vermont's correction to lines 29 and 35.
• Form RCC-146 has been updated with additional error checking for electronic filing.

What's new for ProSeries/Vermont

The following items are new for tax year 2021:

• Vermont income tax laws now conform to federal statutes in effect on March 31, 2021, capturing the American Rescue Plan Act changes.
• Standard Deduction amounts have been updated for 2021.
• The maximum household income for Property Tax Credit Claim (Form HS-122) has changed to $136,900.
• The Vermont legislature made substantial changes to the Renter Rebate Program:
  • Program name changed from Renter Rebate Claim to Renter Credit Claim.
  • Form name changed from PR-141 to RCC-146.
  • This form will no longer be calculating the credit for the taxpayer. The credit will be calculated once the return is filed and processed at the Tax Department.
  • This credit is now available to part time residents who rent a home in Vermont for at least 6 months, whereas in prior years this credit was only available to full time residents.
  • Credit is no longer limited to only taxpayers with household income of $47,000 or less. Instead, the new limits are 50% of the county median income by family size as determined by the Department of Housing and Urban Development (HUD).
  • Schedule HI-144 is no longer applicable when filing a Renter Claim.
  • LC-142 (landlord certificate) is no longer submitted with the Renter Claim.

Forms

All forms and schedules included in this version of ProSeries/Vermont have been finalized and approved for filing.

Electronic Filing

You can file returns electronically with this version of ProSeries/Vermont.

End of ReadMe file for ProSeries/Vermont