2015 Vermont: Itemized Deductions
UPDATE: TurboTax contacted certain customers earlier about a possible error in their Vermont 2015 tax return related to Form IN-155 dealing with itemized deductions. We are pleased to share that on July 5, 2016, the Vermont Department of Taxes announced that those taxpayers, who were impacted by this IN-155 form issue, will not be required to amend or pay any additional tax.
For more information, see 2015 Vermont: Itemized Deductions - Update.
In Vermont, if you filed your federal return with state and local taxes on your Schedule A, Itemized Deductions, those taxes may need to be added back on your Vermont return.
Also, if your federal return included a Schedule A, Itemized Deductions, you may have to add back some of those deductions. That addback will be determined in Part B of Form IN-155.
Certain Vermont taxpayers, who had a Schedule A on their federal return, may have filed an incorrect Vermont tax return.
TurboTax has fixed this issue.
How to tell if you may be impacted
You may be affected if all of the following apply to you:
- You filed your Vermont state tax return prior to March 31, 2016; AND
- Your Vermont return does not include a Schedule IN-155, Federal Itemized Deductions Addback AND
- One or both of the following has occurred in your return:
- Your federal Schedule A included state and local income taxes in an amount $5,000 or less on line 5a AND/OR
- The total of your federal Schedule A - itemized deductions (line 29) less any medical expenses (line 4), state and local taxes (line 5), and gifts to charity (line 19) is more than 2.5 times your standard deduction ( see standard deduction amount in Part A of your Vermont Schedule IN -155) deduction
If these conditions apply, you may have underpaid your taxes and need to amend your Vermont tax return even if you owe no additional tax.
To amend your return:
- Follow these amend instructions for the TurboTax Online product.
- Follow these amend instructions for the TurboTax CD Download product.
- After you make the changes to your tax return, follow the amend instructions for where to mail your return.
How to make a payment:
You will need to make a payment for additional taxes owed by mailing a check with your amended return. Do not use Vermont's Pay Your Taxes Online.
The Vermont Department of Taxes will waive the penalty and interest for any amended return and payment received on or before June 30, 2016.
Reminder: Even if you have no additional amount due, Vermont still wants you to mail the return to them.
If you need to contact us, please use the phone number in the email from TurboTax and tell the representative you’re calling about the 2015 Vermont: Itemized Deductions.