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State of Rhode Island Division of Taxation
RI Schedule K-1 - 2024
Taxpayer’s Share of Income, Deductions, Credits, Etc.
GENERAL INFORMATION
RI Schedule K-1 is to be used by pass-through entities filing Form RI-1041, Form RI-1065, or Form RI-1120S to report beneficiary, member, or share-
holder level information to the beneficiary(ies), member(s), or shareholder(s). All RI Schedule K-1s are to be attached to the entity return, as well as the
beneficiary, member, or shareholder return.
INSTRUCTIONS
Complete the Entity Information and Taxpayer Information boxes with the 6. Enter the taxpayer’s apportioned amount of Section 179 deduction
entity’s identification number, name, address, and entity type, and the tax- from Federal Form 1120S, Schedule K, line 11 or Federal Form 1065,
payer’s identification number, name and address. Schedule K, line 12.
If this is either an amended or final K-1, please indicate by checking the 7. Enter the taxpayer’s apportioned amount of Other Deductions from
applicable box. Federal Form 1120S, Schedule K, lines 12a, 12b, 12c and 12d, Federal
Form 1065, Schedule K, line 13a, 13b, 13c and 13d or Federal Form
If the taxpayer has been included in a composite filing (Form RI-1040C) 1041, Schedule K-1, lines 9, 10 and 11.
for the entity for tax year 2024, check the “Included in Composite Filing”
checkbox.
Section II - Taxpayer’s Other Additions
If the Partner/Shareholder is a Grantor Trust, check the 'Partner/Share- Does not apply to Form RI-1041 - Not to be used for Beneficiaries
holder is a Grantor Trust.” and complete Section VIII - Grantor Trust Infor-
mation. 1. Enter the taxpayer’s apportioned amount of income from obligations of
any state or its political subdivisions, other than Rhode Island under R.I.
In the boxes provided, enter the taxpayer’s: Gen. Laws § 44-30-12(1) and R.I. Gen. Laws § 44-30-12(2) from Form RI-
State of residency 1120S, Schedule C, line 1a or Form RI-1065, Schedule C, line 1a.
Rhode Island apportionment ratio *
Ownership percentage of the entity * 2. Enter the taxpayer’s apportioned amount of bonus depreciation that has
Profit (or loss) percentage of the entity * been taken for federal purposes that must be added back to Rhode island
income under R.I. Gen. Laws § 44-61-1 from Form RI-1120S, Schedule C,
* Beneficiaries should leave these fields blank. line 1b or Form RI-1065, Schedule C, line 1b.
Rhode Island residents should enter 100% (1.000000) on the apportion- 3. Enter the taxpayer’s apportioned amount of Pass-through Entity tax
ment percentage line. elected to be paid under R.I. Gen. Laws § 44-11-2.3 that has been taken for
federal purposes that must be added back to Rhode Island income from
Apportionment ratios should be calculated to six (6) decimal places. Form RI-1120S, Schedule C, line 1d or Form RI-1065, Schedule C, line 1d.
All amounts reported on Rhode Island Schedule K-1 should reflect 4. Enter the taxpayer’s apportioned amount of the taxable portion of any
the taxpayer’s share of the amounts, not the entity’s amounts. Paycheck Protection Program Loan received by the entity. Under R.I. Gen.
Amounts should be based on the Rhode Island apportionment ratio Laws § 44-11-11, the amount of any Paycheck Protection Program loan for-
of the entity, as well as the taxpayer’s ownership percentage. given for federal income tax purposes under the Coronavirus Aid, Relief, and
Economic Security Act, Consolidated Appropriations Act, 2021 and/or any
DRAFT other subsequent federal stimulus relief package that exceeds $250,000
Section I - Taxpayer’s Income and Deduction Information must be added back as income to Rhode Island.
1. Enter the taxpayer’s apportioned amount of Ordinary Business Income
from Federal Form 1120S or 1065, Schedule K, line 1, or Federal Form Section III - Taxpayer’s Other Deductions
1041, Schedule K-1, line 6. Does not apply to Form RI-1041 - Not to be used for Beneficiaries
2. Enter the taxpayer’s apportioned amount of Interest and Dividends from 1. Enter the taxpayer’s apportioned amount of income from obligations of
Federal Form 1120S, Schedule K, lines 4 and 5a, Federal Form 1065, the US government included in Federal AGI, but exempt from state in-
Schedule K, lines 5 and 6a, or Federal Form 1041, Schedule K-1, lines 1 come taxes from Form RI-1120S, Schedule B, line 1a or Form RI-1065,
and 2a. Schedule B, line 1a. This amount should be reduced by any investment
interest incurred or continued on the obligation which has been taken as a
3. Enter the taxpayer’s apportioned amount of Income from the Sale or federal itemized deduction.
Exchange of Property from Federal Form 1120S, Schedule K, lines 7, 8a10/15/2024
and 9, Federal Form 1065, Schedule K, lines 8, 9a and 10, or Federal 2. Enter the taxpayer’s apportioned amount of Elective deduction for new
Form 1041, Schedule K-1, lines 3 and 4a. research and development facilities under R.I. Gen. Laws § 44-32-1 from
Form RI-1120S, Schedule E, line 1 or Form RI-1065, Schedule E, line 1.
4. Enter the taxpayer’s apportioned amount of Rents and Royalties from
Federal Form 1120S, Schedule K, lines 2, 3c and 6, Federal Form 1065, 3. Enter the amount of Qualifying Investment in a certified venture capital
Schedule K, lines 2, 3c and 7, or Federal Form 1041, Schedule K-1, lines partnership under R.I. Gen. Laws § 44-32-2 from Form RI-1120S, Sched-
7 and 8. ule E, line 2 or Form RI-1065, Schedule E, line 2.
5. Enter the taxpayer’s apportioned amount of Miscellaneous Income from 4. Enter the taxpayer’s apportioned amount of bonus depreciation that has
Federal Form 1120S, Schedule K, line 10, Federal Form 1065, Schedule already been taken on the Federal return that has not yet been subtracted
K, lines 4c and 11, or Federal Form 1041, Schedule K-1, line 5. from Rhode Island income under R.I. Gen. Laws § 44-61-1 from Form RI-
1120S, Schedule B, line 1b or Form RI-1065, Schedule B, line 1b.
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