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State of Rhode Island Division of Taxation
RI Schedule K-1 - 2023
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 2023, check the “Included in Composite Filing”
checkbox.
Section II - Taxpayer’s Other Additions
If the taxpayer has been included in a pass-through entity election filing Note:
(Form RI-PTE) for the entity for tax year 2023, check the “Included in RI- Before passing any income and/or adjustments to income through
PTE Filing” checkbox. to a beneficiary on RI Schedule K-1, you should determine whether
or not the income and/or adjustments to income have already been
In the boxes provided, enter the taxpayer’s: accounted for on Form RI-1041.
State of residency
Rhode Island apportionment ratio * 1. Enter the taxpayer’s apportioned amount of income from obligations of
Ownership percentage of the entity * any state or its political subdivisions, other than Rhode Island under R.I.
Profit (or loss) percentage of the entity * Gen. Laws § 44-30-12(1) and R.I. Gen. Laws § 44-30-12(2) from Form RI-
1041, Schedule M, line 2a, Form RI-1120S, Schedule C, line 1a or Form
* Beneficiaries should leave the following fields blank. RI-1065, Schedule C, line 1a.
Rhode Island residents should enter 100% (1.000000) on the apportion- 2. Enter the taxpayer’s apportioned amount of bonus depreciation that has
ment percentage line. 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-1041, Schedule M,
Apportionment ratios should be calculated to six (6) decimal places. line 2d, Form RI-1120S, Schedule C, line 1b or Form RI-1065, Schedule
C, line 1b.
All amounts reported on Rhode Island Schedule K-1 should reflect
the taxpayer’s share of the amounts, not the entity’s amounts. 3. Enter the taxpayer’s apportioned amount of Pass-through Entity tax
Amounts should be based on the Rhode Island apportionment ratio elected to be paid under R.I. Gen. Laws § 44-11-2.3 that has been taken for
of the entity, as well as the taxpayer’s ownership percentage. federal purposes that must be added back to Rhode Island income from
Form RI-1120S, Schedule C, line 1d or Form RI-1065, Schedule C, line 1d.
Section I - Taxpayer’s Income and Deduction Information 4. Enter the taxpayer’s apportioned amount of the taxable portion of any
Paycheck Protection Program Loan received by the entity. Under R.I. Gen.
1. Enter the taxpayer’s apportioned amount of Ordinary Business Income Laws § 44-11-11, the amount of any Paycheck Protection Program loan for-
from Federal Form 1120S or 1065, Schedule K, line 1, or Federal Form given for federal income tax purposes under the Coronavirus Aid, Relief, and
1041, Schedule K-1, line 6. Economic Security Act, Consolidated Appropriations Act, 2021 and/or any
other subsequent federal stimulus relief package that exceeds $250,000
2. Enter the taxpayer’s apportioned amount of Interest and Dividends from must be added back as income to Rhode Island.
Federal Form 1120S, Schedule K, lines 4 and 5a, Federal Form 1065,
Schedule K, lines 5 and 6a, or Federal Form 1041, Schedule K-1, lines 1
and 2a. Section III - Taxpayer’s Other Deductions
Note:
3. Enter the taxpayer’s apportioned amount of Income from the Sale or Before passing any income and/or adjustments to income through
Exchange of Property from Federal Form 1120S, Schedule K, lines 7, 8a to a beneficiary on RI Schedule K-1, you should determine whether
and 9, Federal Form 1065, Schedule K, lines 8, 9a and 10, or Federal or not the income and/or adjustments to income have already been
Form 1041, Schedule K-1, lines 3 and 4a. accounted for on Form RI-1041.
4. Enter the taxpayer’s apportioned amount of Rents and Royalties from 1. Enter the taxpayer’s apportioned amount of income from obligations of
Federal Form 1120S, Schedule K, lines 2, 3c and 6, Federal Form 1065, the US government included in Federal AGI, but exempt from state in-
Schedule K, lines 2, 3c and 7, or Federal Form 1041, Schedule K-1, lines come taxes from Form RI-1041, Schedule M, line 1a, Form RI-1120S,
7 and 8. Schedule B, line 1a or Form RI-1065, Schedule B, line 1a. This amount
should be reduced by any investment interest incurred or continued on the
5. Enter the taxpayer’s apportioned amount of Miscellaneous Income from obligation which has been taken as a federal itemized deduction.
Federal Form 1120S, Schedule K, line 10, Federal Form 1065, Schedule
K, lines 4c and 11, or Federal Form 1041, Schedule K-1, line 5. 2. Enter the taxpayer’s apportioned amount of Elective deduction for new
research and development facilities under R.I. Gen. Laws § 44-32-1 from
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