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2024 RI-1041 FIDUCIARY INCOME TAX RETURN

                                           GENERAL INSTRUCTIONS

                 NEW FOR TAX YEAR 2024                                    (2) If the estate or trust is claiming credit for income taxes paid to
                                                                          another state, complete Schedules I and III.
Form RI-PTE is now RI Schedule PTE                                        Nonresident Estates or Trusts:  
Form RI-PTE is now a schedule that is part of Form RI-1041. If the        (1) If the taxable income of the estate or trust is derived solely from
trust elects to pay state income tax at the entity level for any benefi-  Rhode Island sources, complete Schedule I and enter 1.0000 on
ciary, the trust must complete and include RI Schedule PTE with its       page 1, line 9.
filing.                                                                   (2) If the estate or trust has taxable income both within and without
                                                                          Rhode Island, complete Schedules I and II.
Each K-1 issued to a beneficiary must include the tax paid on 
behalf of the beneficiary, as well as the increasing modification 
amount for the beneficiary.                                               PERIODS TO BE COVERED 
                                                                          The fiduciary taxable year for Form RI-1041 shall be the same as 
NOTE this election is for the beneficiary(ies) of the trust only.  The    the federal taxable year. 
trust itself cannot have a pass-through entity election made on its 
behalf by a pass-through entity in which the trust is a member. 
                                                                          PAYMENTS OR REFUNDS 
                                                                          PAYMENTS: Any tax due must be paid in full with the return. 
WHO MUST FILE                                                             Make check or money order payable to the Rhode Island Division of 
The fiduciaryRESIDENTof a  estate or trust must file a return on          Taxation. An amount due of less than five dollars ($5) need not be 
Form RI-1041 if the estate or trust:                                      paid. 
(1) is required to file a federal income tax return for the taxable       REFUNDS: If an overpayment of income tax is shown on the 
year, or                                                                  return, a refund will be issued unless indicated on the return that 
(2) had any Rhode Island taxable income for the taxable year.             such overpayment is to be credited to the fiduciary's estimated tax 
                                                                          liability for 2025.  No other application for refund is necessary.  
The fiduciary of a NONRESIDENT estate or trust must file a                Please note that no refund can be issued unless the return is prop-
return on Form RI-1041 if the estate or trust had income or gain          erly signed.  Refunds of less than $5.00 will not be paid unless 
derived from Rhode Island sources.                                        specifically requested.   

DEFINITIONS                                                               SIGNATURE 
A RESIDENT ESTATE is the estate of a decedent who at his or               The Rhode Island Fiduciary Income Tax Return must be signed.  
her death was a resident individual of Rhode Island.                      An unsigned return cannot be processed.  Any paid preparer who 
                                                                          prepares a taxpayer's return must also sign as "preparer".  If a firm 
A RESIDENT TRUST means, to the extent that one or more ben-               or corporation prepares the return, it should be signed in the name 
eficiaries are residents in Rhode Island:                                 of the firm or corporation. 
(A) A trust created by a will of a decedent who at his or her death
was a resident individual of Rhode Island, or
(B) A revocable trust which becomes irrevocable upon the occur-DRAFT ACCOUNTING PERIODS AND METHODS 
rence of any event (including death) which terminates a person's          The accounting period for which Form RI-1041 is filed and the 
power to revoke, but only after the event, and only if the person         method of accounting used are the same as for federal income tax 
having the power to revoke was a Rhode Island resident individ-           purposes.  If the taxable year or the method of accounting is 
ual at the time of such event, or                                         changed for federal income tax purposes, such change applies sim-
(C) An irrevocable trust created by or consisting of property con-        ilarly to the Rhode Island fiduciary return. 
tributed by a person who is a resident individual in this state at
the time the trust was created or the property contributed (a)
while such person is alive and a resident individual in this state,       REPORT OF CHANGE IN FEDERAL TAXABLE INCOME 
and (b) after such person's death if such person died a resident          If the amount of the federal taxable income is changed or correct-
individual of this state, or                                              ed by the Federal Government, the fiduciary must report to the 
(D) An electing small business trust under regulation 1.641(c)-1 of       Rhode Island Division of Taxation such change or correction within 
the Internal Revenue Code,                             11/06/2024ninety (90) days after the final determination of such change or cor-
(E) In cases A, B and C such trust is only a resident trust to the extent rection.  Any fiduciary filing an amended federal income tax return 
that the beneficiaries are Rhode Island residents.                        must also file within ninety (90) days thereafter an amended Rhode 
                                                                          Island return. 

WHAT SCHEDULES TO COMPLETE 
All estates and trusts must complete Schedule I.  If the trust has        WHEN AND WHERE TO FILE 
a nonresident beneficiary, follow the instructions for a nonresident      The due date is April 15, 2025 for returns filed for the calendar 
estate or trust.                                                          year 2024 and the 15th day of the fourth month following the close 
                                                                          of the taxable year for returns filed for a year ending other than 
Resident Estates and Trusts:                                              December 31.  
(1) Complete Schedule I and enter 1.0000 on page 1, line 9.
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                                    2024 RI-1041 FIDUCIARY INCOME TAX RETURN 
                                                    SPECIFIC INSTRUCTIONS

  Mail your return to:                                                     INTEREST AND PENALTIES 
       Rhode Island Division of Taxation                                     
       One Capitol Hill                                                     INTEREST 
       Providence, RI  02908-5807                                           Any tax not paid when due, including failure to pay adequate esti-
                                                                           mated tax, is subject to interest at the rate of 12.00% (0.1200) per 
                                                                           annum. 
 EXTENSION OF TIME                                                           
  Any extension of time granted for filing a Rhode Island Fiduciary         Interest on refunds of tax overpayments will be paid if the refund 
 Income Tax Return shall not operate to extend the time for the pay-       is not paid within ninety (90) days of the due date or the date the 
 ment of any tax due on such return.                                       completed return was filed, whichever is later. The interest rate for 
 In General -                                                              tax overpayments is 8.00% (0.0800). 
  (1) A fiduciary that is required to file a Rhode Island Fiduciary          
 Income Tax Return shall be allowed an automatic five and a half           PENALTIES 
 month extension of time to file such return.                               The law provides for penalties in the following circumstances: 
  (2) An application must be prepared in duplicate on Form RI-               •Failure to file an income tax return. 
 8736.                                                                       •Failure to pay any tax due on or before the due date. 
  (3) The original of the application must be filed on or before the         •Preparing or filing a fraudulent income tax return. 
 date prescribed for the filing of the return of the fiduciary with the     
 Rhode Island Division of Taxation.                                         
  (4) Such application for extension must show the full amount             OTHER QUESTIONS 
 properly estimated as tax for such fiduciary for such taxable year,        If you have any questions regarding completion of your return, 
 and such application must be accompanied by the full remittance of        further assistance may be obtained  by calling the Personal Income 
 the amount properly estimated as tax which is unpaid as of the date       Tax Section at (401) 574-8829 and selecting option #3. 
 prescribed for the filing of the return.                                   
                                                                            
  NOTE:  If no payment is required to be made with the Rhode               PAYMENT BY CREDIT CARD 
 Island extension form and the fiduciary is filing a federal extension      For information regarding the payment of taxes by credit card, 
 form for the same period of time, the fiduciary does not need to          please visit the Credit Card Payments page of the Division of 
 submit the Rhode Island form.  Attach a copy of the Federal               Taxation’s website. 
 Form 7004 to the Rhode Island Fiduciary Income Tax Return at the            
 time it is submitted.                                                     https://tax.ri.gov/online-services/make-payment-online/credit-
                                                                           card-payments 
                                                                            
 WHERE TO GET FORMS                                                         If you paid by credit card, enter on page 1 of Form RI-1041 in the 
 Additional forms and instructions may be obtained from:                   upper left corner the confirmation number you were given at the 
     The website:                                                          end of the transaction and the amount of your tax payment (not 
     https://tax.ri.gov/forms/individual-tax-forms/fiduciary-income-       including the convenience fee). 
     tax-forms                                                              
     The Division of Taxation:  (401) 574-8970                              You may also use this method for making 2025 Rhode Island 
                                                                           estimated income tax payments. 
  
                                                    DRAFT 
                                        SPECIFIC LINE INSTRUCTIONS

COMPLETE THE FEDERAL INCOME TAX RETURN FIRST                              Year End - Indicate by checking the appropriate box whether the 
  The Federal Fiduciary Income Tax Return is the basis for preparing      fiduciary is a calendar or fiscal year filer.  If the fiduciary is a fiscal 
your Rhode Island Fiduciary Income  Tax Return.  In general, the          year filer, indicate the beginning and the year-end of the fiduciary in 
Rhode Island fiduciary income tax is based on the fiduciary's federal     the space provided.  Only fiduciaries with a fiscal year beginning in 
total income.   Accuracy and attention to detail in completing the        2024 may use this form. 
return in accordance with these instructions will facilitate the process-  
ing of your tax return.                                                   Line 1 - Federal Total Income of Fiduciary 
                                                                          Enter the amount of income from Federal Form 1041, line 9. 
Type of -ReturnIndicate by checking the appropriate box what11/06/2024type  
of return you are preparing.  If you are preparing a bankruptcy estate,   Line 2 - Modifications Increasing Federal Total Income 
see the 2024 Rhode Island Fiduciary Tax Rate Schedules for instruc-       Enter the amount of modifications increasing federal total income 
tions on how to file.                                                     from RI Schedule M for RI-1041 - page 2, line 2l.       See the RI 
                                                                          Schedule M for RI-1041 section on page I-6 of these instructions 
This schedule can be found on the Division of Taxation’s website at:      for more information. 
https://tax.ri.gov/forms/individual-tax-forms/fiduciary-income-tax-forms   
                                                                          Line 3 - Modifications Decreasing Federal Income 
Names, Address and Federal Employer Identification Number -               Enter as a negative number the amount of modifications decreasing 
Make sure the names, address and federal employer identification          federal income from RI Schedule M for RI-1041 - page 1, line 1w.  
number on the return are correct.  Incorrect entries could delay the      See the RI Schedule M for RI-1041 section on page I-5 of these 
processing of your return.                                                instructions for more information. 
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2024 RI-1041 FIDUCIARY INCOME TAX RETURN
SPECIFIC INSTRUCTIONS

Line 4 - Net Modifications Enter amount of Credit Recapture from RI Schedule CR for RI-1041,
Combine lines 2 and 3. line 12.

Line 5 - Modified Federal Total Income Line 14c – Electing Small Business Trust Tax
Combine lines 1 and 4. Add net increases or subtract net decreases, Enter the amount of Electing Small Business Trust income attributa-
whichever applies. ble to Rhode Island multiplied by the highest marginal income tax
rate of 5.99%. The taxable income of the S-portion is determined by
Line 6 - Federal Total Deductions taking into account the Rhode Island source income of items of
Enter the amount of federal deductions from Federal Form 1041, income, loss, deduction or credit and applying the highest marginal
lines 16 and 22. income tax rate.

However, if the fiduciary claimed modifications to federal total Line 14d – Pass-through Withholding
income, the fiduciary may need to recalculate the federal total Enter the amount of Rhode Island Pass-through Withholding due
deductions based on the fiduciary's modified federal total from Schedule PTW - 1041, Part B, line 13.
income. Attach a copy of the calculation to the return.
Starting with tax years beginning on or after January 1, 2023, pass-
The amounts included in Federal Form 1041, line 16 should only be through entities will calculate pass-through withholding for its nonres-
included on Form RI-1041, line 6 if the costs are paid or incurred in ident members using RI Schedule PTW - 1041 and including the
connection with the administration of the estate or trust, and would schedule with Form RI-1041.
not have been incurred had the property not been held in the estate
or trust. See the RI Schedule PTW - 1041 section on page I-8 of these
instructions for more information.
In addition, the domestic production activity deduction and the net
operating loss deduction may be included on Form RI-1041, line 6 to Line 14e - RI Pass-through Entity Election Tax
the extent they are included in Federal Form 1041, line 16. Enter the amount of Rhode Island Pass-through Entity Election Tax
from RI Schedule PTE, line 5.
The net operating loss deduction may not be carried back for Rhode
Island purposes, but will be allowed as a carry forward on Form RI- Starting with tax years beginning on or after January 1, 2024, pass-
1041 to the extent the carry forward was used on Federal Form 1041. through entities making the election to pay tax at the entity level for
its members will calculate the tax using RI Schedule PTE and include
Line 7 - Rhode Island Taxable Income the schedule with Form RI-1041.
Subtract line 6 from line 5.
See the RI Schedule PTE section on page I-9 of these instructions
Line 8 - Rhode Island Income Tax for more information.
Enter the Rhode Island income tax from the RI Fiduciary Tax
Computation Worksheet. Line 14f – Total Rhode Island Tax
Add lines 14a through 14e.
Line 9 - Allocation
Nonresident estates or trusts enter the amount from page 3, Line 14g – Total Tax
Schedule II, line 34. Resident estates or trusts enter 1.0000. Total tax from page 1, line 14f.
DRAFT
Line 10 - RI Income Tax After Allocation Line 15a - RI Income Tax Withheld
Multiply the amount on line 8 by the percentage on line 9. Enter total amount of Rhode Island 2024 income tax withheld from RI
Schedule W for RI-1041, line 16. (Attach the state copy of all forms
Line 11 - Credit For Income Taxes Paid To Other States W-2, 1099s, etc. showing Rhode Island withholding to the front of the
Resident estates or trusts only. Enter the amount from page 3, return.) Credit for Rhode Island income tax withheld will be allowed
Schedule III, line 41. only for those amounts supported by attached W-2s, 1099s, etc.

Line 12 - Other RI Credits Withholding from a pass-through entity reported on a RI Schedule K-
Enter the amount of RI credits from RI Schedule CR for RI-1041, line 1 should be entered on Schedule W and included in the amount for
9. Enter the amount of each credit in the space provided and attach Line 15a.
each required credit certificate or carry forward schedule to Form RI-
1041. 11/06/2024RI Schedule W for RI-1041, and all forms W-2, 1099s, RI Schedule
K-1s, etc. showing Rhode Island withholding must be attached to
See the RI Schedule CR for RI-1041 section on page I-7 of these Form RI-1041.
instructions for more information.
Line 15b - Estimate Tax Payments
Line 13 - Total RI Credits Enter the amount of estimated payments made on 2024 Form RI-
Add lines 11 and 12. 1041ES and the amount applied from the fiduciary's 2023 return.

Line 14a - Rhode Island Income Tax after Rhode Island Credits Line 15c - Nonresident Real Estate Withholding
Subtract line 13 from line 10. (If zero or less, enter zero.) Enter the amount of Rhode Island income tax withheld on sales of
real estate located in Rhode Island.
Line 14b - Recapture of Prior Year Other Rhode Island Credits
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2024 RI-1041 FIDUCIARY INCOME TAX RETURN
SPECIFIC INSTRUCTIONS

Line 15d - Pass-Through Withholding Paid on the Behalf of the
Entity SCHEDULE I
Enter the amount of any nonresident pass-through withholding pay- BENEFICIARY INFORMATION
ments made on the fiduciary's behalf by any pass-through entities.
This amount should equal the Total Pass-through withholding amount
from RI Schedule PTW - 1041, Part B, line 13. RI Schedule K-1s Lines 20 through 25 - Beneficiary Information
must also be attached reflecting the amount of income and withhold- Enter in lines 20 through 25 the name, address, state of residence
ing for the nonresident beneficiary. and social security number of each beneficiary. If additional space is
required, attach a supporting schedule containing the required infor-
Line 15e - Other Payments mation.
Enter any other payments, including advance payments made with
the fiduciary's application for an automatic extension of time to file
(Form RI-8736). Attach a copy of Form RI-8736 to Form RI-1041.
SCHEDULE II
Line 15f - Total Payments ALLOCATION AND MODIFICATION
Add lines 15a, through 15e.

Line 15g - Previously Issued Overpayments Lines 26 through 31 - Allocation and Modification
If filing an amended return, enter the amount of any prior overpay-
ments for this tax period (whether refunded or carried forward previ- Column A - Percent of Ownership
ously). Enter in column A the percentage of interest for each beneficiary of
the estate or trust.
Line 15h - Net Payments
Subtract line 15g from line 15f. Column B - Federal Income
Enter in column B the amount of federal income attributable to each
Line 16a - Amount Due of the beneficiaries and the fiduciary. Multiply the percent of owner-
If the amount on line 14g is greater than the amount on line 15h, sub- ship in column A by the fiduciary's total federal income from RI-1041,
tract line 15e from line 14g and enter the balance due on line 16a. page 1, line 1.

Line 16b - Underestimating Interest Column C - Modifications to Federal Income
If the fiduciary owes underestimating interest, complete Form RI- Enter in column C the amount of modifications to the income reported
2210 and indicate the amount of interest due on line 16b. in column B for each of the beneficiaries and the fiduciary. Multiply
the percent of ownership in column A by the fiduciary's net modifica-
Line 16c - Total Amount Due tions from RI-1041, page 1, line 4.
Add lines 16a and 16b. This is the total amount the fiduciary owes.
This amount is payable in full with the return. An amount due of less Column D - Modified Federal Income
than five dollars ($5) need not be paid. Combine columns B and C. Add net increases or subtract net
decreases.
Line 17 - Overpayment
If the amount on line 15h is greater than the amount on line 14g, sub- Column E - Rhode Island Source Income
tract line 14g from line 15h and enter the overpayment on line 17. DRAFT Enter in column E the amount of Rhode Island source income includ-
ed in the following column:
If there is an amount due on line 16b for underestimating interest,
subtract line 16b from line 17. Nonresidents: Enter the amount of Rhode Island source income
included in column B. Examples of Rhode Island source income
If the amount of underestimating interest on line 16b is more than the include business conducted in RI, RI rental property, wages earned
amount of overpayment from line 17, subtract line 17 from line 16b in RI and sale or exchange of RI property.
and enter the result on line 16c.
Residents: Enter the amount from column D in column E.
Line 18 - Refund
Enter the amount of the overpayment on line 17 that is to be refund- Line 32, Columns B through E - Total
ed. Refunds of less than $5.00 will not be paid unless specifically Add the amounts in each column and enter the total on line 32 of
requested. 11/06/2024each column.

Line 19 - Overpayment to be applied to 2025 Line 33 - Modifications to Rhode Island Source Income
Enter the amount of overpayment on line 17, which is to be applied Enter the amount of modifications in column C included in Rhode
to the fiduciary's 2025 estimated tax. Island source income reported on line 32, column E.

Line 34 - Modified Rhode Island Source Income
Combine lines 32, column E and line 33. Add net increases or subtract
net decreases.

Line 35 - RI Allocation
Divide line 34 by line 32, column D (not greater than 1.000). Enter
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2024 RI-1041 FIDUCIARY INCOME TAX RETURN
SPECIFIC INSTRUCTIONS

here and on page 1, line 9. Line 42 - Maximum Tax Credit: SMALLEREnter the of lines 36, 40
or 41. Enter here and on page 1, line 11.

SCHEDULE III
CREDIT FOR INCOME TAXES
SCHEDULE W FOR RI-1041
PAID TO ANOTHER STATE
RHODE ISLAND WITHHOLDING INFORMATION
Form RI-1041MU can be found on the Division of Taxation’s website
at: RI Schedule W can be found on the Division of Taxation’s website at:
https://tax.ri.gov/forms/individual-tax-forms/fiduciary-income-tax-forms https://tax.ri.gov/forms/individual-tax-forms/fiduciary-income-tax-forms

This schedule pertains only to the fiduciary of a resident estate or If claiming Rhode Island income tax withheld on Form RI-1041, page
trust. The fiduciary of a resident estate or trust is entitled to a credit 1, line 15a, RI Schedule W for RI-1041 must be completed and
against its RI tax liability for income taxes paid to other states. The attached along with all W-2s,1099s, etc. and RI Schedule K-1s show-
credit cannot exceed the Rhode Island tax on line 8. ing Rhode Island withholding.

If you are claiming credit for income taxes paid to more than one Lines 1 - 15:
state, use Form RI-1041MU, Credit for Income Taxes Paid to Please complete columns A, B, C and D for each W-2, 1099 or RI
Multiple States. Enter the applicable amounts from Form(s) RI- Schedule K-1 showing Rhode Island withholding.
1041MU onto this schedule. Column A: For all 1099s or RI Schedule K-1s being entered, enter
the letter code from the chart on the bottom of Schedule W. Leave
Line 36 - Rhode Island Income Tax blank if information being entered is from a W-2.
Enter the amount from page 1, line 8. Column B: For each W-2, 1099 and RI Schedule K-1s being
entered, enter the name of the employer or payer.
Line 37 - Income From Other State Column C: For each W-2, enter the employer’s state identification
Enter the amount of income reported to the other state. number from boxNote:15 of the W-2. The state identification number
may be different than the employer’s federal identification number.
If state income tax has been paid to more than one other state, pre- Be sure to enter the identification number from box 15, rather than
pare a separate calculation for each state on Form RI-1041MU. box b of the W-2. For each 1099, enter the payer’s federal identifica-
Enter the amount of income from other states from Form RI-1041MU, tion number.
line 29.
DO NOT ENTER MORE THAN 9 DIGITS FOR THE ID NUMBER.
If you need to use more than one Form RI-1041MU, add all of the line IF “00” FOLLOWS THE 9 DIGIT ID NUMBER, DO NOT ENTER
29 amounts together and enter the total amount on line 41. THE “00”.

Line 38 - Modified Federal Total Income Column D: For each W-2, 1099 or RI Schedule K-1, enter the
Enter the amount from page 1, line 5. amount of Rhode Island withholding as shown on each form. See
chart on Schedule W for box reference.
Line 39 - Divide line 36 by line 37. If greater than 1.0000, enter
1.0000. Line 16 - Total Rhode Island Income Tax Withheld
Add the amounts from Column D, lines 1 through 15. Enter the total
DRAFT
Line 40 - Tentative Credit here and on RI-1041, line 15a.
Multiply line 35 by line 38.
Line 17 - Enter the number of W-2s, 1099s or RI Schedule K-1s
Line 41 - Tax Due and Paid To Other State entered on lines 1-15 showing Rhode Island income tax withheld.
Enter the amount of tax due and paid to the other state.
Schedule W plus all W-2s, 1099s and RI Schedule K-1s with Rhode
If state income tax has been paid to more than one other state, pre- Island withholding must be attached to your Rhode Island return in
pare a separate calculation for each state, on Form RI-1041MU. order to receive credit for your Rhode Island withholding tax amount.
Enter the amount of credit from Form RI-1041MU, line 30.

If you need to use more than one Form RI-1041MU, add all of the line RI SCHEDULE M FOR RI-1041
30 amounts together and enter the total amount on11/06/2024line 41. RI MODIFICATIONS TO
FEDERAL TOTAL INCOME
In the space provided for the name of state to which income taxes
were due and paid enter “MU”. RI Schedule M can be found on the Division of Taxation’s website at:
https://tax.ri.gov/forms/individual-tax-forms/fiduciary-income-tax-forms
NOTE:
You must attach a signed copy of the return filed with the other Modifications DECREASING Federal Total Income
state(s). If you owe no tax to the other state(s) and are to be
refunded all the taxes withheld or paid to the other state(s), Line 1a – Enter income from obligations of the United States
enter $0.00 on line 40. If included on a composite filing in anoth- Government to the extent included in total income for federal tax pur-
er state(s), you must attach a copy of the composite filing(s) poses but exempt for state purposes. However, this amount shall be
showing your income and the taxes paid on your behalf. reduced by any investment interest incurred or continued on the obli-

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2024 RI-1041 FIDUCIARY INCOME TAX RETURN
SPECIFIC INSTRUCTIONS

gation which has been taken as a federal itemized deduction. Production Company Tax Credit income or Musical and Theatrical
Example – US Government Series E bond interest. Taxpayers claim- Production Tax Credit under R.I. Gen. Laws § 44-31.3-2(b)(6).
ing these modifications must submit a schedule showing the source
and amount of income claimed to be exempt. R.I. Gen. Laws Line 1o – Active duty military pay of Nonresidents stationed in Rhode
§ 44-30-12(c)(1). Island, as well as the income of their nonresident spouses for servic-
es performed in Rhode Island. Income for services performed by the
Line 1b – Rhode Island fiduciary adjustment under R.I. Gen. Laws § servicemember’s spouse in Rhode Island would be exempt from
44-30-17. A fiduciary adjustment is allowed for a beneficiary for income Rhode Island income tax only if the servicemember’s spouse moves
that maintains its character as it flows from the fiduciary. For example, if to Rhode Island solely to be with the servicemember complying with
the estate or trust has tax exempt interest, the beneficiary would be military orders sending him/her to Rhode Island. The servicemember
allowed an adjustment for the tax exempt interest and would list that fidu- and the servicemember’s spouse must also share the same non-
ciary adjustment on this line. Rhode Island domicile.

Line 1c – Elective deduction for new research and development Not all income earned by the servicemember or his/her spouse is
facilities under R.I. Gen. Laws § 44-32-1. exempt from Rhode Island income tax. Non-military pay of the ser-
vicemember, as well as business income, gambling winnings or
Line 1d – Railroad Retirement benefits included in gross income for income from the ownership or disposition of real or tangible property
federal income tax purposes but exempt from state income taxes earned from Rhode Island by either the servicemember or his/her
under the laws of the United States. spouse is still subject to Rhode Island income tax.

Line 1e – Qualifying investment in a certified venture capital partner- Note: The military servicemember and/or his/her spouse may be
ship under R.I. Gen. Laws § 44-43-2. asked to submit proof of residency to support taking this modification.

Line 1f – Family Education Accounts under R.I. Gen. Laws § 44-30- Line 1p – Recapture of Scituate Medical Savings Account modifica-
25(f). tions under R.I. Gen. Laws § 44-30-25.1(d)(1).

Line 1g – Tuition Saving Program (section 529 accounts) R.I. Gen. Line 1q – Amounts of insurance benefits for dependents and domes-
Laws § 44-30-12(c)(4) - A modification decreasing federal adjusted tic partners included in Federal AGI pursuant to chapter 12 of title 36
gross income may be claimed for any contributions made to a Rhode or other cover age plan - R.I. Gen. Laws § 44-30-12(c)(6).
Island account under the tuition savings program. The maximum
modification shall not exceed $500, $1,000 if a joint return. Line 1r – Rhode Island full-year residents only. Up to $10,000 in
unreimbursed expenses for travel, lodging and lost wages incurred
Line 1h – Exemptions from tax on profit or gain for writers, com- by an individual as a result of the individual donating one or more of
posers and artists residing within a section of the defined Economic his/her organs to another human being for organ transplantation
Development Zone as defined in R.I. Gen. Laws § 44-30-1.1 within under R.I. Gen. Laws § 44-30-12(c)(7). Modification can only be
the cities of Newport, Providence, Pawtucket, Woonsocket or taken once during the lifetime of the individual and is taken in the
Warwick, or the Towns of Little Compton, Tiverton, Warren or year that the human organ transplantation occurs.
Westerly and creating artistic works while a resident of the Zone.
Taxpayers claiming these modifications must submit a schedule Line 1s - Taxable Social Security income under R.I. Gen. Laws § 44-
showing the source and amount of income claimed to be exempt. 30-12(c)(8). Use the Social Security Modification worksheet to deter-
DRAFT mine the amount of taxable social security income allowed as a
Line 1i – Depreciation that has not been taken for federal purposes decreasing modification. The Social Security Modification worksheet
because of the bonus depreciation that must be subtracted from is available on our website, www.tax.ri.gov.
Rhode Island income R.I. Gen. Laws § 44-61-1.
NOTE: THIS MODIFICATION IS NOT FOR ESTATES OR TRUSTS
Line 1j – Depreciation that has not been taken for federal purposes - FOR INDIVIDUALS ONLY
because of the increased section 179 depreciation was not taken
originally - R.I. Gen. Laws § 44-61-1.1. Line 1t - Modification up to $20,000 for taxable retirement income
from certain pension plans or annuities under R.I. Gen. Laws § 44-
Line 1k – Allowable modification for performance based compensa- 30-12(c)(9).
tion realized by an eligible employee under the Rhode Island Jobs
Growth Act under R.I. Gen. Laws § 42-64.11-4. NOTE: THIS MODIFICATION IS NOT FOR ESTATES OR TRUSTS
11/06/2024- FOR INDIVIDUALS ONLY
Line 1l – Modification for exclusion for qualifying option under R.I.
Gen. Laws § 44-39.3-1 AND modification for exclusion for qualifying Line 1u – Deduction for Pass-Through Entity Tax claimed in prior
securities or investments under R.I. Gen. Laws § 44-43-8. years.

Line 1m – Modification for Tax Incentives for Employers under R.I. NOTE: THIS MODIFICATION IS NOT FOR ESTATES OR TRUSTS
Gen. Laws § 44-55-4.1. - FOR INDIVIDUALS ONLY

Line 1n – Tax credit income claimed on Federal return exempt for Line 1v – Modification for taxpayers receiving military service pen-
Rhode Island purposes: Historic Structures-Tax Credit income under sions under R.I. Gen. Laws § 44-30-12(c)(11).
R.I. Gen. Laws § -.-(e)(), Historic Preservation Tax Credits 2013
income under R.I. Gen. Laws § 44-31.2-9(c), Motion Picture NOTE: THIS MODIFICATION IS NOT FOR ESTATES OR TRUSTS
Page I-6

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2024 RI-1041 FIDUCIARY INCOME TAX RETURN
SPECIFIC INSTRUCTIONS

- FOR INDIVIDUALS ONLY NOTE: THIS MODIFICATION IS NOT FOR ESTATES OR TRUSTS
- FOR INDIVIDUALS ONLY
Line 1w – Total Modifications Decreasing Federal Total Income:
Add lines 1a through 1v. Enter as a negative number here and on Line 2k – Reserved for future use. This line should be left blank.
page 1, Form RI-1041, line 3.
Line 2l – Total Modifications Increasing Federal Total Income:
Add lines 2a through 2l. Enter here and on page 1, Form RI-1041,
Modifications INCREASING Federal Total Income line 2.

Line 2a – Enter income from obligations of any state or its political
subdivision, other than Rhode Island under R.I. Gen. Laws § 44-30-
12(b)(1) and R.I. Gen. Laws § 44-30-12(b)(2). RI SCHEDULE CR FOR RI-1041
OTHER RI CREDITS
Line 2b – Rhode Island fiduciary adjustment under R.I. Gen. Laws §
44-30-17. A fiduciary adjustment is allowed for a beneficiary for income This schedule can be found on the Division of Taxation’s website at:
that maintains its character as it flows from the fiduciary. For example, if https://tax.ri.gov/forms/individual-tax-forms/fiduciary-income-tax-forms
the estate or trust has municipal bond interest from a state other than
Rhode Island, the beneficiary would be allowed an adjustment for that CURRENT YEAR OTHER RI CREDITS:
municipal bond interest and would list that fiduciary adjustment on this
line. This credit schedule details “Other Rhode Island Credits” being used
on your RI-1041. Each Rhode Island credit has its own line. On the
Line 2c – Recapture of Family Education Account Modifications appropriate line, enter the dollar amount of the credit being taken.
under R.I. Gen. Laws § 44-30-25(g). The total of all credits will be entered on page 1, Form RI-1041, line
12.
Line 2d – Bonus depreciation that has been taken for federal pur-
poses that must be added back to Rhode Island income under R.I. Proper documentation must be submitted for each credit you
Gen. Laws § 44-61-1. are using or carrying forward.

Line 2e – Recapture of Tuition Savings Program modifications (sec- If you are using amounts carried forward from prior years, attach a
tion 529 accounts) under R.I. Gen. Laws § 44-30-12(b)(4). schedule showing the year of credit origination and any amounts
used to date.
Line 2f – Recapture of tax credit income previously claimed as a
modification decreasing Federal AGI for Historic Structures - Tax Any missing or incomplete documentation may cause a delay in pro-
Credit, Historic Preservation Tax Credits 2013, Motion Picture cessing your return.
Production Company Tax Credits or Musical and Theatrical
Production Tax Credits under R.I. Gen. Laws § 44-33.2-3(e)(2), R.I. Pursuant to R.I. Gen. Laws § 44-30-2.6(c)(3)(E), only the credits
Gen. Laws § 44-33.6-3(f), R.I. Gen. Laws § 44-31.2-9(5) and R.I. mentioned on this page are allowed as credits against Rhode
Gen. Laws § 44-31.3-2, respectively. Island Fiduciary Income Tax. No other credits can be allowed.
This also pertains to any carry forward of a credit.
Line 2g – Recapture of Scituate Medical Savings Account modifica-
tions under R.I. Gen. Laws § 44-30-25.1(d)(3)(i). If the credit you are trying to use is not listed in this section that credit
DRAFT
is no longer allowed against personal income tax. Entering an
Line 2h – If you and/or your spouse, if applicable, are a member or amount for an ineligible credit on one of these lines or on an attached
partner of a pass-through entity that has elected to pay Rhode Island statement will delay the processing of your return and result in the
tax on Form RI-PTE, enter the amount of tax paid on your behalf by disallowance of the credit.
that pass-through entity. The amount of tax paid on your behalf must
be added back to your Federal Adjusted Gross Income. You cannot Line 1 - Historic Residence – for approvedCredit - RI-0715resi-
claim the amount paid on you and/or your spouse’s, if applicable, dence rehabilitation. Effective tax year 2017 and thereafter for
behalf unless that same amount is also taken as a modification unused carryforward amounts only. No new credits are authorized.
increasing federal adjusted gross income. In order to claim any unused credit, you must attach the original cer-
tification from the Historical Preservation & Heritage Commission, as
NOTE: THIS MODIFICATION IS NOT FOR ESTATES OR TRUSTS well as a carryforward schedule showing the original amount of cer-
- FOR INDIVIDUALS ONLY 11/06/2024tified credit, the year of certification and the amount of credit used
since certification. The credit used should be listed by year and
Line 2i – Unemployment compensation received but not included in amount of usage. Any unused credit may be carried forward until
federal adjusted gross income under R.I. Gen. Laws § 44-30- used. R.I. Gen. Laws § 44-33.1
12(b)(6).
Line 2 - Tax Credits for Contributions to Scholarship
NOTE: THIS MODIFICATION IS NOT FOR ESTATES OR TRUSTS Organizations - RI-2276 - for business entities that make contribu-
- FOR INDIVIDUALS ONLY tions to qualified scholarship organizations. The entity must apply for
approval of the tax credit and will receive a tax credit certificate
Line 2j – Taxable portion of Paycheck Protection Program loan issued by the RI Division of Taxation. The original certificate must
amount under R.I. Gen. Laws § 44-30-12(b)(8). be attached to the return. The credit must be used in the tax year
that the entity made the contribution. Unused amounts CANNOT be

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2024 RI-1041 FIDUCIARY INCOME TAX RETURN
SPECIFIC INSTRUCTIONS

carried forward. R.I. Gen. Laws § 44-62 Line 9 - TOTAL CREDITS - Add lines 1 through 8. Enter here and on
RI -1041, page 1 line 12.
Line 3 - Historic Structures - Tax Credit (Historic Preservation
InvestmentorTax Credit) Historic Preservation Tax Credits 2013
- RI-286B – for approved rehabilitation of certified historic structures. RECAPTURE OF OTHER RI CREDITS:
The original certificate must be attached to the return. Any
unused credit amount may be carried forward for ten (10) years. R.I. If a Rhode Island credit amount must be recaptured, enter the credit
Gen. Laws § 44-33.2 and R.I. Gen. Laws § 44-33.6, respectively. number, the credit name, and the amount of the credit to be recap-
tured in the space provided on lines 10 and 11.
Note: This credit is for holders of a Historic Preservation
Investment Tax Credit certificate received under the state’s Line-12 TOTAL AMOUNT OF CREDIT TO BE RECAPTURED -
Historic Structures program or Historic Preservation Tax Credits Add lines 10 and 11. Enter here and on RI-1041, page 1, line 14b.
2013 program. This credit is NOT for owners of historic resi-
dences who qualified under the Historic Homeownership
Assistance Act - R.I. Gen. Laws § 44-33.1 RI SCHEDULE PTW - 1041
PASS-THROUGH WITHHOLDING
Line 4 - Low Income Housing Tax Credits - RI-5442 - For eligible TRANSMITTAL SCHEDULE
taxpayers having an ownership interest in a qualified low-income
housing Rhode Island project that has been certified by, and received RI Schedule PTW - 1041 can be found on the Division of Taxation’s
a tax credit certificate from, the Rhode Island Department of website at:
Housing. The original certificate must be attached to the return. Any https://tax.ri.gov/forms/individual-tax-forms/fiduciary-income-tax-forms
unused credit amount may be carried forward for four (4) years R.I.
Gen. Laws § 44-71. Pursuant to R.I. Gen. Laws § 44-11-2.2. Pass-through entities, A
pass-through entity shall withhold income tax at the highest Rhode
Line 5 - Rhode Island New Qualified Jobs Incentive Act 2015 Island withholding tax rate provided for individuals or seven percent
Credit - RI 6754 - For Rhode Island businesses creating new full- (7%) for corporations on the member’s share of income of the entity
time jobs that did not previously exist in this state. The Rhode Island that is derived from or attributable to sources within this state dis-
business must be approved by the Rhode Island Commerce tributed to each nonresident member and pay the withheld amount
Corporation and must possess a tax credit certificate issued by the to the R.I. Division of Taxation.
RI Division of Taxation. The original certificate must be attached
to the return. Any unused amounts may be carried forward for four If a nonresident member’s only source of income within Rhode
(4) years. R.I. Gen. Laws § 44-48.3 Island is from one or more pass-through entities, that nonresident
member may elect to be included in a composite return to satisfy
Line 6 - Rebuild Rhode Island Tax Credit - RI 7253 - For Rhode the nonresident pass-through withholding requirement under R.I.
Island businesses demonstrating that even though the business has Gen. Laws § 44-11-2.2.
committed capital investment or owner equity of at least 20% of the
total project cost there exists a project financing gap which will likely For tax years beginning on or after January 1, 2023, Rhode Island
cause the project not to be completed. The Rhode Island business pass-through withholding of a pass-through entity with nonresident
must be approved by the Rhode Island Commerce Corporation and partners, members, beneficiaries and shareholders will be reported
must possess a tax credit certificate issued by the RI Division of and calculated using RI Schedule PTW - 1041 as part of Form RI-
Taxation. The original certificate must be attached to the return. 1041 replacing Form RI-1096PT.
DRAFT
Any unused amounts may be carried forward for four (4) years. R.I.
Gen. Laws § 42-64.20 RI Schedule PTW - 1041 is not required to be filed if there are no
nonresident members of the pass-through entity.
Line 7 - Motion Picture Production Tax Credits Musical or and
Theatrical Production Tax Credits - RI-8201 for certified-produc- The pass-through entity is required to include RI Schedule PTW -
tion costs as determined by the RI Film and Television Office or the 1041 showing the amount of Rhode Island withholding for all nonres-
RI Division of Taxation. The original certificate must be attached ident members for whom Rhode Island taxes were withheld. This
to the return. Any unused credit amount may be carried forward for does not include any nonresident members who made the election
three (3) years. R.I. Gen. Laws § 44-31.2 and R.I. Gen. Laws § 44- on Form RI-1040C-NE to file a composite return (RI-1040C) or elect-
31.3 ed to file on RI Schedule PTE - Pass-through Entity Election.

Line 8 - Stay Invested in RI Wavemaker Fellowship Tax Credits - 11/06/2024Entities with shareholders making elections on RI-1040C-NE or RI
RI-9283 - For eligible graduates working for a Rhode Island based Schedule PTE must complete these Form RI-1040C and/or RI
employer in the field of life, natural or environmental sciences: com- Schedule PTE before completing RI Schedule PTW.
puter, information or software technology: advanced mathematics or
finance: engineering: industrial or other commercially related design: When submitting RI Schedule PTW - 1041 with Form RI-1041, the
or medicine or medical device technology. The graduate must be pass-through entity must attach all corresponding RI Schedule K-1s .
approved by the Rhode Island Commerce Corporation and must pos-
sess a tax credit certificate issued by the RI Division of Taxation. The If any of the following exceptions apply to the pass-through entity,
original certificate must be attached to the return. Any unused check the applicable box at the top of the form and enter the amount
amounts may be carried forward for four (4) years. R.I. Gen. Laws § of income associated with the exception on the appropriate line under
42-64.26 Part B.
• Cannot distribute funds due to Federal or State restrictions

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2024 RI-1041 FIDUCIARY INCOME TAX RETURN
SPECIFIC INSTRUCTIONS

• Exempt from income tax Line 8 – Enter the amount of the Rhode Island source of income of
• Nonresident member(s) with less than $1,000.00 in Rhode nonresident members being reported on Form RI-1040C - Composite
Island source income Income Tax Return.
• All Rhode Island source income for the nonresident mem
ber(s) is being reported on Form RI-1040C - Composite Line 9 – Enter Rhode Island source of income of those nonresidents
Income Tax Return. being reported on Form RI-PTE - Pass-through Entity Election.
• A pass-through entity election was made and all Rhode
Island source income for the nonresident member(s) is Line 10 – Rhode Island source income of nonresident members
being reported on Form RI-PTE. subject to PT withholding
Column A, subtract the amounts from lines 5a - 9a from line 4a.
If the pass-through entity cannot distribute funds due to Federal or Column B, subtract the amounts from lines 5b - 9b from line 4b.
state restrictions, a statement explaining what is prohibiting the dis-
tribution of the funds along with all of the corresponding RI Schedule Line–11 Rhode Island pass-through withholding rate.
K-1s containing all required information. For C corporations only, the rate is 7.0%.
For Sub S corporations, individuals, LLCs, partnerships and trusts,
If all the nonresident members of the pass-through entity have Rhode the rate is 5.99%.
Island source income less than $1,000.00, RI Schedule PTW - 1041
must be filed reporting the Rhode Island source income of all nonres- Line 12 – For each column, multiply the amount of Rhode Island
ident members on line 1, calculating the pass-through withholden source income of those nonresidents from line 10 by the pass-
due and listing the Rhode Island source income of all members on through withholding rate on line 11 to calculate the pass-through
line 7. All of the corresponding RI Schedule K-1s should show the withholding amount.
nonresident members’ withholding as zero.
Line –13 Add lines 12a and 12b. Enter here and on Form RI-1041,
14d.
Part A - Nonresident Rhode Island Source Income Calculation

Line 1 – Enter the pass-through entity’s income distribution deduc- Part C - Pass-through Withholding Paid on Entity’s
tion from Federal Form 1041, line 18. behalf by another Pass-through Entity

Line 2 – Enter the amount of Rhode Island source income included Part C must be completed if claiming an amount on Form RI-1041,
in the amount on line 1. page 2, line 15d. Attach a separate sheet if additional room is
needed. In addition, a copy of RI Schedule K-1 issued to the entity
Line 3 – Enter the nonresident portion of Rhode Island source must be attached in order for credit to be given. Failure to attach a
income included in the amount on line 2. copy will result in the disallowance of the pass-through withholding
amount until documentation is provided.

Part B - Pass-through Withholding Calculation Enter the amount of any nonresident pass-through withholding pay-
ments made on the entity’s behalf by another pass-through entity.
Line 4 – Using the amount of Rhode Island source income for all This amount should equal the Total Pass-through withholding
nonresidents from line 3, enter the amount attributed to nonresident amount from RI Schedule PTW - 1041, Part C, line 14v.
members that are C Corporations on line 4a andDRAFTthat are Sub S
Corporations, Individuals, LLCs, Partnerships and Trusts.
Lines 4a and 4b must equal line 3. RI SCHEDULE PTE
PASS-THROUGH ENTITY ELECTION
For lines 5 through 9: Use the appropriate column(s) based on
entity type and enter the Rhode Island source of income of the non- This schedule can be found on the Division of Taxation’s website at:
resident member(s) not subject to pass-through withholding on RI https://tax.ri.gov/forms/individual-tax-forms/fiduciary-income-tax-forms
Schedule PTW - 1041.
Pursuant to R.I. Gen. Laws § 44-11-2.3. Pass-through entities –
Column A: C Corporations Election to pay state income tax at the entity level, for tax years
Column B: Sub S Corporations, Individuals, LLCs, Partnerships and beginning on or after January 1, 2019, a pass-through entity may
Trusts. elect to pay the state tax at the entity level at the rate of five and
11/06/2024ninety-nine hundredths percent (5.99%).
Line 5 – Entermountthe ahodeof R Island source income for all
nonresident members of the pass-through entity which cannot be “Pass-through entity” means a corporation that for the applicable
distributed due to Federal or State restrictions. tax year is treated as an S Corporation under I.R.C. 1362(a) (26
U.S.C. § 1362(a)), or a general partnership, limited partnership, lim-
Line 6 – Entermountthe ahodeof R Island source income for all ited liability partnership, trust, limited liability company or unincorpo-
nonresident members of the pass-through entity exempt from tax. rated sole proprietorship that for the applicable tax year is not taxed
as a corporation for federal tax purposes under the state’s regula-
Line 7 – Enter the amount of Rhode Island source of income of those tions.
nonresident members with income less than $1,000 net modifica-
tions. An election can be made by the pass-through entity on behalf of an

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                             2024 RI-1041 FIDUCIARY INCOME TAX RETURN 
                                               SPECIFIC INSTRUCTIONS

individual who is a shareholder of an S Corporation; a partner in a       W when filing Form RI-1040 or Form RI-1040NR.  
general partnership, a limited partnership, or a limited liability part-                                    
nership; a member of a limited liability company, a beneficiary of a                                        
trust; or a sole proprietor.                                                     Determining the Amount of Income Required to be  
                                                                                   Reported by the Pass-through Entity 
If a pass-through entity elects to pay an entity tax under this sub-                                        
section, the entity shall not have to comply with the provisions of       Cash Basis Pass-through Entity: 
R.I. Gen. Laws § 44-11-2.2 regarding withholding on non-resident          The amount required to be reported as income by the pass-through 
owners.                                                                   entity member(s) is the member’s apportioned share of the total of  
                                                                          payments made by the pass-through entity DURING the tax year of 
NOTE:                                                                     the return being filed.  
A trust may elect to pay the state tax at the entity level at the          
rate of five and ninety-nine hundredths percent (5.99%) on                For example, a calendar year ending pass-through entity makes four 
behalf of its beneficiary(ies).  However, a trust that is a member        estimated tax payments on the following dates - April 15, June 15,  
of a pass-though entity may not be included in an election                September 15 and December 15. The cash basis pass-through entity 
made by that pass-through entity to pay the state tax at the              also makes an extension payment and a payment following the end 
entity level at the rate of five and ninety-nine hundredths per-          of the calendar year.  
cent (5.99%) on behalf of its members since the trust itself is            
not an individual as required under R.I. Gen. Laws § 44-11-2.3.           The cash basis pass-through entity member(s) must report the 
                                                                          apportioned share of the total of the four estimates paid during the 
For tax years beginning on or after January 1, 2024, the Rhode            calendar year as an increasing modification on RI Schedule M, line 
Island pass-through entity [the trust] that makes a pass-through entity   2h.  
election for the beneficiary(ies) will report and calculate the pass-      
through entity income and tax using RI Schedule PTE as part of            In addition, a cash basis pass-through entity member(s) may take a 
Form RI-1041 rather than using Form RI-PTE.                               decreasing modification on RI Schedule M, line 1v for the amount  
                                                                          of pass-through entity tax claimed in the prior year which was an 
RI Schedule PTE is required to be filed if the trust is making the elec-  overpayment calculated on the RI Schedule PTE when filed.  
tion to pay the pass-through entity tax on behalf of its                   
beneficiary(ies).                                                         If the pass-through entity is a cash basis entity as shown on the enti-
                                                                          ty’s federal return and Form RI-PTE for tax year 2023 had an over-
The trust will also be required to report the pass-through entity tax     payment that was refunded to the entity, use the following to deter-
paid on behalf of and income passed through to the beneficary(ies)        mine the decreasing modification amount.   
on RI Schedule K-1.                                                        
                                                                          Tax Year 2023 Overpayment Refunded to the Entity 
                                                                          If the pass-through entity’s tax year 2023 had an overpayment that 
                  Entity Accounting Method                                was refunded to the entity, the entity would be expected to include 
                                                                          that refund as income on its tax year 2024 corporate filings enabling 
Check the method of accounting - Accrual or Cash Basis - being used       the individual taxpayer to claim a decreasing modification in tax year 
by the pass-through entity to calculate the amount required to be         2024 IF the individual taxpayer previously accounted for the tax year 
taken as an increasing modification on the personal income tax            2023 refund as part of the payments made in calendar year 2023 
returns of the beneficary(ies) of the pass-through entity. DRAFT AND properly claimed the payments as an increasing modification in 
                                                                          tax year 2023. If any part of the 2023 overpayment was due to pay-
                                                                          ments made within calendar year 2024, the individual taxpayer 
        Determining the Amount of the State Tax Credit                    should not have accounted for those payments as part of the 2023 
                  for the Pass-through Entity                             increasing modification because the payments were made within 
                                                                          2024.  
The State tax credit amount shall be the amount of tax paid by the         
pass-through entity, at the entity level, which is passed through to the  Accrual Basis Pass-through Entity: 
beneficary(ies), on a pro rata basis.                                     The amount required to be reported as income by the pass-through 
                                                                          entity is the total of payments made by the pass-through entity FOR 
Regardless of the Accounting Method used by the pass-through enti-        the tax year of the return being filed minus any overpayment on the 
ty making the pass-through entity election, the amount of tax paid by     return.  
the pass-through entity is equal to the amount calculated11/06/2024for line 5 of  
RI Schedule PTE.                                                          For example, a calendar year ending pass-through entity makes four 
NOTE:  the tax amount must be paid in order to receive the credit.        estimated tax payments on the following dates - April 15, June 15,  
                                                                          September 15 and December 15. The accrual basis pass-through 
                                                                          entity also makes an extension payment and a payment following the 
        Determining the Amount of the State Tax Credit                    end of the calendar year.  
        for the Pass-through          Entity Member(s)                     
                                                                          The accrual basis pass-through entity must report the total of the four 
To determine the amount of state tax credit for the pass-through enti-    estimates, the extension payment and the payment made with the 
ty beneficary(ies), multiply the state tax credit from line 5 of Form RI- return as an increasing modification on RI Schedule M, line 2h.  
PTE by the precent of ownership for each individual beneficiary.  This     
is the amount each individual beneficiary will report on RI Schedule      If the payments made for the tax year exceeds the amount of tax on 
                                                             Page I-10

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                         2024 RI-1041 FIDUCIARY INCOME TAX RETURN 
                                       SPECIFIC INSTRUCTIONS

line 5, the total amount of payments must be reduced by the overpay-
ment amount regardless of whether the overpayment is refunded or 
carried forward. 
 
Part A - Pass-through Entity Election Tax Calculation 
                          
Line 1 – Enter the pass-through entity’s total amount of income dis-
tribution from Federal Form 1041, line 18 apportioned to Rhode 
Island.  Multiply  
 
Line 2 – Enter the total percentage of economic benefit received by 
each individual member of the pass-through entity who is making this 
election. 
 
Note #1:  
This percentage should only represent the total of any member(s) of 
the pass-through entity that are individuals.  Portions related to non-
individual member(s) should not be included in this amount. 
 
Note #2: 
This percentage should not include portions related to individual 
member(s) who are not making the pass-through entity election. 
 
Line 3 – Multiply the Total Pass-through Entity Income apportioned 
to Rhode Island on line 1 by the total percentage of economic benefit  
on line 2 to calculate the Pass-through Entity income generated by 
the individuals making the pass-through entity election. 
 
Line 4 - Individual tax rate is 5.99%. 
 
Line 5 - Pass-through Entity Election Tax. Multiply line 3 by line 4. 
Enter on this line, as well as on Form RI-1041, line 14e. 
 
Note:  This is the amount of state tax credit that will be passed 
through to the member(s) of the pass-through entity. See 
“Determining the Amount of the State Tax Credit for the Pass-through 
Entity” and “Determining the Amount of the State Tax Credit for the 
Pass-through Entity Member(s)” on page 5 of these instructions for 
additional information.  
 
Part B - Additional Information        DRAFT 
                          
Line 1 – Enter the amount of Rhode Island pass-through entity tax 
included on US Form 1041, line 11. 
 
                                       11/06/2024

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