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2023 RI-1120S - Rhode Island Business Corporation Tax Return
SPECIFIC INSTRUCTIONS
INFORMATION SECTION: APPORTIONED TAXABLE INCOME
Enter the requested entity information on the top of the form, includ-
ing name, address, federal identification number, email address, Line 4 - Adjusted Taxable Income
NAICS code, and if the entity is not a calendar year filer, enter the Subtract the total deductions amount on line 2 from the Federal
beginning and end dates of the entity’s fiscal year. Taxable Income amount on line 1. Add to that the total additions
amount on line 3.
Enter the following information in the corresponding boxes:
A. The gross receipts from U.S. Form 1120S, page 1, line 1a or Line 5 - Rhode Island Apportionment Ratio
other applicable Federal form. Complete Schedule I on page 4. Enter the amount from Schedule
B. The depreciable assets from line 10a Column (c), Schedule L, I, line 5.
U.S. Form 1120S, page 4 or other applicable Federal form.
C. Enter the total assets from line 15, Column (d), Schedule L, U.S. Line 6 - Apportioned Rhode Island Taxable Income
Form 1120S, page 4 or other applicable Federal form. Multiply your adjusted taxable income amount from line 4 times the
Rhode Island Apportionment Ratio from line 5.
NOTE: If filing a final return, a separate request for a letter of good
standing for dissolution or withdrawal should also be filed. Attach Line 7a - Minimum Tax
the final return to the request form and follow the instructions for Rhode Island minimum tax is $400.00.
section V or VI. The final return and request form must be completed
through the date of withdrawal. When filing for dissolution or with- If line 23a or 23b of Federal 1120S is applicable, refer to Rhode
drawal, an extension is not valid. Within thirty (30) days of the date Island Schedule S for your tax calculation. Enter the tax from
of the letter, it must be recorded with the Secretary of State. Schedule S, line 8.
If Qualified Sub-chapter S Subsidiary, multiply the number of Q-
SUBCHAPTER S CORPORATION FILERS: Subs that are a part of this filing by the minimum tax and enter here.
Form RI-1120S is to be used only by entities taxed as subchap-
ter S corporations for federal tax purposes. Line 7b - Jobs Growth Tax
Enter 5% of the aggregate performance-based compensation paid
to eligible employees as per the Jobs Growth Act (R.I. Gen. Laws §
LIMITED LIABILITY COMPANY FILERS: 44-64.11-5).
(i) If the LLC is to be treated as a corporation for federal tax purpos-
es, it shall pay a tax the same as a “C” corporation and file Form RI- Line 7c - Pass-Through Withholding
1120C. Enter Rhode Island Pass-Through Withholding from RI Schedule
(ii) If the LLC is to be treated as a subchapter S corporation for fed- PTW, line 13. See the RI Schedule PTW section on page4 of these
eral tax purposes, it shall pay a fee equal to the minimum tax as instructions for more information.
defined under R.I. Gen. Laws § 44-11-2(e) and file Form RI-1120S.
(iii) All other LLCs shall pay a fee equal to the minimum tax as defined Line 7d - Reserved for Future Use
under R.I. Gen. Laws § 44-11-2(e) and file Form RI-1065.
Line 8a and 8b - RI Business Corporation Tax and Withholding
QUALIFIED SUB-CHAPTER “S” SUBSIDIARY: Add lines 7a through 7d.
If Qualified Sub-Chapter “S” subsidiary(s) are included for federal
purposes, they may also be filed on one return for Rhode Island pur- Line 9a - Estimated Tax Payments
poses. They may do so by checking the "Q-sub Included" check Enter the total estimated tax payments made with respect to the tax-
box on page 1 and attaching RI-1120S Q-Sub Schedule to the tax able year, if any, including any overpayment allowed from the pre-
return. The minimum tax must be included for each entity included ceding taxable year.
in the return. See Reg 280-RICR-20-25-14 for further details.
Line 9b - Rhode Island Pass-through Withholding Paid on Entity’s
Behalf by Another Pass-Through Entity
SCHEDULE A - COMPUTATION OF TAX Enter the amount of any nonresident pass-through withholding
payments made on this entity's behalf by a pass-through entity of
which this pass-through entity is a member/partner. This amount
TAXABLE INCOME should equal the Total Pass-through Withholding Amount from RI
Schedule PTW, Part C, line 14v. RI Schedule K-1s must also be
Line 1 - Federal Taxable Income attached reflecting the amount of income and withholding passed
Enter the taxable income as it appears on Federal Form 1120S, through to this pass-through entity from the pass-through entity of
Schedule K, line 18. which it belongs.
Line 2 - Total Deductions NOTE: You must complete Part C of RI Schedule PTW in order to
Enter Total Deductions from page 2, Schedule B, line 1e. receive credit for any pass-through withholding that was paid for
your nonresident members by a higher tier pass-through entity
Line 3 - Total Additions even if you have negative taxable income from that entity.
Enter Total Additions from page 2, Schedule C, line 1f.