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5 2024 5
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7 Form RI-1041ES 7
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Rhode Island Fiduciary
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12 Estimated Payment Coupons 12
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15PURPOSE OF FORM PAYMENTS OF ESTIMATED TAX stallment of estimated tax, you may attach15
16This form provides a means of paying your Except as provided for in the next paragraph Form RI-2210 (if any of the exceptions apply)16
17Rhode Island income tax on a current basis on of instructions, the estimated tax on line 15 of to your Rhode Island Fiduciary income tax re-17
18income other than salaries or wages sub- the worksheet is payable as follows: 25% on turn explaining why an additional charge should18
19ject to withholding. If you are entitled to a re- or before April 15, 2024; 25% on or before not be made. 19
20fund because the amount paid or credited as June 15, 2024; 25% on or before September Note: Estates are not required to file a decla-20
estimated tax for the taxable period exceeds 15, 2024 and 25% on or before January 15, ration of estimated tax for the first two years
21your actual tax liability, you must file an income 2025. after a decedent’s death. 21
22tax return to obtain the refund. 22
23 FISCAL YEAR TAXPAYERS PENALTIES 23
24WHO MUST MAKE ESTIMATED PAYMENTS If you report income on a fiscal year basis, The law imposes penalties and interest 24
25Every estate and trust shall make esti- substitute the corresponding fiscal year charges for failing to pay the estimated tax25due
26mated Rhode Island income tax payments if months for the months specified in the previ- or for making false or fraudulent statements. 26
27their estimated Rhode Island income tax can ous instructions. For example, if your fiscal 27
28be reasonably expected to be $250 or more in year begins on April 1, 2024, your estimated OTHER QUESTIONS 28
excess of any credits allowable against their payments will be due on July 15, 2024, to- Obviously, the foregoing instructions for com-
29tax, whether or not they are required to file a gether with 25% of the estimated tax. In this pleting these forms will not answer all ques-29
30federal estimated tax for such year. instance, 25% will be due on or before Sep- tions that may arise. If you have any doubt30
31 tember 15, 2024; 25% on or before December regarding completion of your forms, additional31
32MODIFICATIONS TO FEDERAL TOTAL INCOME 15, 2024 and 25% on or before April 15, 2025 assistance may be obtained by going the Di-32
33Taxpayers with modifications increasing or de- vision of Taxation, One Capitol Hill, Provi-33
dence, RI 02908-5810, by visiting the Division
34creasing federal total income may refer to AMENDED ESTIMATED PAYMENTS 34
of Taxation’s website at www.tax.ri.gov, or by
35Form RI-1041, Schedule M for examples of in- If, after having paid one or more installments 35
calling the Personal Income Tax Section at (401)
36come to be entered as modifications. of tax, the taxpayer finds that his or her esti- 36
574-8829, option #3.
37 mated tax should be increased or decreased 37
38CHANGES IN INCOME by a change inincome, he or she must file an 38
39Even though on April 15, 2024 you do not ex- amended estimate on or before the next filing 39
40pect your tax to be large enough to require date. If an amendment is made after September 40
41making estimated payments, a change in in- 15th of the taxable year any balance due FREE INTERNET FILING/PAYMENT41
42come may require you to make estimated pay- DRAFTshould be paid at the time of filing theamend- 42
ment. (SEE AMENDED ESTIMATED TAX AVAILABLE
43ments later. 43
SCHEDULE)
44If you file your 2024 income tax return by Feb- You may file and pay your estimate 44
45ruary 15, 2025 and pay the full balance of tax CREDIT FOR INCOME TAX OVERPAYMENT electronically using the 45
46due, YOU NEED NOT: (a) make an original Your credit for income tax overpayment from RI Division of Taxation’s Portal. 46
47estimated payment otherwise due for the first your 2023 Rhode Island income tax return may 47
48time on January 15, 2025 or (b) pay the last be deducted from the first installment of your 48
49installment of estimated tax otherwise due 2024 estimated tax, and any excess credit from FOR MORE INFORMATION VISIT: 49
50and payable on January 15, 2025. succeeding installments. However, if you desire https://taxportal.ri.gov 50
51 to spread the credit, divide it by the number 51
52HOW TO ESTIMATE YOUR TAX FOR 2024 of installments and enter on line 14 of 52
Your 2024 estimated income tax may be based RI-1041ES worksheet. 09/19/2023
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upon your 2023 income tax liability. If you wish
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to compute your 2024 estimated income tax, CHARGE FOR UNDERPAYMENT OF IN-
55use the enclosed estimated tax worksheet. STALLMENTS OF ESTIMATED TAX 55
56 An interest charge is imposed for underpay- 56
57WHEN AND WHERE TO MAKE ESTIMATES ment of an installment of estimated tax. The 57
58Make your first estimated payment for the pe- Rhode Island income tax law follows similar 58
59riod January 1, 2024 through December 31, provisions of the Internal Revenue Code with 59
602024, on or before April 15, 2024. It must be respect to exceptions. Such charge on any un- 60
61filed together with the payment due with the: paid installment shall be computed on the 61
62 amount by which the actual payments and 62
Rhode Island1111111111222222222233333333334444444444555555555566666666667777777777888Division of Taxation credits applied to the tax are less than 80% of
34567890123456789012345678901234567890123456789012345678901234567890123456789012 One Capitol Hill such installment at the time it is due. If it ap-
Providence, RI 02908 pears there was an underpayment of any in-
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