Form Ri-1041 - Rhode Island Fiduciary Income Tax Return - 2008 Page 5
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5RI-1041
2008
RI SCHEDULE FT
ALTERNATIVE FLAT TAX METHOD
Name of Estate or Trust
Federal Identification Number
1.
Modified Federal income from RI-1041, page 1, line 5 less Income Distribution Deduction from Federal Form 1041, line 18..
1.
2.
RI Alternative Flat Tax rate...........................................................................................................................................................
2.
7.0%
3.
Flat Tax before allocation - Multiply line 1 by line 2.....................................................................................................................
3.
4.
RI allocation from RI-1041, page 1, line 14..................................................................................................................................
4.
___ . ___ ___ ___ ___
5.
Flat Tax after allocation - Multiply line 3 by line 4.........................................................................................................................
5.
Resident Estates and Trusts only. If you are claiming a credit for taxes paid to other state, complete lines 6 thru 9. Otherwise,
enter the amount from line 5 on line 11.
NOTE: You must attach a signed copy of the other state return.
6.
Income from other state...................................................................................................
6.
7.
Divide line 6 by line 1......................................................................................................
7.
___ . ___ ___ ___ ___
8.
Tentative credit - Multiply line 5 by line 7........................................................................
8.
9.
9.
Tax due and paid to other state........ Insert name of state paid ________________ ...
10.
MAXIMUM credit - Line 5, 8 or 9 (whichever is the SMALLEST)........................................................................................
10.
11.
RI Flat Tax after other state credit - subtract line 10 from line 5. Enter here and on RI-1041, page 1, line 19B..................
11.
EXEMPTION WORKSHEET for RI-1041, ALTERNATIVE MINIMUM TAX, part 1, line 2
NOTE: If RI-1041, Alternative Minimum Tax Schedule, part 1, line 1 is equal to or more than $180,750, the exemption is zero. DO NOT
complete this worksheet. Instead, enter the amount from RI-1041, line 1 on RI-1041, line 3 and go to RI-1041, line 4.
Exemption amount.................................................................................................................................................................
1.
1.
$25,200
2.
2.
Alternative minimum taxable income from RI-1041, AMT Schedule page 8, line 1.........
3.
3.
Phase out of exemption amount.......................................................................................
$84,050
4.
4.
Subtract line 3 from line 2
(If zero or less, enter
zero.)....................................................
5.
5.
Multiply line 4 by 25% (.25)....................................................................................................................................................
EXEMPTION - subtract line 5 from line 1
(If zero or less, enter zero.)
6.
6.
enter here and on RI-1041, AMT Schedule, page 8, line 2...................................................................................................
Page 12
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