Rhode Island Fiduciary Income Tax Return Form 2001 (Page 2 of 5) in pdf

2001 SPECIFIC INSTRUCTIONS

(2)

Rhode Island fiduciary adjustment as

COMPLETE THE FEDERAL INCOME TAX

Line 16 – Credit For Income Taxes Paid To Other

beneficiary of an estate or trust under

RETURN FIRST

States

The Federal Fiduciary Income Tax Return is the basis

Section 44-30-17.

Resident estates or trusts only. Enter the amount from

for preparing your Rhode Island Fiduciary Income Tax

(3)

Interest or dividend income on obligations

page 2, schedule III, line 46.

Return. In general, the Rhode Island fiduciary income

or securities of any authority, commission

tax is based on the fiduciary’s federal total income.

or instrumentality of the United States to the

Line 17 – Other RI Credits

Accuracy and attention to detail in completing the

extent included in gross income for federal

Enter the amount of RI credits. Indicate the credit form

return in accordance with these instructions will

income tax purposes but exempt from state

number in the space provided and attach the credit form

facilitate the processing of your tax return.

income taxes under laws of the Unites

to the RI -1041.

States.

Type of Return – Indicate by checking the appropriate

Line 18 – Total RI Credits

box what type of return you are preparing. If you are

Add lines 16 and 17.

Line 4 – Net Modifications

preparing a bankruptcy estate, see the 2001 Rhode

Combine lines 2 and 3

Island Fiduciary Tax Rate Schedules for instructions on

Line 19 – RI Income Tax After RI Credits

how to file.

Subtract line 18 from line 15 (if zero of less enter zero).

Line 5 – Modified Federal Total Income

Combine lines 1 and 4. Add net increases or subtract

net decreases, whichever applies.

Names,

Address

and

Federal

Employer

Line 20A– RI Income Tax Withheld

Identification Number – make sure the names,

Enter total amount of Rhode Island 2001 income tax

address and federal employer identification number on

withheld. (Attach the state copy of all forms W-2,

Line 6 – Federal Total Deductions

the return are correct. Incorrect entries could delay the

Enter the amount of federal deductions from Federal

1099s, etc. to the front of the return) Credit for Rhode

processing of your return.

Form 1041, lines 16 and 21.

Island income tax withheld will be allowed only for

those amounts supported by attached W-2s, 1099s, etc.

Year End – Indicate by checking the appropriate box

Line 7 – Rhode Island Taxable Income

whether the fiduciary is a calendar or fiscal year filer.

Subtract line 6 from line 5.

Line 20B – Payments on 2001 Form RI-1041ES and

If the fiduciary is a fiscal year filer, indicate the

Credits Carried Forward From 2000

beginning and the year-end of the fiduciary in the space

Enter the amount of estimated payments on 2001 Form

Line 8 – Rhode Island Income Tax

provided. Only fiduciaries with a fiscal year beginning

Enter the RI tax from the RI Fiduciary Tax Rate

RI-1041ES and the amount applied from the fiduciary’s

in 2001 may use this form.

Schedules or RI Schedule D, whichever applies. Check

2000 return.

the box to indicate the method used to calculate the RI

tax. Check only one box.

Line 1 – Federal Total Income of Fiduciary

Line 20C – Nonresident Real Estate Withholding

Enter the amount of income from Federal Form 1041,

Enter the amount of Rhode Island income tax withheld

line 9

on sales of real estate located in Rhode Island.

Line 9 – Rhode Island Alternative Minimum Tax

If the fiduciary is reporting an alternative minimum tax

on the Federal Fiduciary Income Tax Return, the

Line 2 – Modifications Increasing Federal Total

Line 20D – Other Payments

fiduciary must complete Form RI -6251 and enter the

Enter any other payments, including advance payments

Income

Enter the amount of modifications increasing federal

amount from line 25 on page 1, line 9 of Form RI -

made with the fiduciary’s application for an automatic

total income. Examples of modifications increasing

1041. Attach a copy of Form RI -6251 to the RI-1041.

extension of time to file (Form RI -8736). Attach a

federal income:

However, if the fiduciary claimed modifications to

copy of Form RI -8736 to the RI -1041.

(1)

Interest income on obligations of any state,

federal total income, the fiduciary may need to

or its political subdivisions other than

recalculate the federal alternative minimum tax based

Line 20E – Total Payments

Rhode Island or its political subdivisions.

on the fiduciary’s modified federal total income. If the

Add lines 20A, 20B, 20C and 20D.

(2)

Interest or dividend income on obligations

fiduciary did not report a federal alternative minimum

or securities of any authority, commission

tax, but a federal alternative minimum tax would be

Line 21 – Amount Due

or instrumentality of the United States, but

required based on the modified federal total income,

If the amount on line 19 is greater than the amount of

not of Rhode Island or its political

the fiduciary must calculate a federal alternative

line 20E, SUBTRACT line 20E from line 19 and enter

subdivisions, to the extent exempted by the

minimum tax for Rhode Island purposes.

the balance due on line 21. This is the amount the

laws of the United States from federal

fiduciary owes. This amount is payable in full with the

income tax but not from state income taxes

return. An amount due of less than one dollar ($1) need

Line 10 – Total RI Tax To Be Allocated

(3)

Rhode Island fiduciary adjustment as

Add lines 8 and 9.

not be paid. If the fiduc iary owes underestimating

beneficiary of an estate or trust under

interest, complete Form RI -2210 and indicate the

Section 44-30-17.

amount of interest due in the space provided on line 21.

Line 11 – Allowable Federal Credits

(4)

Interest on indebtedness incurred or

Enter amount from Federal Form 1041, schedule G,

Add the interest to the amount due, enter the total on

continued to purchase or carry obligations

line 3.

line 21 and include the total amount due with the

or securities the income of which is exempt

return.

from Rhode Island personal income tax, to

Line 12 – RI Percentage of Allowable Federal

the extent such interest has been deducted in

Credits

Line 22 – Overpayment

determining federal total income or taxable

Multiply the amount on line 11 by 25.5%.

If the amount on line 20E is greater than the amount on

income.

line 19 then subtract line 19 from line 20E and enter the

overpayment on line 22.

Line 13 – RI Tax After Allowable Federal Credits –

Line 3 – Modifications Decreasing Federal Income

Before Allocation

Enter as a negative number the amount of

Subtract line 12 from line 11.

Line 23 – Refund

modifications decreasing federal income. Examples of

Enter the amount of the overpayment on line 22 that is

modifications decreasing federal income:

to be refunded. Refunds of less than $1.00 will not be

Line 14 – Allocation

(1)

Income from obligations of the United

Nonresident estates or trusts enter the amount from

paid unless specifically requested.

States Government to the extent included in

page 2, schedule II, line 39. Resident estates or trusts

gross income for federal tax purposes but

enter 1.0000.

Line 24 - Overpayment to be applied to 2002

exempt for state purposes. Example –

Enter the amount of overpayment on line 22, which is

United States Government Series E bond

to be applied to the fiduciary’s 2002 estimated tax.

Line 15 – RI Income Tax After Allocation

interest.

Multiply the amount on line 13 by the percentage on

line 14.

Page 2 of 3

Rhode Island Fiduciary Income Tax Return Form 2001 Page 2

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