Rhode Island Fiduciary Income Tax Return Form 2001 (Page 3 of 5) in pdf

Line 10 – Rhode Island Tax on Ordinary Income

SCHEDULE I

Calculate the Rhode Island income tax on ordinary

Line 41 – Income From Other State

BENEFICIARY INFORMATION

Enter the amount of income reported to the other state.

income on line 9, column A using Rhode Island

Fiduciary Tax Rate Schedules. Enter the result in

column C, line 10.

Lines 25 through 29 – Beneficiary Information

Line 42 – Modified Federal Total Income

Enter in lines 25 through 29 the name, address, state of

Enter the amount from page 1, line 5.

residence and social security number of each

Line 11 – Rhode Island Tax on Capital Gain Income

beneficiary. If addition space is required, attach a

Line 43 – Divide line 41 by line 42.

and Ordinary Income

supporting

schedule

containing

the

required

Add the amounts in column C, lines 8 and 10. Enter

information.

Line 44 – Multiply line 40 by line 43.

the total in column C, line 11.

Line 45 – Tax Due and Paid To Other State

Line 12 – Rhode Island Tax on Amount on Line 1

SCHEDULE II

Enter the amount of tax due and paid to the other state.

Use the Rhode Island Fiduciary Tax Rate Schedules to

ALLOCATION AND

calculate the Rhode Island tax on the amount on line 1.

Line 46 – Maximum Tax Credit

MODIFICATION

Enter the smaller of lines 40, 44 or 45. Enter here and

Line 13 – Total Rhode Island Income Tax

on page 1, line 16.

Enter the smaller of lines 11 or 12.

Lines 30 through 35 – Allocation and Modification

PART 2 – TAX ON LUMP-SUM

SCHEDULE D

Column A – Percent Of Ownership

DISTRIBUTIONS

Enter in column A the percent of ownership of each

This form is to be used by fiduciaries reporting capital

beneficiary.

gains or figuring their tax on Federal Form 1041,

Line 14 – Tax on Lump-Sum Distributions

schedule D and/or who, for federal income tax

Enter the amount of tax on lump-sum distributions

purposes, are reporting tax on lump-sum distributions;

Column B – Federal Income

from Federal Form 1041, schedule G, line 1b.

Enter in column B the amount of federal in come

and/or reporting recapture of federal tax credits.

attributable to each of the beneficiaries and the

Line 15 – RI Tax on Lump-Sum Distributions

fiduciary.

Line 1 – RI Taxable Income

Multiply the amount on line 14 by 25.5%.

Enter the amount from Form RI -1041, page 1, line 7.

Column C – Modifications To Federal Income

Part 3 – Recapture of Federal Tax Credits

Enter in column C the amount of modifications to the

Line 2 – 8% Capital Gains

income reported in column B for each of the

Enter in column A the amount from Federal Schedule

beneficiaries and the fiduciary. For examples of

D, line 28 or Federal Schedule D Tax Worksheet, line

Line 16 – Recapture of Federal Tax Credits

modifications see the instructions for lines 2 and 3.

18. Then multiply the amount in column A by the

Enter the amount of recapture of federal tax credits

percentage in column B and enter the product in

from Federal Form 1041, schedule G, line 5.

column C.

Column D – Modified Federal Income

Subtract column C from column B.

Line 17 – RI Recapture Taxes

Multiply the amount on line 16 by 25.5%.

Line 3 – 10% Capital Gains

Enter in column A the amount from Federal Schedule

Column E – Rhode Island Source Income

Enter in column E the amount of Rhode Island source

D, line 30 or Federal Schedule D Tax Worksheet, line

PART 4 – TOTAL OF PARTS 1, 2 AND 3

income included in column D.

20. Then multiply the amount in column A by the

Nonresident Source Income: Business conducted in

percentage in column B and enter the product in

Line 18 – Total

RI, RI rental property, wages earned in RI and sale or

column C.

Add part 1, line 13; part 2, line 15 and part 3, line 17.

exchange of RI property.

Enter here and on RI -1041, page 1, line 8 and check the

Resident Source Income: For the purpose of this

Line 4 – 20% Capital Gains

RI schedule D box.

schedule include all income of the beneficiary except

Enter in column A the amount from Federal Schedule

non RI source income.

D, line 34 or Federal Schedule D Tax Worksheet, line

RI-6251 RHODE ISLAND

24. Then multiply the amount in column A by the

ALTERNATIVE MINIMUM

percentage in column B and enter the product in

Line 36, Columns B Through E – Total

Add the amounts in each column and enter the total on

column C.

TAX

line 36 of each column.

Line 5 – 25% Capital Gains

Line 19 – Federal Tentative Alternative Minimum

Enter in column A the amount from Federal Schedule

Line 37 – Modifications to RI Source Income

Tax

Enter the amount of modifications included in Rhode

D Tax Worksheet, line 30. Then multiply the amount

Enter the amount from Federal Form 1041, schedule I,

Island source income reported on line 36, column E.

in column A by the percentage in column B and enter

line 39.

the product in column C.

Line 38 – Modified RI Source Income

Line 20 – RI Tentative Alternative Minimum Tax

Combine lines 36, column E and 37. Add net increases

Line 6 – 28% Capital Gains

Multiply line 19 by 25.5%.

or subtract net decreases.

Enter in column A the amount from Federal Schedule

D Tax Worksheet, line 33. Then multiply the amount in

Line 21 – RI Income Tax

column A by the percentage in column B and enter the

Line 39 – RI Allocation

Enter the amount Form RI -1041, page 1, line 8.

Divide line 38 by line 36, column D (not greater than

product in column C.

1.000). Enter here and on page 1, line 14.

Line 22 – Foreign Tax Credit

Line 7- Total Capital Gains

Enter the amount of foreign tax credit from Federal

Add the amounts in column A, lines 2, 3, 4, 5 and 6.

SCHEDULE III

Form 1041, schedule G, line 2a.

Enter the total in column A, line 7.

CREDIT FOR INCOME TAXES

Line 23 – Multiply line 22 by 25.5%

PAID TO ANOTHER STATE

Line 8 – Rhode Island Tax on Capital Gains

Add the amounts in column C, lines 2, 3, 4, 5 and 6.

This schedule pertains only to the fiduciary of a

Line 24 – Subtract line 23 from line 21

Enter t he total in column C, line 8.

resident estate or trust. The fiduciary of a resident

estate or trust is entitled to a credit against its RI tax

Line 25 – RI Alternative Minimum Tax

Line 9 – Rhode Island Ordinary Income

liability for income taxes paid to other states. The

Subtract line 24 from line 20 (if zero or less enter zero).

Subtract the amount in column A, line 7 from the

credit cannot exceed the RI tax on line 8.

Enter here and on RI -1041, line 9.

amount in column A, line 1. Enter the result in column

A, line 9.

Line 40 – RI Income Tax After Allowable Federal

Credits

Enter the amount from page 1, line 13

Page 3 of 3

Rhode Island Fiduciary Income Tax Return Form 2001 Page 3

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