Rhode Island Fiduciary Income Tax Return Form 2001 Page 5
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5Resident Estate and Trust Defined
What Schedules to complete?
1.
The Estate of a decedent who at his or her death was a resident
If the trust defined in cases 2, 3 or 4 has a nonresident beneficiary, follow
individual of Rhode Island.
the instructions for a nonresident estate or trust.
2.
A revocable trust which becomes irrevocable upon the occurrence of
Resident Estates and Trusts:
ü
any event which terminates a person’s power to revoke if the person
Complete Schedule I and enter 1.0000 on page 1, line 14
having the power to revoke is a Rhode Island Resident at the time of
ü
If you are claiming a credit for income tax paid to another state,
such event.
complete Schedule III
3.
A trust created by a will of a decedent who is a Rhode Island resident.
Nonresident Estate and Trusts:
4.
An irrevocable trust created by or consisting of property contributed
ü
If the taxable income of the estate or trust is derived solely from
by a person who is Rhode Island resident at the time the trust was
Rhode Island sources, complete schedule I and enter 1.0000 on
created or at the time of death is a Rhode Island resident.
page 1, line 14
5.
In cases 2, 3 and 4 such trust is only a resident trust to the extent that
ü
If the estate or trust has taxable income both within and without
the beneficiaries are Rhode Island residents.
Rhode Island, complete Schedules I and II
SCHEDULE I
BENEFICIARY INFORMATION
(All estates and trusts must complete this schedule)
State of
Name
Address
Residence
Social Security Number
25. Beneficiary #1……………….
26. Beneficiary #2………………..
27. Beneficiary #3………………..
28. Beneficiary #4……………
29. Beneficiary #5……………
SCHEDULE II
ALLOCATION AND MODIFICATION
(To be completed by nonresident estates and trusts)
Column A
Column B
Column C
Column D
Column E
Percent
Modifications
Modified
Rhode Island
Federal Income
of Ownership
to Federal Income
Federal Income
Source Income
30. Beneficiary #1………………..
31. Beneficiary #2………………..
32. Beneficiary #3………………….
33. Beneficiary #4…………….
34. Beneficiary #5………………….
35. Fiduciary……………………….
100%
36. Total………………………………
37.
37. Modifications to Rhode Island source income……………………………………………………………………………………………………..
38. Modified Rhode Island source income - combine lines 36, column E and 37 - (add net increases or subtract net decreases)………………………………………………………………
38.
39. RI allocation - divide line 38 by line 36, column D (not greater than 1.0000) - (enter here and on page 1, line 14)…………………………………………………………………..
39.
.
__
__ __ __ __
SCHEDULE III
CREDIT FOR INCOME TAXES PAID TO ANOTHER STATE
(resident estates or trusts only - a signed copy of the other state return must be attached)
40.
40. RI income tax after allowable federal credits - page 1, line 13…………………………………………………………………………………………………………………………………
41.
41. Income from other state……………………………………………………………………………………………………………………………………..
42.
42. Modified federal total income - page 1, line 5……………………………………………………………………………………………………………………….
43.
43. Divide line 41 by line 42…………………………………………………………………………………………………………………………………..
.
__
__ __ __ __
44. Multiply line 40 by line 43…………………………………………………………………………………………………………………………….
44.
45. Tax due and paid to other state………………………………………………………………………………
Insert name of state paid ___________________………….
45.
46.
46. Maximum tax credit (line 40, 44 or 45 whichever is the smallest) Enter here and on page 1, line 16………………………………………………………..
page 2
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