Instructions For Form Ri-1041 - Fiduciary Income Tax Return

2013 RI-1041 FIDUCIARY INCOME TAX RETURN

GENERAL INSTRUCTIONS

WHO MUST FILE

PERIODS TO BE COVERED

In General -

(1) A fiduciary that is required to file a Rhode

The fiduciary of a RESIDENT estate or trust

The fiduciary taxable year for Form RI-1041

Island Fiduciary Income Tax Return shall be

must file a return on Form RI-1041 if the estate or

shall be the same as the federal taxable year.

allowed an automatic six month extension of time

trust:

to file such return.

(1) is required to file a federal income tax

PAYMENTS OR REFUNDS

(2) An application must be prepared in dupli-

return for the taxable year, or

PAYMENTS: Any tax due must be paid in full

cate on Form RI-8736.

(2) had any Rhode Island taxable income for

with the return. Make check or money order

(3) The original of the application must be filed

the taxable year.

payable to the Rhode Island Division of Taxation.

on or before the date prescribed for the filing of

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

the return of the fiduciary with the Rhode Island

The fiduciary of a NONRESIDENT estate or

not be paid.

Division of Taxation.

trust must file a return on Form RI-1041 if the

(4) Such application for extension must show

estate or trust had income or gain derived from

REFUNDS: If an overpayment of income tax is

the full amount properly estimated as tax for such

Rhode Island sources.

shown on the return, a refund will be issued

fiduciary for such taxable year, and such applica-

unless indicated on the return that such overpay-

tion must be accompanied by the full remittance

DEFINITIONS

ment is to be credited to the fiduciary's estimated

of the amount properly estimated as tax which is

A RESIDENT ESTATE is the estate of a dece-

tax liability for 2014. No other application for

unpaid as of the date prescribed for the filing of

dent who at his or her death was a resident indi-

refund is necessary. Please note that no refund

the return.

vidual of Rhode Island.

can be issued unless the return is properly

signed. Refunds of less than $1.00 will not be

NOTE: If no payment is required to be made

A RESIDENT TRUST means, to the extent that

paid unless specifically requested.

with the Rhode Island extension form and the

one or more beneficiaries are residents in Rhode

fiduciary is filing a federal extension form for the

Island:

SIGNATURE

same period of time, the fiduciary does not

(A) A trust created by a will of a decedent who at

The Rhode Island Fiduciary Income Tax Return

need to submit the Rhode Island form. Attach

his or her death was a resident individual of

must be signed. An unsigned return cannot be

a copy of the Federal Form 7004 to the Rhode

Rhode Island, or

processed. Any paid preparer who prepares a

Island Fiduciary Income Tax Return at the time it

(B) A revocable trust which becomes irrevocable

taxpayer's return must also sign as "preparer". If

is submitted.

upon the occurrence of any event (including

a firm or corporation prepares the return, it should

death) which terminates a person's power to

be signed in the name of the firm or corporation.

WHERE TO GET FORMS

revoke, but only after the event, and only if

Additional forms and instructions may be

the person having the power to revoke was a

ACCOUNTING PERIODS AND METHODS

obtained from:

Rhode Island resident individual at the time of

The accounting period for which Form RI-1041

The website:

such event, or

is filed and the method of accounting used are

The Division of Taxation: (401) 574-8970

the same as for federal income tax purposes. If

of property contributed by a person who is a

the taxable year or the method of accounting is

INTEREST

resident individual in this state at the time the

changed for federal income tax purposes, such

trust was created or the property contributed

Any tax not paid when due, including failure to

change applies similarly to the Rhode Island fidu-

(a) while such person is alive and a resident

pay adequate estimated tax, is subject to interest

ciary return.

individual in this state, and (b) after such per-

at the rate of 18.00% (.1800).

son's death if such person died a resident

Interest on refunds of tax overpayments will be

REPORT OF CHANGE IN FEDERAL

individual of this state, or

paid if the refund is not paid within 90 days of the

TAXABLE INCOME

(D) An electing small business trust under regula-

due date or the date the completed return was

If the amount of the federal taxable income is

tion 1.641(c)-1 of the Internal Revenue Code,

filed, whichever is later. The interest rate for tax

changed or corrected by the Federal

(E) In cases A, B and C such trust is only a resi-

overpayments is 3.25% (.0325).

Government, the fiduciary must report to the

dent trust to the extent that the beneficiaries

Rhode Island Division of Taxation such change or

are Rhode Island residents.

PENALTIES

correction within 90 days after the final determi-

The law provides for penalties in the following

nation of such change or correction. Any fiduci-

WHAT SCHEDULES TO COMPLETE

circumstances:

ary filing an amended federal income tax return

All estates and trusts must complete Schedule

•Failure to file an income tax return.

must also file within 90 days thereafter an

I. If the trust has a nonresident beneficiary, follow

•Failure to pay any tax due on or before

amended Rhode Island return.

the instructions for a nonresident estate or trust.

the due date.

•Preparing or filing a fraudulent income

WHEN AND WHERE TO FILE

Resident Estates and Trusts:

tax return.

The due date is April 15, 2014 for returns filed

(1) Complete Schedule I and enter 1.0000 on

for the calendar year 2013 and the 15th day of

page 1, line 9.

Instructions For Form Ri-1041 - Fiduciary Income Tax Return - 2013

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