Instructions For Form Rct-124 - Domestic And Foreign Marine Insurance Tax Report (Page 4 of 6) in pdf

RCT-124 – Line-by-Line Instruction

RCT-124-I (1-15)

Page 4 of 6

RCT-124 should be completed in the following order:

Step 1 - Complete the taxpayer information section and any applicable questions at the top of Page 1.

Step 2 - Indicate the type of insurance company on Page 1, Domestic or Foreign. This information is required.

Step 3 - Enter the Revenue ID and other taxpayer information in the designated fields at the top of each page.

Step 4 - Complete Page 3, Schedules A-D.

Step 5 - Complete Page 4, Schedules E-G.

Step 6 - Complete Page 2, Calculation of Tax.

Step 7 - Complete Page 1, Tax Liability, Payment and Overpayment sections.

Step 8 - Complete the corporate officer information section, sign and date at the bottom of Page 1.

Step 9 - Complete the preparer information section, sign and date at the bottom of Page 2, if applicable.

Step 10 - Mail the completed report and any supporting schedules to the PA Department of Revenue.

Page 3

Schedule A - Marine Premiums Written Within the U.S

Schedule B - Marine Premiums Written in the Commonwealth of Pennsylvania

Schedule C - Premiums Written- All Classes of Business for the Last Three Calendar Years Within the U.S

Note: Schedules A, B, and C include the following information for items a through c:

Column 1 - Last Three Calendar Years

Enter the years in chronological order. (earliest in Item a, etc.)

Column 2 - Enter the Gross Premiums.

Column 3 - Enter the Return Premiums.

Column 4 - Net Premiums

Enter the difference of Column 2 minus Column 3.

Column 5 - Enter the Net Reinsurance.

Column 6 - Total Net Premiums

Enter the difference of Column 4 minus Column 5.

Enter the totals of Columns 2 through 6 on Item d.

Schedule D - Unearned Premiums on Outstanding Marine Insurance Contracts Written Within the U. S. at the Close of Business Dec. 31 for

the Last Four Calendar Years

Note: Schedule D includes the following information for items a through d:

Column 1 - Last Four Calendar Years

Enter the years in chronological order. (earliest in Item a, etc.)

Trip (or Voyage) Contracts:

Column 2 - Enter the Premiums in Force Less Reinsurance.

Column 3 - Enter the Net Unearned Premiums 100%.

Term Contracts:

Column 4 - Enter the Premiums in Force Less Reinsurance.

Column 5 - Enter the Net Unearned Premiums 50%.

Column 6 - Advance Premiums

Enter the Net Unearned Premiums 100%.

Column 7 - Enter the Total Net Unearned Premiums for each year. (Column 3 plus Column 5 plus Column 6)

Page 4

Schedule E - Marine Losses Incurred on Business Written Within the U.S. for the Last Three Calendar Years

Note: Schedule E includes the following information for items a through c:

Column 1 - Last Three Calendar Years

Enter the years in chronological order. (earliest in Item a, etc.)

Column 2 - Enter the Gross Losses.

Column 3 - Enter the Reinsurance.

Column 4 - Enter the Salvage.

Instructions For Form Rct-124 - Domestic And Foreign Marine Insurance Tax Report Page 4

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