Form K-1 - Taxpayer'S Share Of Income, Deductions, Credits, Etc. (Page 2 of 2) in pdf

State of Rhode Island and Providence Plantations

Form K-1

Taxpayer’s Share of Income, Deductions, Credits, Etc.

INSTRUCTIONS

Complete the Entity Information and Taxpayer Information boxes with the

3. Enter the amount of Qualifying Investment in a certified venture capital

entity’s identification number, name, address, and entity type, and the tax-

partnership under RIGL 44-32-2 from Form RI-1120S, Schedule E, line 2

payer’s identification number, name and address.

or Form RI-1065, Schedule E, line 2.

If this is either an amended or final K-1, please indicate by checking the

4. Enter the taxpayer’s apportioned amount of bonus depreciation that has

applicable box.

already been taken on the Federal return that has not yet been subtracted

from Rhode Island income under RIGL 44-61-1 from Form RI-1120S,

In the boxes provided, enter the taxpayer’s state of residency, Rhode Is-

Schedule B, line 2B or Form RI-1065, Schedule B, line 2B.

land apportionment ratio and ownership percentage of the entity. Rhode

Island residents should enter 100% on the apportionment percentage line.

5. Enter the taxpayer’s apportioned amount of section 179 depreciation

The apportionment ratio should be calculated to six (6) decimal places.

that has already been taken on the Federal return that has not yet been

subtracted from Rhode Island income from Form RI-1120S, Schedule B,

All amounts reported on Rhode Island Schedule K-1 should reflect

line 2B or Form RI-1065, Schedule B, line 2B.

the taxpayer’s share of income, not the entity’s amounts. Amounts

should be based on the Rhode Island apportionment ratio of the

6. Enter the taxpayer’s apportioned income from the discharge of business

entity, as well as the taxpayer’s ownership percentage.

indebtedness deferred under the American Recovery and Reinvestment

Act of 2009 from Form RI-1120S, Schedule B, line 2C or Form RI-1065,

Section I - Taxpayer’s Income and Deduction Information

Schedule B, line 2C.

1. Enter the taxpayer’s apportioned amount of Ordinary Business Income

7. Enter the taxpayer’s apportioned amount for the Tax Incentives for Em-

from Federal Form 1120S or 1065, Schedule K, line 1.

ployers program under RIGL 44-55 from Form RI-1120S, Schedule B, line

2D or Form RI-1065, Schedule B, line 2D.

2. Enter the taxpayer’s apportioned amount of Interest and Dividends from

Federal Form 1120S, Schedule K, lines 4 and 5a or Federal Form 1065,

Section IV - Composite Filing Information

Schedule K, lines 5 and 6a.

1. Enter the amount of Rhode Island source income from this entity for this

3. Enter the taxpayer’s apportioned amount of Income from the Sale or

taxpayer included in a composite filing made by the entity.

Exchange of Property from Federal Form 1120S, Schedule K, lines 7, 8a

and 9 or Federal Form 1065, Schedule K, lines 8, 9a and 10.

2. Enter the amount of tax paid on behalf of the taxpayer by the entity with

it’s composite tax return.

4. Enter the taxpayer’s apportioned amount of Rents and Royalties from

Federal Form 1120S, Schedule K, lines 2, 3c and 6 or Federal Form 1065,

A copy of the composite filing showing the amount of income and

Schedule K, lines 2, 3c and 7.

tax paid on behalf of the taxpayer must still be attached to the

taxpayer’s Rhode Island income tax return.

5. Enter the taxpayer’s apportioned amount of Miscellaneous Income from

Federal Form 1120S, Schedule K, line 10 or Federal Form 1065, Schedule

Section V - RI-1096PT Pass-through Withholding Information

K, lines 4 and 11.

1. Enter the amount of Rhode Island source income from this entity for this

6. Enter the taxpayer’s apportioned amount of Other Deductions from Fed-

taxpayer included in a RI-1096PT filing made by this entity.

eral Form 1120S, Schedule K, lines 12a, 12b, 12c(2) and 12d or Federal

2. Enter the amount of withholding tax paid on behalf of the taxpayer by

Form 1065, Schedule K, line 13a, 13b, 13c(2) and 13d.

the entity with it’s RI-1096PT filing. This amount should agree with the

Section II - Taxpayer’s Other Additions

amount of withholding on the RI-1099PT issued from the entity to the tax-

payer.

1. Enter the taxpayer’s apportioned amount of income from obligations of

any state or its political subdivisions, other than Rhode Island under RIGL

Form RI-1099PT must still be attached to the taxpayer’s

44-30-12(1) and RIGL 44-30-12(2) from Form RI-1120S, Schedule C, line

Rhode Island income tax return.

4A or Form RI-1065, Schedule C, line 4A.

Section VI - Taxpayer’s Credit Breakdown

2. Enter the taxpayer’s apportioned amount of bonus depreciation that has

For lines 1 through 3, enter the amount of credit passed through from the

been taken for federal purposes that must be added back to Rhode island

entity to the taxpayer. For more information on each credit, refer to the law

income under RIGL 44-61-1 from Form RI-1120S, Schedule C, line 4B or

reference found after each credit, or the instructions on pages I-7 of the 2014

Form RI-1065, Schedule C, line 4B.

RI-1040 Rhode Island Resident Individual Income Tax Return booklet, or

pages I-9 and I-10 of the 2014 RI-1040NR Rhode Island Nonresident Indi-

Section III - Taxpayer’s Other Deductions

vidual Income Tax Return booklet.

1. Enter the taxpayer’s apportioned amount of income from obligations of

the US government included in Federal AGI, but exempt from state in-

come taxes from Form RI-1120S, Schedule B, line 2A or Form RI-1065,

Schedule B, line 2A. This amount should be reduced by any investment

interest incurred or continued on the obligation which has been taken as a

federal itemized deduction.

2. Enter the taxpayer’s apportioned amount of Elective deduction for new

research and development facilities under RIGL 44-32-1 from Form RI-

1120S, Schedule E, line 1 or Form RI-1065, Schedule E, line 1.

Page 2

Form K-1 - Taxpayer'S Share Of Income, Deductions, Credits, Etc. Page 2

Related Articles

Related forms

Related Categories