Form Ri-1041 - Rhode Island Fiduciary Income Tax Return - 2012 Page 8

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Resident Estates and Trusts:
Line 33 - Modified RI Source Income: Combine
Line 41 - Maximum Tax Credit: Enter the SMALL-
(1) Complete Schedule I and enter 1.0000 on page
lines 31, column E and line 32. Add net increases
ER of lines 35, 39 or 40. Enter here and on page 1,
1, line 14.
or subtract net decreases.
line 11.
(2) If you are claiming a credit for income tax paid to
another state, complete Schedule III.
Line 34 - RI Allocation: Divide line 33 by line 31,
column D (not greater than 1.000). Enter here and
SCHEDULE W
Nonresident Estates or Trusts:
on page 1, line 9.
RHODE ISLAND W2 AND
(1) If the taxable income of the estate or trust is
1099 INFORMATION
derived solely from Rhode Island sources, com-
plete Schedule I and enter 1.0000 on page 1,
If claiming Rhode Island income tax withheld on
line 14.
Form RI-1041, page 1, line 15A, RI Schedule W
SCHEDULE III
(2) If the estate or trust has taxable income both
must be completed and attached. See RI Schedule
CREDIT FOR INCOME TAXES
within and without Rhode Island, complete
W for additional instructions.
PAID TO ANOTHER STATE
Schedules I and II.
This schedule pertains only to the fiduciary of a res-
ident estate or trust. The fiduciary of a resident
estate or trust is entitled to a credit against its RI tax
SCHEDULE I
RI SCHEDULE M
liability for income taxes paid to other states. The
BENEFICIARY INFORMATION
RI MODIFICATIONS TO
credit cannot exceed the RI tax on line 8.
FEDERAL TOTAL INCOME
If you are claiming credit for income taxes paid
Lines 20 through 22 - Beneficiary Information
to more than one state, use Form RI-1041MU,
Enter in lines 20 through 22 the name, address,
Credit for Income Taxes Paid to Multiple States.
odifications INCREASING
M
Enter the applicable amounts from Form(s) RI-
state of residence and social security number of
Federal Total Income:
1041MU onto this schedule. Form RI-1041MU is
each beneficiary. If additional space is required,
available on our website, or by con-
attach a supporting schedule containing the
Line 2A – Enter income from obligations of any
tacting the Rhode Island Division of Taxation at
required information.
state or its political subdivision, other than Rhode
(401) 574-8970.
Island under RIGL §44-30-12(b)(1) and §44-30-
Line 35 - Rhode Island Income Tax: Enter the
12(b)(2).
amount from page 1, line 8.
SCHEDULE II
Line 2B – Rhode Island fiduciary adjustment as
Line 36 - Income From Other State: Enter the
ALLOCATION AND MODIFICATION
beneficiary of an estate or trust under §44-30-17.
amount of income reported to the other state.
Line 2C – Recapture of Family Education Account
Lines 23 through 30 - Allocation and Modification
If state income tax has been paid to more than one
Modifications under RIGL §44-30-25(g).
Column A - Percent Of Ownership: Enter in col-
other state, prepare a separate calculation for each
umn A the percentage of ownership of each benefi-
state on Form RI-1041MU. Enter the amount of
Line 2D – Bonus depreciation that has been taken
ciary.
income from other states from Form RI-1041MU,
for federal purposes that must be added back to
line 29.
Rhode Island income under RIGL §44-61-1
Column B - Federal Income: Enter in column B the
amount of federal income attributable to each of the
If you need to use more than one Form RI-1041MU,
Line 2E – Increased Section 179 depreciation that
beneficiaries and the fiduciary. Multiply the percent
add all of the line 29 amounts together and enter the
has been taken for federal purposes that must be
of ownership in column A by the fiduciary's total fed-
total amount on line 36.
added back to Rhode Island income under RIGL
eral income from RI-1041, page 1, line 1.
§44-61-1.1
Line 37 - Modified Federal Total Income: Enter
Column C - Modifications To Federal Income:
the amount from page 1, line 5.
Line 2F – Recapture of Tuition Savings Program
Enter in column C the amount of modifications to
modifications (section 529 accounts) under RIGL
the income reported in column B for each of the
Line 38 - Divide line 36 by line 37.
§44-30-12(b)(4).
beneficiaries and the fiduciary. Multiply the percent
of ownership in column A by the fiduciary's net mod-
Line 39 - Multiply line 35 by line 38.
Line 2G – Recapture of Historic Structures Tax
ifications from RI-1041, page 1, line 4.
Credit or Motion Picture Production Company Tax
Line 40 - Tax Due and Paid To Other State: Enter
Credit under RIGL §44-33.2-3(e)(2) and RIGL §44-
Column D - Modified Federal Income: Combine
the amount of tax due and paid to the other state.
31.2-9, respectively.
columns B and C. Add net increases or subtract net
decreases.
If state income tax has been paid to more than one
Line 2H – Recapture of Scituate Medical Savings
other state, prepare a separate calculation for each
Account
modifications
under
RIGL
§44-30-
Column E - Rhode Island Source Income: Enter
state, on Form RI-1041MU. Enter the amount of
25.1(d)(3)(i).
in column E the amount of Rhode Island source
credit from Form RI-1041MU, line 30.
income included in the following column:
Line 2I – Total Modifications Increasing Federal
Nonresidents: Enter the amount of Rhode Island
If you need to use more than one Form RI-1041MU,
Total Income: Add lines 2A through 2H. Enter here
source income included in column B. Examples of
add all of the line 30 amounts together and enter the
and on page 1, Form RI-1041, line 2.
Rhode Island source income include business con-
total amount on line 40.
ducted in RI, RI rental property, wages earned in RI
Modifications DECREASING
and sale or exchange of RI property.
In the space provided for the name of state to which
Federal Total Income:
Residents: Enter the amount from column D in col-
income taxes were due and paid enter “MU”.
umn E.
Line 3A – Enter income from obligations of the
NOTE: You must attach a signed copy of the
Line 31, Columns B Through E - Total: Add the
United States Government to the extent included in
return filed with the other state(s). If you owe no
total income for federal tax purposes but exempt for
amounts in each column and enter the total on line
tax to the other state(s) and are to be refunded
31 of each column.
state purposes.
However, this amount shall be
all the taxes withheld or paid to the other
reduced by any investment interest incurred or con-
state(s), enter $0.00 on line 40. If included on a
Line 32 - Modifications to RI Source Income:
tinued on the obligation which has been taken as a
composite filing in another state(s), you must
federal itemized deduction.
Example – US
Enter the amount of modifications in column C
attach a copy of the composite filing(s) showing
included in Rhode Island source income reported
Government Series E bond interest.
Taxpayers
your income and the taxes paid on your behalf.
claiming these modifications must submit a sched-
on line 31, column E.
Page I-3

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