Rhode Island Schedule K-1 - Taxpayer'S Share Of Income, Deductions, Credits, Etc. - 2012 Page 2
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2RHODE ISLAND SCHEDULE K-1 - PAGE 2
TAXPAYER’S SHARE OF INCOME, DEDUCTIONS, CREDITS, ETC.
F
C
2012
T
Y
B
_____________, 2012
E
____________, 20___
OR
ALENDAR YEAR
OR
AX
EAR
EGINNING
AND
NDING
INSTRUCTIONS
Complete the Entity Information and Taxpayer Information boxes with the
the US government included in Federal AGI, but exempt from state
entity’s identification number, name, address, and entity type, and the tax-
income taxes from Form RI-1120S, Schedule B, line 2A or Form RI-1065,
payer’s identification number, name and address.
Schedule B, line 2A. This amount should be reduced by any investment
interest incurred or continued on the obligation which has been taken as
If this is either an amended or final K-1, please indicate by checking the
a federal itemized deduction.
applicable box.
2. Enter the taxpayer’s apportioned amount of Elective deduction for new
In the boxes provided, enter the taxpayer’s state of residency, Rhode
research and development facilities under RIGL 44-32-1 from Form RI-
Island apportionment ratio and ownership percentage of the entity.
1120S, Schedule E, line 1 or Form RI-1065, Schedule E, line 1.
Rhode Island residents should enter 100% on the apportionment percent-
age line. The apportionment ratio should be calculated to six (6) decimal
3. Enter the amount of Qualifying Investment in a certified venture capital
places.
partnership under RIGL 44-32-2 from Form RI-1120S, Schedule E, line 2
or Form RI-1065, Schedule E, line 2.
All amounts reported on Rhode Island Schedule K-1 should reflect
the taxpayer’s share of income, not the entity’s amounts. Amounts
4. Enter the taxpayer’s apportioned amount of bonus depreciation that
should be based on the Rhode Island apportionment ratio of the
has already been taken on the Federal return that has not yet been sub-
entity, as well as the taxpayer’s ownership percentage.
tracted from Rhode Island income under RIGL 44-61-1 from Form RI-
1120S, Schedule B, line 2B or Form RI-1065, Schedule B, line 2B.
Section I - Taxpayer’s Income and Deduction Information
5. Enter the taxpayer’s apportioned amount of section 179 depreciation
that has already been taken on the Federal return that has not yet been
1. Enter the taxpayer’s apportioned amount of Ordinary Business Income
subtracted from Rhode Island income from Form RI-1120S, Schedule B,
from Federal Form 1120S or 1065, Schedule K, line 1.
line 2B or Form RI-1065, Schedule B, line 2B.
2. Enter the taxpayer’s apportioned amount of Interest and Dividends
6. Enter the taxpayer’s apportioned income from the discharge of busi-
from Federal Form 1120S, Schedule K, lines 4 and 5a or Federal Form
ness indebtedness deferred under the American Recovery and
1065, Schedule K, lines 5 and 6a.
Reinvestment Act of 2009 from Form RI-1120S, Schedule B, line 2C or
Form RI-1065, Schedule B, line 2C.
3. Enter the taxpayer’s apportioned amount of Income from the Sale or
Exchange of Property from Federal Form 1120S, Schedule K, lines 7, 8a
7. Enter the taxpayer’s apportioned amount for the Tax Incentives for
and 9 or Federal Form 1065, Schedule K, lines 8, 9a and 10.
Employers program under RIGL 44-55 from Form RI-1120S, Schedule B,
line 2D or Form RI-1065, Schedule B, line 2D.
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, Schedule K, lines 2, 3c and 7.
Section IV - Composite Filing Information
5. Enter the taxpayer’s apportioned amount of Miscellaneous Income from
1. Enter the amount of Rhode Island source income from this entity for
Federal Form 1120S, Schedule K, line 10 or Federal Form 1065,
this taxpayer included in a composite filing made by the entity.
Schedule K, lines 4 and 11.
2. Enter the amount of tax paid on behalf of the taxpayer by the entity
6. Enter the taxpayer’s apportioned amount of Section 179 deduction
with it’s composite tax return.
from Federal Form 1120S, Schedule K, line 11 or Federal Form 1065,
Schedule K, line 12.
A copy of the composite filing showing the amount of income and
tax paid on behalf of the taxpayer must still be attached to the tax-
7. Enter the taxpayer’s apportioned amount of Other Deductions from
payer’s Rhode Island income tax return.
Federal Form 1120S, Schedule K, lines 12a, 12b, 12c and 12d or Federal
Form 1065, Schedule K, line 13a, 13b, 13c and 13d.
Section V - RI-1096PT Pass-through Withholding Information
Section II - Taxpayer’s Other Additions
1. Enter the amount of Rhode Island source income from this entity for
this taxpayer included in a RI-1096PT filing made by this entity.
1. Enter the taxpayer’s apportioned amount of income from obligations of
any state or its political subdivisions, other than Rhode Island under RIGL
2. Enter the amount of withholding tax paid on behalf of the taxpayer by
44-30-12(1) and RIGL 44-30-12(2) from Form RI-1120S, Schedule C, line
the entity with it’s RI-1096PT filing. This amount should agree with the
4A or Form RI-1065, Schedule C, line 4A.
amount of withholding on the RI-1099PT issued from the entity to the tax-
payer.
2. Enter the taxpayer’s apportioned amount of bonus depreciation that
has been taken for federal purposes that must be added back to Rhode
Form RI-1099PT must still be attached to the taxpayer’s Rhode
island income under RIGL 44-61-1 from Form RI-1120S, Schedule C, line
Island income tax return.
4B or Form RI-1065, Schedule C, line 4B.
3. Enter the taxpayer’s apportioned amount of section 179 depreciation
Section VI - Taxpayer’s Credit Breakdown
that has been taken for federal purposes that must be added back to
For lines 1 through 3, enter the amount of credit passed through from the
Rhode island income under RIGL 44-61-1-1 from Form RI-1120S,
entity to the taxpayer. For more information on each credit, refer to the law
Schedule C, line 4B or Form RI-1065, Schedule C, line 4B.
reference found after each credit, or the instructions on page I-6 of the 2012
RI-1040 Rhode Island Resident Individual Income Tax Return booklet, or
page I-8 of the RI-1040NR Rhode Island Nonresident Individual Income
Section III - Taxpayer’s Other Deductions
Tax Return booklet.
1. Enter the taxpayer’s apportioned amount of income from obligations of
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