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Rhode Island Fiduciary Schedule M - Rhode Island Modifications to Federal Total Income
Extracted from PDF file 2023-rhode-island-form-1041-schedule-m.pdf, last modified April 2012Fiduciary Schedule M - Rhode Island Modifications to Federal Total Income
State of Rhode Island Division of Taxation 2023 RI Schedule M for RI-1041 - page 1 23100999990101 RI Modifications to Federal Total Income Name of estate or trust shown on Form RI-1041 Federal employer identification number NOTE: For each modification being claimed you must enter the modification amount on the corresponding modification line and attach documentation supporting your modification. Otherwise, the processing of your return may be delayed. Refer to the instructions for more information on each modification. If a modification is not listed below, it is not valid and, therefore, not allowable. MODIFICATIONS DECREASING FEDERAL TOTAL INCOME 1a Income from obligations of the US government included in Federal Total Income but exempt from state income taxes reduced by investment interest on the obligations taken as a federal itemized deduction............... 1a b Rhode Island fiduciary adjustment as beneficiary of an estate or trust under RIGL §44-30-17..................... 1b c Elective deduction for new research and development facilities under RIGL §44-32-1................................. 1c d Railroad Retirement benefits paid by the Railroad Retirement Board............................................................ 1d e Qualifying investment in a certified venture capital partnership under RIGL §44-43-2.................................. 1e f Family Education Accounts under RIGL §44-30-25....................................................................................... 1f g Tuition Saving Program contributions (section 529 accounts) under RIGL §44-30-12. Not to exceed $500 ($1,000 if joint return)..................................................................................................... 1g h Exemptions from tax on profit or gain for writers, composers and artists under RIGL §44-30-1.1................. 1h i Bonus depreciation taken on the Federal return that has not yet been subtracted from Rhode Island income under RIGL §44-61-1......................................................................................................................... 1i j Section 179 depreciation taken on the Federal return that has not yet been subtracted from Rhode Island under RIGL §44-61-1.1.................................................................................................................................. 1j k Modification for performance based compensation realized by an eligible employee under the Jobs Growth Act under RIGL §42-64.11-4.............................................................................................................. 1k l Modification for exclusion for qualifying option under RIGL §44-39.3 AND modification for exclusion for qualifying securities or investment under RIGL §44-43-8.............................................................................................. 1l m Modification for Tax Incentives for Employers under RIGL §44-55-4.1.......................................................... 1m n Tax Credit income reported on Federal return exempt for Rhode Island purposes (see instructions for eligible credits)................................................................................................................................................... 1n o Active duty military pay of Nonresidents stationed in Rhode Island and income for services performed in 1o Rhode Island by the servicemember’s spouse............................................................................................... p Scituate Medical Savings Account contributions taxable on the Federal Return but exempt from Rhode Island under RIGL §44-30-25.1(d)(3)(i).................................................................................................................................. 1p q Amounts of insurance benefits for dependents and domestic partners included in Federal Total Income pursuant to chapter 12 of title 36 or other coverage plan under RIGL §44-30-12(c)(6)................................ 1q r Modification for Organ Transplantation for specific unreimbursed expenses incurred by Rhode Island 1r Resident pursuant to RIGL §44-30-12(c)(7).................................................................................................. Primary s Modification for taxable Social Security Date of Birth income under RIGL §44-30-12(c)(8) (Required) / / Spouse Date of Birth (Required) Spouse Date of Birth (Required) / / Primary t Modification for taxable Retirement income from certain pension plans or Date of Birth / / / / annuities under RIGL §44-30-12(c)(9) (Required) u CASH BASIS ONLY - Deduction for Pass-Through Entity Tax claimed in Prior Year - NOT FOR ESTATES OR TRUSTS - FOR INDIVIDUALS ONLY......................................................................................................... v Modification for taxpayers receiving military service pensions under RIGL §44-30-12(c)(11) - NOT FOR ESTATES OR TRUSTS - FOR INDIVIDUALS ONLY................................................................................... 1s 1t 1u 1v w Total modifications DECREASING Federal Total Income. Add lines 1a through 1v. Enter as a negative amount 1w here and on RI-1041, page 1, line 3........................................................................................................................ State of Rhode Island Division of Taxation 2023 RI Schedule M for RI-1041 - page 2 RI Modifications to Federal Total Income Name of estate or trust shown on Form RI-1041 23100999990102 Federal employer identification number NOTE: For each modification being claimed you must enter the modification amount on the corresponding modification line and attach documentation supporting your modification. Otherwise, the processing of your return may be delayed. Refer to the instructions for RI Schedule M for more detailed information on each of the modifications listed below. If a modification is not listed, it is not an allowable Rhode Island adjustment to Federal Total Income. MODIFICATIONS INCREASING FEDERAL TOTAL INCOME 2a Income from obligations of any state or its political subdivisions, other than Rhode Island under RIGL 2a §44-30-12(1) and RIGL §44-30-12(2)............................................................................................................ b Rhode Island fiduciary adjustment as beneficiary of an estate or trust under RIGL §44-30-17..................... 2b c Recapture of Family Education Account modifications under RIGL §44-30-25(g)......................................... 2c d Bonus depreciation taken for federal purposes that must be added back to Rhode Island income under 2d RIGL §44-61-1................................................................................................................................................ e Recapture of Tuition Saving Program modifications (section 529 accounts) under RIGL §44-30-12(4).............. 2e Recapture of tax credit income previously claimed as a modification decreasing Federal Total Income under RIGL §44-31.2-9, RIGL §44-31.3-2, RIGL §44-33.2-3(e)(2) and RIGL §44-33.6-3(f)......................... 2f g Recapture of Scituate Medical Savings Account modifications under RIGL §44-30-25.1(d)(3)(i)................. 2g h Pass-through Entity Tax Elected to be paid under RIGL §44-11-2.3 - NOT FOR ESTATES OR TRUSTS FOR INDIVIDUALS ONLY.............................................................................................................................. 2h f i Unemployment compensation received but not included in federal adjusted gross income under RIGL §44-3012(b)(6) - NOT FOR ESTATES OR TRUSTS - FOR INDIVIDUALS ONLY................................................... 2i j Taxable portion of Paycheck Protection Program loan amount under RIGL §44-30-12(b)(8) - NOT FOR ESTATES OR TRUSTS - FOR INDIVIDUALS ONLY................................................................................... 2j k .........................................................RESERVED FOR FUTURE USE......................................................... 2k l Total modifications INCREASING Federal Total Income. Add lines 2a through 2k. Enter here and on RI-1041, page 1, line 2................................................................................................................................... 2l
RI Schedule M - 1041
More about the Rhode Island Form 1041 Schedule M Corporate Income Tax TY 2023
We last updated the Fiduciary Schedule M - Rhode Island Modifications to Federal Total Income in February 2024, so this is the latest version of Form 1041 Schedule M, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 1041 Schedule M directly from TaxFormFinder. You can print other Rhode Island tax forms here.
Related Rhode Island Corporate Income Tax Forms:
TaxFormFinder has an additional 78 Rhode Island income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Rhode Island Form 1041 Schedule M.
| Form Code | Form Name |
|---|---|
| Form 1041 Schedule W | Fiduciary Schedule W - Rhode Island W-2 and 1099 Information |
| Form RI-1041 Schedule CR | Fiduciary Schedule CR - Other Rhode Island Credits |
View all 79 Rhode Island Income Tax Forms
Form Sources:
Rhode Island usually releases forms for the current tax year between January and April. We last updated Rhode Island Form 1041 Schedule M from the Division of Taxation in February 2024.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Rhode Island Form 1041 Schedule M
We have a total of twelve past-year versions of Form 1041 Schedule M in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2023 Form 1041 Schedule M
RI Schedule M - 1041
2022 Form 1041 Schedule M
Microsoft Word - Incentive and Credit Overview for DLT
2021 Form 1041 Schedule M
2021 1041 Schedule M_Layout 1
2020 Form 1041 Schedule M
Microsoft Word - Incentive and Credit Overview for DLT
2019 Form 1041 Schedule M
Microsoft Word - Incentive and Credit Overview for DLT
2018 Form 1041 Schedule M
Microsoft Word - Incentive and Credit Overview for DLT
2017 Form 1041 Schedule M
Microsoft Word - Incentive and Credit Overview for DLT
2016 Form 1041 Schedule M
Layout 1
2015 Form 1041 Schedule M
2015 RI Schedule F-M_Layout 1
2014 Form 1041 Schedule M
2014 RI Schedule FM_Layout 1
2013 Form 1041 Schedule M
2013 F RI Schedule M_Layout 1
2012 Form 1041 Schedule M
2012 RI Schedule M - Modifications - New.qxp
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