Rhode Island 2015 1041 Fiduciary Estimated Tax Coupons for Trusts & Estates

2015 1041 Fiduciary Estimated Tax Coupons for Trusts & Estates
2024 RI-1041ES Estimated Payment Coupon
2024
Form RI-1041ES
Rhode Island Fiduciary
Estimated Payment Coupons
PURPOSE OF FORM
This form provides a means of paying your
Rhode Island income tax on a current basis on
income other than salaries or wages subject to withholding. If you are entitled to a refund because the amount paid or credited as
estimated tax for the taxable period exceeds
your actual tax liability, you must file an income
tax return to obtain the refund.
WHO MUST MAKE ESTIMATED PAYMENTS
Every estate and trust shall make estimated Rhode Island income tax payments if
their estimated Rhode Island income tax can
be reasonably expected to be $250 or more in
excess of any credits allowable against their
tax, whether or not they are required to file a
federal estimated tax for such year.
MODIFICATIONS TO FEDERAL TOTAL INCOME
Taxpayers with modifications increasing or decreasing federal total income may refer to
Form RI-1041, Schedule M for examples of income to be entered as modifications.
CHANGES IN INCOME
Even though on April 15, 2024 you do not expect your tax to be large enough to require
making estimated payments, a change in income may require you to make estimated payments later.
If you file your 2024 income tax return by February 15, 2025 and pay the full balance of tax
due, YOU NEED NOT: (a) make an original
estimated payment otherwise due for the first
time on January 15, 2025 or (b) pay the last
installment of estimated tax otherwise due
and payable on January 15, 2025.
HOW TO ESTIMATE YOUR TAX FOR 2024
Your 2024 estimated income tax may be based
upon your 2023 income tax liability. If you wish
to compute your 2024 estimated income tax,
use the enclosed estimated tax worksheet.
WHEN AND WHERE TO MAKE ESTIMATES
Make your first estimated payment for the period January 1, 2024 through December 31,
2024, on or before April 15, 2024. It must be
filed together with the payment due with the:
Rhode Island Division of Taxation
One Capitol Hill
Providence, RI 02908

PAYMENTS OF ESTIMATED TAX
Except as provided for in the next paragraph
of instructions, the estimated tax on line 15 of
the worksheet is payable as follows: 25% on
or before April 15, 2024; 25% on or before
June 15, 2024; 25% on or before September
15, 2024 and 25% on or before January 15,
2025.

stallment of estimated tax, you may attach
Form RI-2210 (if any of the exceptions apply)
to your Rhode Island Fiduciary income tax return explaining why an additional charge should
not be made.
Note: Estates are not required to file a declaration of estimated tax for the first two years
after a decedent’s death.

FISCAL YEAR TAXPAYERS
If you report income on a fiscal year basis,
substitute the corresponding fiscal year
months for the months specified in the previous instructions. For example, if your fiscal
year begins on April 1, 2024, your estimated
payments will be due on July 15, 2024, together with 25% of the estimated tax. In this
instance, 25% will be due on or before September 15, 2024; 25% on or before December
15, 2024 and 25% on or before April 15, 2025

PENALTIES
The law imposes penalties and interest
charges for failing to pay the estimated tax due
or for making false or fraudulent statements.

AMENDED ESTIMATED PAYMENTS
If, after having paid one or more installments
of tax, the taxpayer finds that his or her estimated tax should be increased or decreased
by a change in income, he or she must file an
amended estimate on or before the next filing
date. If an amendment is made after September
15th of the taxable year any balance due
should be paid at the time of filing the amendment. (SEE AMENDED ESTIMATED TAX
SCHEDULE)
CREDIT FOR INCOME TAX OVERPAYMENT
Your credit for income tax overpayment from
your 2023 Rhode Island income tax return may
be deducted from the first installment of your
2024 estimated tax, and any excess credit from
succeeding installments. However, if you desire
to spread the credit, divide it by the number
of installments and enter on line 14 of
RI-1041ES worksheet.
CHARGE FOR UNDERPAYMENT OF INSTALLMENTS OF ESTIMATED TAX
An interest charge is imposed for underpayment of an installment of estimated tax. The
Rhode Island income tax law follows similar
provisions of the Internal Revenue Code with
respect to exceptions. Such charge on any unpaid installment shall be computed on the
amount by which the actual payments and
credits applied to the tax are less than 80% of
such installment at the time it is due. If it appears there was an underpayment of any in-

OTHER QUESTIONS
Obviously, the foregoing instructions for completing these forms will not answer all questions that may arise. If you have any doubt
regarding completion of your forms, additional
assistance may be obtained by going the Division of Taxation, One Capitol Hill, Providence, RI 02908-5810, by visiting the Division
of Taxation’s website at www.tax.ri.gov, or by
calling the Personal Income Tax Section at (401)
574-8829, option #3.

FREE INTERNET FILING/PAYMENT
AVAILABLE
You may file and pay your estimate
electronically using the
RI Division of Taxation’s Portal.
FOR MORE INFORMATION VISIT:
https://taxportal.ri.gov

RI-1041ES

Rhode Island Fiduciary Estimated Payment Worksheet

2024

PART 1 ESTIMATED RHODE ISLAND INCOME TAX WORKSHEET
1. Federal total income of Fiduciary expected in 2024.............................................................................................................................

1.

2. Net modifications to federal total income.............................................................................................................................................

2.

3. Modified federal total income. Combine lines 1 and 2. Add net increases or subtract net decreases...............................................

3.

4. Rhode Island deductions .....................................................................................................................................................................

4.

5. Rhode Island taxable income. Subtract line 4 from line 3...................................................................................................................

5.

6. Figure the Fiduciary’s 2024 Rhode Island tax on the amount on line 5. See 2024 Tax Computation Worksheet.............................

6.

7. Enter the Fiduciary’s 2023 Rhode Island income tax...........................................................................................................................

7.

8. Enter the SMALLER of line 6 or 7.......................................................................................................................................................

8.

9. Estimated Rhode Island Credits (see below for list of allowable credits) ...........................................................................................

9.

10. Line 8 less line 9. If zero or less, enter zero.......................................................................................................................................

10.

11. Rhode Island income tax withheld, including any RI Form K-1’s received and 2023 overpayment credited to 2024........................... 11.
12. Estimated RI income tax payment required. Subtract line 11 from line 10. If result is $250.00 or LESS, no payment is required.... 12.
13. Computation of installment. Check the box when the estimated payment is to be filed and enter the amount indicated
13.
April 15, 2024
Enter 1/4 of line 12

June 15, 2024
Enter 1/3 of line 12

September 15, 2024
Enter 1/2 of line 12

January 15, 2025
Enter amount from line 12

14. Enter amount of 2023 RI overpayment elected for credit to 2024 estimated tax. However, if you desire to spread the credit, divide 14.
it by the number of installments and enter here...................................................................................................................................
15. Amount to be paid with this estimate. Subtract line 14 from line 13. Enter here and on RI-1041ES, line 1......................................

15.

PART 2 RECORD OF ESTIMATED PAYMENTS
Payment
Number

Check
Number

Column A

Column B

Column C

Column D

Date

Amount

2023 Overpayment
credit applied

Total amount paid and credited
(add column B and column C)

1.
2.
3.
4.
Total

PART 3 AMENDED ESTIMATED TAX SCHEDULE
16. Amended estimated income tax............................................................................................................................................................ 16.
17. Amount of estimated tax paid to date and 2023 overpayment chosen for credit to 2024 estimated tax.............................................

17.

18. Unpaid balance. Subtract line 17 from line 16..................................................................................................................................... 18.
19. Balance due. Divide line 18 by the remaining number of installments required to be paid................................................................

19.

ALLOWABLE RHODE ISLAND CREDITS
Only the following credits will be allowed against Rhode Island fiduciary income tax:
1) Credit for Taxes Paid to Other States - RIGL §44-30-18
2) Historic Structures Tax Credit - RIGL §44-33.2
3) Historic Preservation Tax Credits 2013 - RIGL §44-33.6
4) Motion Picture Productions Company Tax Credit - RIGL §44-31.2
5) Musical and Theatrical Production Tax Credits - RIGL §44-31.3

6) Credits for Contributions to Scholarship Organizations - RIGL §44-62
7) RI New Qualified Jobs Incentive - RIGL §44-48.3
8) Rebuild Rhode Island Tax Credit - RIGL §42-64.20
9) Low Income Housing Tax Credit - RIGL §44-71

RI-1041 TAX RATE SCHEDULES

2024

These schedules are shown so you can see the tax rate that applies to all levels of taxable income. DO NOT use these
schedules to calculate your Rhode Island tax. Instead, use the computation schedules below.

BANKRUPTCY ESTATES

ESTATES AND NONGRANTOR TRUST
Taxable Income (line 5)
Over

But not over

0 $

$

3,100

of the
amount
over

%

+

Pay

$

on excess

---

3.75%

+ 4.75%
+ 5.99%

3,100

9,850

116.25

9,850

..........

436.88

Taxable Income (line 5)
Over

0

$

$

But not over

0 $ 77,450

of the
amount
over

%

+

Pay

$

on excess

---

3.75%

+ 4.75%
+ 5.99%

3,100

77,450

176,050

2,904.38

9,850

176,050

..........

7,587.88

RI-1041 TAX COMPUTATION WORKSHEET

$

0
77,450

176,050

2024

These schedules are to be used by calendar year 2024 taxpayers or fiscal year taxpayers that have
a year beginning in 2024.
ESTATE OR NONGRANTOR TRUST use this schedule
If Taxable IncomeRI-1041ES Worksheet, line 5 is:

TAX
(e)

(a)

(b)

(c)

(d)

Enter the amount from
RI-1041ES Worksheet, line 5

Multiplication
amount

Multiply (a) by (b)

Subtraction
amount

At least

But not over

$0

$3,100

3.75%

$0.00

$3,100

$9,850

4.75%

$31.00

5.99%

$153.14

Over $9,850

Subtract (d) from (c)
Enter here and on
RI-1041ES Worksheet, line 6

BANKRUPTCY ESTATES use this schedule
If Taxable IncomeRI-1041ES Worksheet, line 5 is:

TAX
(e)

(a)

(b)

(c)

(d)

Enter the amount from
RI-1041ES Worksheet, line 5

Multiplication
amount

Multiply (a) by (b)

Subtraction
amount

At least

But not over

$0

$77,450

3.75%

$0.00

$77,450

$176,050

4.75%

$774.50

5.99%

$2,957.52

Over $176,050

Subtract (d) from (c)
Enter here and on
RI-1041ES Worksheet, line 6

DETACH VOUCHER AT PERFORATION TO MAIL IN WITH YOUR PAYMENT

RHODE ISLAND FIDUCIARY ESTIMATED PAYMENT
RI DIVISION OF TAXATION - ONE CAPITOL HILL
PROVIDENCE, RI 02908-5807

16102299990101
Fiscal year filers, enter fiscal year dates

MM/DD/2024 through MM/DD/2025

2024 RI-1041ES

Name

APRIL 15, 2024 (1st Quarter)

SEPTEMBER 15, 2024 (3rd Quarter)

JUNE 15, 2024 (2nd Quarter)

JANUARY 15, 2025 (4th Quarter)

Address

City

State

ZIP Code

Federal employer identification number

1. ENTER AMOUNT ENCLOSED