Rhode Island 1040C Form only

1040C Form only
Form RI-1040C - Composite Income Tax Return
State of Rhode Island Division of Taxation

2023 Form RI-1040C

23102499990101

Composite Income Tax Return
Name

Federal employer identification number

Amended

Address
Sub S Corp

Address 2
LLC

City, town or post office

State

ZIP code

E-mail address

Partnership

Year end
Trust

Calendar Year: January 1, 2023 through December 31, 2023

Fiscal Year:

MM/DD/2023

through

MM/DD/__

SECTION A: COMPUTATION OF INCOME
1 Total Federal Taxable income from Federal Form 1120S, line 22, Federal Form 1065, line 23 or Federal

Form 1041, line 23, plus any separately stated income or deduction items listed on Federal K-1 .....................................

1

MODIFICATIONS INCREASING FEDERAL TAXABLE INCOME
2a Income from obligations of any state or its political subdivisions,
other than RI (attach documentation) ...................................................................... 2a
b Bonus Depreciation....... .......................................................................................... 2b
c Taxable portion of Paycheck Protection Program Loan amount under RIGL §44-30-12(b)(8)... 2c
d Other modifications (attach documentation) ............................................................ 2d
3 Total modifications INCREASING Federal Taxable Income. Add lines 2a, 2b, 2c and 2d ..........................................
MODIFICATIONS DECREASING FEDERAL TAXABLE INCOME
4a Income from obligations of the US government included in federal income but
exempt from state income taxes (attach documentation) ........................................ 4a
b Bonus Depreciation and Section 179 Depreciation ................................................. 4b
c Other modifications (attach documentation) ............................................................ 4c
5 Total modifications DECREASING Federal Taxable Income. Add lines 4a, 4b and 4c...............................................
6 Modified Federal Taxable Income. Line 1 plus line 3 less line 5 ..................................................................................
7 RI apportionment ratio from pg 2, Section C, line 27. (Multistate entities only - entities solely in RI enter 1.0000)......................
8 Rhode Island source income. Multiply line 6 by line 7 .................................................................................................

3

5
6
7

_ . _ _ _ _

8

SECTION B: COMPUTATION OF TAX
9 Rhode Island income tax using the COMPOSITE INCOME TAX RATE. Multiply line 8 by 5.99% (0.0599) ............... 9
10 Qualified electing nonresident members’ percent of ownership. If all members are nonresidents enter 1.0000 ................... 10
11 Rhode Island income tax of qualified electing nonresident members. Multiply line 9 by line 10 ................................. 11
12 Rhode Island estimated payments made on RI-1040C-ES and amount applied
from 2022 composite return...........................................................................................

12
13 Rhode Island nonresident real estate withholding of qualified electing
nonresident members.............................................................................................. 13
14 Rhode Island nonresident withholding received from pass-through entities from
Form RI K-1. Attach form(s)................................................................................... 14
15 Other payments....................................................................................................... 15
16
17
18
19

Total payments. Add lines 12, 13, 14 and 15 ............................................................................................................... 16
AMOUNT DUE. If line 11 is LARGER than line 16, subtract line 16 from line 11.............................................................. 17
Underestimating interest........................................................................................................................................................ 18
19
TOTAL AMOUNT DUE. Add lines 17 and 18. Complete Form RI-1040C-V ..........................................................

L
J

20 OVERPAYMENT. If line 11 is SMALLER than line 16, subtract line 11 from line 16. This is the amount
20
overpaid. If there is an amount due for underestimating interest on line 18, subtract line 18 from line 20.....
21 Amount of overpayment to be refunded ...................................................................................................................... 21
22 Amount of overpayment to be applied to 2024 RI-1040C estimated tax ................. 22

_ . _ _ _ _

State of Rhode Island Division of Taxation

2023 Form RI-1040C
23102499990102

Composite Income Tax Return
Name

Federal employer identification number

SECTION C: APPORTIONMENT

Column A
Rhode Island

AVERAGE NET BOOK VALUE

Column B
Everywhere

23a Inventory............................................................................................................................ 23a
b Depreciable assets............................................................................................................ 23b
c Land................................................................................................................................... 23c
d Rent (8 times annual net rental rate)................................................................................. 23d
e Total. Add lines 23a, 23b, 23c and 23d............................................................................. 23e
f Ratio in Rhode Island, line 23e, Column A divided by line 23e, Column B. Calculate to four (4) decimal places...... 23f

_ . _ _ _ _

RECEIPTS
24a Gross receipts..........................................

{

Rhode Island Sales............................................. 24a
Sales Under 44-11-14(a)(2)(i)(B)........................

b Dividends........................................................................................................................... 24b
c Interest.............................................................................................................................. 24c
d Rents................................................................................................................................. 24d
e Royalties............................................................................................................................ 24e
f Net capital gains................................................................................................................ 24f
g Ordinary income................................................................................................................ 24g
h Other income..................................................................................................................... 24h
i Income exempt from federal taxation................................................................................ 24i
j Total. Add lines 24a, 24b, 24c, 24d, 24e, 24f, 24g, 24h and 24i....................................... 24j
k Ratio in Rhode Island, line 24j, Column A divided by line 24j, Column B. Calculate to four (4) decimal places......... 24k

_ . _ _ _ _

SALARIES
25a Salaries and wages paid or incurred................................................................................. 25a
b Ratio in Rhode Island, line 25a, Column A divided by line 25a, Column B. Calculate to four (4) decimal places...... 25b

_ . _ _ _ _

RATIO
26 Total of Rhode Island ratios shown on lines 23f, 24k and 25b..................................................................................... 26

_ . _ _ _ _

27 Apportionment Ratio. Divide line 26 by the number 3 or the number of ratios used. Enter here and on pg 1, Sect A, line 7

_ . _ _ _ _

SECTION D: QUALIFIED ELECTING MEMBER INFORMATION
NAME

ADDRESS

27

If needed, attach additional schedules.
RI SOURCE INCOME
RI INCOME TAX

SOCIAL SECURITY NUMBER

Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge and
belief, it is true, accurate and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
Authorized officer signature
Print name
Date
Telephone number
Paid preparer signature

Print name

Date

Paid preparer address

City, town or post office

State

May the Division of Taxation contact your preparer?

Telephone number
ZIP Code

PTIN

YES

Rhode Island has an Electonic Mandate for filing a return and remitting a payment.
See the 2023 RI-1040C Instructions for more information on the requirements and how to file and pay.