RCT-101: 2024 PA Corporate Net Income Tax Report (RCT-101) (2024)
Pennsylvania · Pennsylvania DOR · Used for tax years 2024
Form RCT-101 is Pennsylvania’s 2024 Corporate Net Income Tax Report. It reports a corporation’s income or loss, Pennsylvania adjustments and apportionment, deductions, tax liability, credits, payments, and amount due or overpaid.
What you'll need
Have your federal return information ready. Line 1 asks for income or loss on a separate-company basis. You will also need the corporation’s FEIN, tax-year dates, incorporation details, business activity information, and information for all filled corporate officer positions.
Supporting forms and schedules depend on the entries you report:
- Apportionment: Include RCT-106 with Schedule C-1.
- Deductions and additions: The form refers to REV-798, REV-1834, REV-860, and REV-802 for the applicable calculations. It specifically requires REV-798 for the intangible income or related interest income deduction and REV-802 for the intangible expense or related interest expense addition.
- Nonbusiness income or loss: Include REV-934 for amounts reported on lines 5 and 9.
- Net operating loss deduction: Use RCT-103, Part A, line 4.
- Affiliate tax credit: Include REV-803 for the credit on line 15.
- CNI tax withholding credit: Use PA Schedule CP, line 16.
- Final report: Include REV-861 and REV-181, where applicable.
- Bulk asset sale or transfer: Complete and file REV-861 when the corporation has sold or transferred in bulk 51 percent or more of any class of assets.
Common mistakes
- Using cents: Section C says to use whole dollars only.
- Missing signatures or officer information: The corporate officer must sign the affirmation. Provide the requested information for all filled officer positions.
- Skipping the real property schedule: Complete Section F if the corporation or any single-member LLC owned or rented property in Pennsylvania titled to it during the filing period.
- Exceeding stated limits: The Qualified Manufacturing Innovation and Reinvestment Deduction cannot reduce tax liability by more than 50 percent. Restricted credits on line 19 cannot exceed line 16.
- Entering a negative tax on line 14: If line 12 is less than zero, enter “0” on line 14.
- Entering foreign bank details for direct deposit: Do not complete the direct deposit fields if the bank account is outside the U.S.
Questions people ask
Can an overpayment be applied to the next tax year?
Yes. Section D provides a transfer option for an amount to be credited to the next tax year after all unpaid liabilities are offset. It also provides a refund option after those offsets.
Can I receive a refund by direct deposit?
Yes, if the refund will go to a bank account within the U.S. The form asks for the account type, routing number, and account number. If the account is outside the U.S., leave those fields blank and the department will send a check.
What information is required for a bulk asset sale?
If the corporation sold or transferred in bulk 51 percent or more of any class of assets, Section E asks for the purchaser’s name and address. REV-861 must be completed and filed with the report. Include a separate schedule if more space is needed.
Does signing an amended report extend the assessment period?
Yes. The affirmation states that the taxpayer consents to an assessment period ending one year from filing the amended report or three years from filing the original report, whichever ends later. Required records must be retained through that extended period. For this purpose, an original report filed before its due date is treated as filed on the due date.