RI-1120C: Business Corporation Tax Return (2024)
Rhode Island · RI Division of Taxation · Used for tax years 2024
Form RI-1120C is Rhode Island’s 2024 Business Corporation Tax Return. It reports federal taxable income, Rhode Island adjustments and apportionment, credits, and payments to calculate the corporation’s tax due or overpayment.
When it's due
For tax year 2024, Form RI-1120C is due on or before the 15th day of the 4th month following the close of the taxable year.
What you'll need
- Attach a complete copy of all pages and schedules of the federal return, including all K-1s.
- If claiming pass-through withholding, include a completed RI-1120C Schedule D and copies of the 2024 RI K-1s issued by each pass-through entity.
- Attach supporting schedules for any net operating loss deduction or research and development adjustments.
- If claiming the modification for Tax Incentives for Employers under RIGL § 44-55-4.1, attach Form RI-107.
- Schedule F requires supporting schedules for dividends from payers liable for the specified Rhode Island taxes, interest on certain U.S. obligations, and interest on U.S. possessions' obligations or other interest exempt under Rhode Island law.
The return also asks for the corporation's federal employer identification number, Rhode Island Secretary of State ID number, NAICS code, and business income, receipts and asset information.
How to file
Complete the return and applicable schedules, include the required attachments, and have an authorized officer sign and date the return.
Mail to:
RI Division of Taxation
One Capitol Hill
Providence, RI 02908
For the total due with the return on line 21, the form says to use Form BUS-V.
Common mistakes
- Leaving out pass-through withholding attachments. The form warns that withholding claimed on page 2, line 17b will be disallowed if a completed RI-1120C Schedule D and the RI K-1s are not included.
- Reporting inconsistent withholding totals. The total on Schedule D, line 1v must equal the amount claimed on page 2, line 17b.
- Attaching an incomplete federal return. The form reminds filers to attach all pages and schedules of the federal return, including all K-1s.
Questions people ask
What tax rate does the 2024 form use?
The form multiplies Rhode Island adjusted taxable income on line 10b by 7% to calculate Rhode Island income tax on line 11.
Is there a minimum tax?
Yes. Line 13 says to subtract Rhode Island credits from line 11, but the result cannot be less than the $400 minimum tax.
Can an overpayment be applied to the next year?
Yes. Line 23 lets you designate an amount of your overpayment to be credited to 2025. Line 24 shows the remaining amount to be refunded.
How precise must the apportionment ratio be?
Schedule H says to divide the Rhode Island total on line 1j, Column A by the everywhere total on line 1j, Column B. Calculate the ratio to six decimal places and enter it on page 1, Schedule A, line 5.