RI-1120S: Subchapter S Business Corporation Tax Return (2024)
Rhode Island · RI Division of Taxation · Used for tax years 2024
Form RI-1120S is Rhode Island’s 2024 Subchapter S Business Corporation Tax Return. It reports federal taxable income, Rhode Island adjustments and apportioned taxable income, tax and withholding, payments, and any balance due or overpayment.
Who files this form
RI-1120S is Rhode Island’s Subchapter S Business Corporation Tax Return for tax year 2024. The form does not state detailed rules for determining which corporations must file.
When it's due
- 2024 return: Due on or before the 15th day of the 3rd month following the close of the taxable year.
- Federal changes to prior-year income: The 2024 form says changes must be reported to the Tax Administrator within 60 days after a final determination. If a change has not yet been reported, complete an amended RI-1120S immediately and submit it with any payment due.
What you'll need
- Complete federal return: Attach all pages and schedules, including all K-1s.
- Form RI-107: Attach it if claiming the modification for Tax Incentives for Employers in Schedule B.
- RI Schedule PTW or RI Schedule PTE: These schedules supply the amounts for pass-through withholding or pass-through entity election tax reported on Schedule A.
- RI Schedule CR-PT: Complete it if the entity has credits passing through to its members.
- Business and financial records: Have the corporation’s identification numbers, income, assets, receipts, payroll, and tax payment information available. Schedule H also asks for federal taxable income for years ended 2024, 2023, 2022, 2021, and 2020.
How to file
Complete the corporation’s identifying information, tax calculations, and applicable schedules. Attach a complete copy of the federal return, including all schedules and K-1s. An authorized officer must sign and date the return.
Mail to:
RI Division of Taxation
One Capitol Hill
Providence, RI 02908
If there is an amount due with the return, use Form BUS-V, as directed on line 13. The supplied form does not provide e-filing instructions.
Common mistakes
- Leaving out federal attachments: The form specifically requires a complete federal return, including all pages, schedules, and K-1s.
- Missing the Jobs Growth Tax checkbox: Check it if reporting Jobs Growth Tax on line 7b.
- Omitting the credits schedule: Complete RI Schedule CR-PT if credits pass through to members.
- Not reporting federal income changes: Schedule F directs you to amend immediately for unreported federal changes and states a 60-day reporting requirement after a final determination.
Questions people ask
What minimum tax is shown on the 2024 form?
Schedule A, line 7a, lists the Rhode Island minimum tax as $400.00.
Can an overpayment be applied to next year’s estimated tax?
Yes. Line 15 lets you enter the amount to credit to 2025 estimated tax. Line 16 shows the refund amount after subtracting that credit from the overpayment.
Do I need to include the federal K-1s?
Yes. The form requires a complete copy of all pages and schedules of the federal return, including all K-1s.
What if the federal government changes income from a prior year?
If the change has not been reported to the Tax Administrator, Schedule F directs you to complete an amended RI-1120S immediately and submit it with any payment due. Federal changes must be reported within 60 days after a final determination.