RI Schedule K-1: Taxpayer’s Share of Income, Deductions, Credits, Etc (2024)
Rhode Island · RI Division of Taxation · Used for tax years 2024
Rhode Island Schedule K-1 reports a partner’s, shareholder’s, or beneficiary’s share of income, deductions, additions, and credits from a pass-through entity. It also reports Rhode Island withholding, composite payments, and pass-through entity election tax paid on the taxpayer’s
What you'll need
The form asks for the following information:
- The pass-through entity’s federal identification number, name, address and entity type.
- The partner’s, shareholder’s or beneficiary’s taxpayer identification number, name, address and state of residency.
- The taxpayer’s ownership percentage, Rhode Island apportionment percentage and share of profit or loss.
- Rhode Island income and deduction amounts, other additions and deductions, and credit amounts.
- Rhode Island source income and payments reported through pass-through withholding, composite filing or the pass-through entity tax election, as applicable.
- The grantor trust owner’s name and Social Security number if the partner or shareholder is a grantor trust.
Questions people ask
What income and deductions appear in Section I?
Section I lists ordinary business income, interest and dividends, income from the sale or exchange of property, rents and royalties, miscellaneous income, the Section 179 deduction and other deductions. These amounts are apportioned to Rhode Island.
Where does the form show payments made on my behalf?
Section IV shows pass-through withholding payments. Section V shows composite payments. Section VI shows pass-through entity election tax paid on the taxpayer’s behalf.
What composite filing information does the form include?
The form has a checkbox for inclusion in a composite filing on Form RI-1040C. Section V lists the Rhode Island source income included on that form and the composite payment made on the taxpayer’s behalf.
What information is required for a grantor trust?
If the partner or shareholder receiving the RI Schedule K-1 is a grantor trust, the form directs you to complete Section VIII with the grantor trust owner’s name and Social Security number.