RI Schedule PTE: Pass-Through Entity Election Tax Schedule (2024)
Rhode Island · RI Division of Taxation · Used for tax years 2024
Rhode Island's 2024 Schedule PTE calculates the Pass-through Entity Election Tax using income apportioned to Rhode Island, the percentage of economic benefit received by individual members, and a 5.99% tax rate. It also reports Rhode Island pass-through entity tax included on the
What you'll need
Have these details available to complete the schedule:
- Entity name and federal employer identification number.
- Entity accounting method: cash basis or accrual.
- Total pass-through entity income apportioned to Rhode Island.
- Percentage of the economic benefit received by each individual member.
- Rhode Island pass-through entity tax included on US Form 1041, line 11; US Form 1065, line 14; or US Form 1120-S, line 12.
Questions people ask
How is the pass-through entity election tax calculated?
In Part A, enter total pass-through entity income apportioned to Rhode Island on line 1 and the economic benefit percentage on line 2. Multiply line 1 by line 2 to get line 3. Then multiply line 3 by the rate on line 4 to get the tax on line 5.
What tax rate appears on the 2024 schedule?
Part A, line 4 lists an individual tax rate of 5.99%.
Where do I carry the tax calculated on this schedule?
Enter the Part A, line 5 amount on Form RI-1041, line 14e; Form RI-1065, line 7d; or Form RI-1120S, line 7d, as applicable.
What does Part B ask me to report?
Part B asks for the amount of Rhode Island pass-through entity tax included on US Form 1041, line 11; US Form 1065, line 14; or US Form 1120-S, line 12.