RI Schedule S: Excess Net Passive Income Tax Calculation (2025)
Rhode Island · RI Division of Taxation · Used for tax years 2025
Rhode Island’s 2025 Schedule S calculates excess net passive income tax for S corporations and is filed with Form RI-1120S. It combines excess net passive income and taxable income from federal Form 1120S, applies the Rhode Island apportionment ratio and 7% tax rate, and compares
Who files this form
Complete 2025 Schedule S only if your corporation is a Subchapter S corporation taxable for federal purposes and is required to complete line 22a and/or line 22b of federal Form 1120S.
File Schedule S with Form RI-1120S.
What you'll need
Have these forms and details available:
- Federal Form 1120S, including Schedule D, line 20, for taxable income.
- The Worksheet for line 23a of federal Form 1120S, line 10, for excess net passive income.
- Form RI-1120S, including Schedule I, line 5, for the apportionment ratio, and the minimum tax amount.
- Your corporation's name and federal employer identification number.
How to file
File 2025 Schedule S with Form RI-1120S. Enter the tax calculated on Schedule S, line 8, on Form RI-1120S, page 1, line 7a.
The provided form does not give a mailing address or electronic filing instructions.
Common mistakes
- Filing Schedule S separately: The form says it must be filed with Form RI-1120S.
- Completing Schedule S when it does not apply: The form says it is only for Subchapter S corporations taxable for federal purposes and required to complete line 22a and/or line 22b of federal Form 1120S.
Questions people ask
What income goes into the calculation?
Add excess net passive income from line 10 of the Worksheet for line 23a of federal Form 1120S to taxable income from federal Form 1120S, Schedule D, line 20. Enter the total on Schedule S, line 3.
Where do I find the apportionment ratio?
Use Form RI-1120S, Schedule I, line 5. Enter the ratio to six decimal places on Schedule S, line 4.
How is the Rhode Island tax calculated?
Multiply line 3 by the apportionment ratio on line 4 to get Rhode Island taxable income on line 5. Multiply line 5 by 7% (0.07) to calculate line 6.
How does the minimum tax affect the final amount?
Enter the minimum tax from Form RI-1120S on Schedule S, line 7. Enter whichever is larger, line 6 or line 7, on line 8 and on Form RI-1120S, page 1, line 7a.