Form RI-1041ES "Rhode Island Fiduciary Estimated Payment Coupons" - Rhode Island

What Is Form RI-1041ES?

This is a legal form that was released by the Rhode Island Department of Revenue - Division of Taxation - a government authority operating within Rhode Island. As of today, no separate filing guidelines for the form are provided by the issuing department.

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2020
Form RI-1041ES
Rhode Island Fiduciary
Estimated Payment Coupons
PURPOSE OF FORM
PAYMENTS OF ESTIMATED TAX
stallment of estimated tax, you may attach
This form provides a means of paying your
Except as provided for in the next paragraph
Form RI-2210 (if any of the exceptions apply)
Rhode Island income tax on a current basis on
of instructions, the estimated tax on line 15 of
to your Rhode Island Fiduciary income tax re-
income other than salaries or wages sub-
the worksheet is payable as follows: 25% on
turn explaining why an additional charge should
ject to withholding. If you are entitled to a re-
or before April 15, 2020; 25% on or before
not be made.
Note: Estates are not required to file a decla-
fund because the amount paid or credited as
June 15, 2020; 25% on or before September
ration of estimated tax for the first two years
estimated tax for the taxable period exceeds
15, 2020 and 25% on or before January 15,
after a decedent’s death.
your actual tax liability, you must file an income
2021.
tax return to obtain the refund.
PENALTIES
FISCAL YEAR TAXPAYERS
The law imposes penalties and interest
If you report income on a fiscal year basis,
WHO MUST MAKE ESTIMATED PAYMENTS
charges for failing to pay the estimated tax due
substitute the corresponding fiscal year
Every estate and trust shall make esti-
or for making false or fraudulent statements.
months for the months specified in the previ-
mated Rhode Island income tax payments if
ous instructions. For example, if your fiscal
their estimated Rhode Island income tax can
PAYMENT BY CREDIT CARDTO PAY BY
year begins on April 1, 2020, your estimated
be reasonably expected to be $250 or more in
CREDIT CARD:
payments will be due on July 15, 2020, to-
excess of any credits allowable against their
For information regarding the payment of
gether with 25% of the estimated tax. In this
tax, whether or not they are required to file a
taxes by credit card, please visit the Credit
instance, 25% will be due on or before Sep-
federal estimated tax for such year.
Card Payments page of the Division of Taxa-
tember 15, 2020; 25% on or before December
tion’s website.
15, 2020 and 25% on or before April 15, 2021.
MODIFICATIONS TO FEDERAL TOTAL INCOME
http://www.tax.ri.gov/misc/creditcard.php
Taxpayers with modifications increasing or de-
AMENDED ESTIMATED PAYMENTS
creasing federal total income may refer to
If you paid by credit card, enter on Form RI-
If, after having paid one or more installments
Form RI-1041, Schedule M for examples of in-
1041ES in the lower right hand corner the
of tax, the taxpayer finds that his or her esti-
come to be entered as modifications.
confirmation number you were given at the
mated tax should be increased or decreased
end of the transaction and the amount of
by a change in income, he or she must file an
CHANGES IN INCOME
your tax payment (not including the conven-
amended estimate on or before the next filing
Even though on April 15, 2020 you do not ex-
ience fee).
date. If an amendment is made after September
pect your tax to be large enough to require
15th of the taxable year any balance due
making estimated payments, a change in in-
OTHER QUESTIONS
should be paid at the time of filing the amend-
come may require you to make estimated pay-
Obviously, the foregoing instructions for com-
ment. (SEE AMENDED ESTIMATED TAX
ments later.
pleting these forms will not answer all ques-
SCHEDULE)
tions that may arise. If you have any doubt
If you file your 2020 income tax return by Feb-
regarding completion of your forms, additional
CREDIT FOR INCOME TAX OVERPAYMENT
ruary 15, 2021 and pay the full balance of tax
assistance may be obtained by going the Di-
Your credit for income tax overpayment from
due, YOU NEED NOT: (a) make an original
vision of Taxation, One Capitol Hill, Provi-
your 2019 Rhode Island income tax return may
estimated payment otherwise due for the first
dence, RI 02908-5810, by visiting the Division
be deducted from the first installment of your
time on January 15, 2021 or (b) pay the last
of Taxation’s website at www.tax.ri.gov, or by
2020 estimated tax, and any excess credit from
installment of estimated tax otherwise due
calling the Personal Income Tax Section at (401)
succeeding installments. However, if you desire
and payable on January 15, 2021.
574-8829, option #3.
to spread the credit, divide it by the number
of installments and enter on line 14 of
HOW TO ESTIMATE YOUR TAX FOR 2020
RI-1041ES worksheet.
Your 2020 estimated income tax may be based
upon your 2019 income tax liability. If you wish
CHARGE FOR UNDERPAYMENT OF IN-
to compute your 2020 estimated income tax,
STALLMENTS OF ESTIMATED TAX
use the enclosed estimated tax worksheet.
An interest charge is imposed for underpay-
ment of an installment of estimated tax. The
WHEN AND WHERE TO MAKE ESTIMATES
Rhode Island income tax law follows similar
Make your first estimated payment for the pe-
provisions of the Internal Revenue Code with
riod January 1, 2020 through December 31,
respect to exceptions. Such charge on any un-
2020, on or before April 15, 2021. It must be
paid installment shall be computed on the
filed together with the payment due with the:
amount by which the actual payments and
credits applied to the tax are less than 80% of
Rhode Island Division of Taxation
such installment at the time it is due. If it ap-
One Capitol Hill
pears there was an underpayment of any in-
Providence, RI 02908
2020
Form RI-1041ES
Rhode Island Fiduciary
Estimated Payment Coupons
PURPOSE OF FORM
PAYMENTS OF ESTIMATED TAX
stallment of estimated tax, you may attach
This form provides a means of paying your
Except as provided for in the next paragraph
Form RI-2210 (if any of the exceptions apply)
Rhode Island income tax on a current basis on
of instructions, the estimated tax on line 15 of
to your Rhode Island Fiduciary income tax re-
income other than salaries or wages sub-
the worksheet is payable as follows: 25% on
turn explaining why an additional charge should
ject to withholding. If you are entitled to a re-
or before April 15, 2020; 25% on or before
not be made.
Note: Estates are not required to file a decla-
fund because the amount paid or credited as
June 15, 2020; 25% on or before September
ration of estimated tax for the first two years
estimated tax for the taxable period exceeds
15, 2020 and 25% on or before January 15,
after a decedent’s death.
your actual tax liability, you must file an income
2021.
tax return to obtain the refund.
PENALTIES
FISCAL YEAR TAXPAYERS
The law imposes penalties and interest
If you report income on a fiscal year basis,
WHO MUST MAKE ESTIMATED PAYMENTS
charges for failing to pay the estimated tax due
substitute the corresponding fiscal year
Every estate and trust shall make esti-
or for making false or fraudulent statements.
months for the months specified in the previ-
mated Rhode Island income tax payments if
ous instructions. For example, if your fiscal
their estimated Rhode Island income tax can
PAYMENT BY CREDIT CARDTO PAY BY
year begins on April 1, 2020, your estimated
be reasonably expected to be $250 or more in
CREDIT CARD:
payments will be due on July 15, 2020, to-
excess of any credits allowable against their
For information regarding the payment of
gether with 25% of the estimated tax. In this
tax, whether or not they are required to file a
taxes by credit card, please visit the Credit
instance, 25% will be due on or before Sep-
federal estimated tax for such year.
Card Payments page of the Division of Taxa-
tember 15, 2020; 25% on or before December
tion’s website.
15, 2020 and 25% on or before April 15, 2021.
MODIFICATIONS TO FEDERAL TOTAL INCOME
http://www.tax.ri.gov/misc/creditcard.php
Taxpayers with modifications increasing or de-
AMENDED ESTIMATED PAYMENTS
creasing federal total income may refer to
If you paid by credit card, enter on Form RI-
If, after having paid one or more installments
Form RI-1041, Schedule M for examples of in-
1041ES in the lower right hand corner the
of tax, the taxpayer finds that his or her esti-
come to be entered as modifications.
confirmation number you were given at the
mated tax should be increased or decreased
end of the transaction and the amount of
by a change in income, he or she must file an
CHANGES IN INCOME
your tax payment (not including the conven-
amended estimate on or before the next filing
Even though on April 15, 2020 you do not ex-
ience fee).
date. If an amendment is made after September
pect your tax to be large enough to require
15th of the taxable year any balance due
making estimated payments, a change in in-
OTHER QUESTIONS
should be paid at the time of filing the amend-
come may require you to make estimated pay-
Obviously, the foregoing instructions for com-
ment. (SEE AMENDED ESTIMATED TAX
ments later.
pleting these forms will not answer all ques-
SCHEDULE)
tions that may arise. If you have any doubt
If you file your 2020 income tax return by Feb-
regarding completion of your forms, additional
CREDIT FOR INCOME TAX OVERPAYMENT
ruary 15, 2021 and pay the full balance of tax
assistance may be obtained by going the Di-
Your credit for income tax overpayment from
due, YOU NEED NOT: (a) make an original
vision of Taxation, One Capitol Hill, Provi-
your 2019 Rhode Island income tax return may
estimated payment otherwise due for the first
dence, RI 02908-5810, by visiting the Division
be deducted from the first installment of your
time on January 15, 2021 or (b) pay the last
of Taxation’s website at www.tax.ri.gov, or by
2020 estimated tax, and any excess credit from
installment of estimated tax otherwise due
calling the Personal Income Tax Section at (401)
succeeding installments. However, if you desire
and payable on January 15, 2021.
574-8829, option #3.
to spread the credit, divide it by the number
of installments and enter on line 14 of
HOW TO ESTIMATE YOUR TAX FOR 2020
RI-1041ES worksheet.
Your 2020 estimated income tax may be based
upon your 2019 income tax liability. If you wish
CHARGE FOR UNDERPAYMENT OF IN-
to compute your 2020 estimated income tax,
STALLMENTS OF ESTIMATED TAX
use the enclosed estimated tax worksheet.
An interest charge is imposed for underpay-
ment of an installment of estimated tax. The
WHEN AND WHERE TO MAKE ESTIMATES
Rhode Island income tax law follows similar
Make your first estimated payment for the pe-
provisions of the Internal Revenue Code with
riod January 1, 2020 through December 31,
respect to exceptions. Such charge on any un-
2020, on or before April 15, 2021. It must be
paid installment shall be computed on the
filed together with the payment due with the:
amount by which the actual payments and
credits applied to the tax are less than 80% of
Rhode Island Division of Taxation
such installment at the time it is due. If it ap-
One Capitol Hill
pears there was an underpayment of any in-
Providence, RI 02908
2020
RI-1041ES
Rhode Island Fiduciary Estimated Payment Worksheet
PART 1 ESTIMATED RHODE ISLAND INCOME TAX WORKSHEET
Federal total income of Fiduciary expected in 2020.............................................................................................................................
1.
1.
2. Net modifications to federal total income.............................................................................................................................................
2.
3.
Modified federal total income. Combine lines 1 and 2. Add net increases or subtract net decreases...............................................
3.
4.
Rhode Island deductions .....................................................................................................................................................................
4.
5. Rhode Island taxable income. Subtract line 4 from line 3...................................................................................................................
5.
6. Figure the Fiduciary’s 2020 Rhode Island tax on the amount on line 5. See 2020 Tax Computation Worksheet.............................
6.
7.
7.
Enter the Fiduciary’s 2019 Rhode Island income tax...........................................................................................................................
8.
8.
Enter the SMALLER of line 6 or 7.......................................................................................................................................................
9.
Estimated Rhode Island Credits (see below for list of allowable credits) ...........................................................................................
9.
10.
Line 8 less line 9. If zero or less, enter zero.......................................................................................................................................
10.
11.
11.
Rhode Island income tax withheld, including RI-1099PTs received and 2019 overpayment credited to 2020.....................................
12.
12.
Estimated RI income tax payment required. Subtract line 11 from line 10. If result is $250.00 or LESS, no payment is required....
13.
Computation of installment. Check the box when the estimated payment is to be filed and enter the amount indicated
13.
April 15, 2020
June 15, 2020
September 15, 2020
January 15, 2021
Enter 1/4 of line 12
Enter 1/3 of line 12
Enter 1/2 of line 12
Enter amount from line 12
Enter amount of 2019 RI overpayment elected for credit to 2020 estimated tax. However, if you desire to spread the credit, divide
14.
14.
it by the number of installments and enter here...................................................................................................................................
15.
Amount to be paid with this estimate. Subtract line 14 from line 13. Enter here and on RI-1041ES, line 1......................................
15.
PART 2 RECORD OF ESTIMATED PAYMENTS
Column D
Column A
Column B
Column C
Total amount paid and credited
2019 Overpayment
Payment
Check
Date
Amount
(add column B and column C)
Number
Number
credit applied
1.
2.
3.
4.
Total
PART 3 AMENDED ESTIMATED TAX SCHEDULE
16. Amended estimated income tax............................................................................................................................................................ 16.
17. Amount of estimated tax paid to date and 2019 overpayment chosen for credit to 2020 estimated tax.............................................
17.
18. Unpaid balance. Subtract line 17 from line 16..................................................................................................................................... 18.
19. Balance due. Divide line 18 by the remaining number of installments required to be paid................................................................
19.
ALLOWABLE RHODE ISLAND CREDITS
Only the following credits will be allowed against Rhode Island fiduciary income tax:
1) Credit for Taxes Paid to Other States - RIGL §44-30-18
2) Historic Structures Tax Credit - RIGL §44-33.2
3) Historic Preservation Tax Credits 2013 - RIGL §44-33.6
4) Motion Picture Productions Company Tax Credit - RIGL §44-31.2
5) Musical and Theatrical Production Tax Credits - RIGL §44-31.3
6) Credits for Contributions to Scholarship Organizations - RIGL §44-62
7) RI New Qualified Jobs Incentive - RIGL §44-48.3
8) Rebuild Rhode Island Tax Credit - RIGL §42-64.20
RI-1041 TAX RATE SCHEDULES
2020
These schedules are shown so you can see the tax rate that applies to all levels of taxable income. DO NOT use these
schedules to calculate your Rhode Island tax. Instead, use the computation schedules below.
BANKRUPTCY ESTATES
ESTATES AND NONGRANTOR TRUST
Taxable Income (line 5)
of the
%
Taxable Income (line 5)
of the
%
amount
amount
+
Over
But not over
+
Pay
on excess
Over
But not over
on excess
Pay
over
over
---
$
---
0
3.75%
0
$
$
2,600
$
$
$
0
$
3.75%
0
65,250
$
+
2,600
97.50
4.75%
+
8,300
2,600
65,250
2,446.88
4.75%
148,350
65,250
..........
+
8,300
368.25
5.99%
8,300
..........
+
148,350
6,394.13
5.99%
148,350
RI-1041 TAX COMPUTATION WORKSHEET
2020
These schedules are to be used by calendar year 2020 taxpayers or fiscal year taxpayers that have
a year beginning in 2020.
ESTATE OR NONGRANTOR TRUST use this schedule
TAX
(a)
(b)
(c)
(d)
(e)
If Taxable Income-
Enter the amount from
Multiplication
Subtraction
Subtract (d) from (c)
Multiply (a) by (b)
RI-1041ES Worksheet, line 5 is:
RI-1041ES Worksheet, line 5
amount
amount
Enter here and on
RI-1041ES Worksheet, line 6
At least
But not over
3.75%
$0.00
$0
$2,600
4.75%
$26.00
$2,600
$8,300
$8,300
5.99%
$128.92
Over
BANKRUPTCY ESTATES use this schedule
TAX
(a)
(b)
(c)
(d)
(e)
If Taxable Income-
Enter the amount from
Multiplication
Subtraction
Subtract (d) from (c)
Multiply (a) by (b)
RI-1041ES Worksheet, line 5 is:
RI-1041ES Worksheet, line 5
amount
amount
Enter here and on
RI-1041ES Worksheet, line 6
At least
But not over
3.75%
$0.00
$0
$65,250
4.75%
$652.50
$65,250
$148,350
5.99%
$2,492.04
$148,350
Over
DETACH VOUCHER AT PERFORATION TO MAIL IN WITH YOUR PAYMENT
RHODE ISLAND FIDUCIARY ESTIMATED PAYMENT
RI DIVISION OF TAXATION - ONE CAPITOL HILL
PROVIDENCE, RI 02908-5807
16102299990101
2020 RI-1041ES
Fiscal year filers, enter fiscal year dates
MM/DD/2021
MM/DD/2020 through
Name
APRIL 15, 2020 (1st Quarter)
SEPTEMBER 15, 2020 (3rd Quarter)
Address
JUNE 15, 2020 (2nd Quarter)
JANUARY 15, 2021 (4th Quarter)
City
State
ZIP Code
1. ENTER AMOUNT ENCLOSED
Federal employer identification number
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