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This version of the form is not currently in use and is provided for reference only. Download this version of
Form RI-1120S Schedule S
for the current year.
Form RI-1120S Schedule S Excess Net Passive Income Tax Calculation - Rhode Island
What Is Form RI-1120S Schedule S?
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.The document is a supplement to Form RI-1120S, Subchapter S Business Corporation Tax Return. As of today, no separate filing guidelines for the form are provided by the issuing department.
FAQ
Q: What is Form RI-1120S Schedule S?A: Form RI-1120S Schedule S is a tax form used in Rhode Island to calculate excess net passive income tax.
Q: What is excess net passive income tax?A: Excess net passive income tax is a tax that applies to S corporations in Rhode Island if their passive income exceeds certain thresholds.
Q: How is excess net passive income tax calculated?A: The calculation of excess net passive income tax is done using the Form RI-1120S Schedule S. It involves determining the S corporation's passive income and applying the appropriate tax rates.
Q: Who needs to file Form RI-1120S Schedule S?A: S corporations in Rhode Island that have passive income exceeding certain thresholds need to file Form RI-1120S Schedule S and calculate their excess net passive income tax.
Q: What are the penalties for not filing Form RI-1120S Schedule S?A: Failure to file Form RI-1120S Schedule S or pay the required excess net passive income tax may result in penalties and interest charges.
Q: When is the deadline to file Form RI-1120S Schedule S?A: The deadline to file Form RI-1120S Schedule S is the same as the deadline for filing the S corporation's Rhode Island income tax return.
Q: Can I file Form RI-1120S Schedule S electronically?A: Yes, S corporations in Rhode Island can file Form RI-1120S Schedule S electronically through the Rhode Island Division of Taxation's e-filing system.
Q: Is there a minimum threshold for excess net passive income tax?A: Yes, S corporations in Rhode Island must have at least $1,000 of excess net passive income to be subject to the tax.
Form Details:
- The latest edition provided by the Rhode Island Department of Revenue - Division of Taxation;
- Easy to use and ready to print;
- Quick to customize;
- Compatible with most PDF-viewing applications;
- Fill out the form in our online filing application.
Download a fillable version of Form RI-1120S Schedule S by clicking the link below or browse more documents and templates provided by the Rhode Island Department of Revenue - Division of Taxation.
