Common questions and answers regarding Rhode Island with a 1065 return using CCH® ProSystem fx® Tax and CCH Axcess™ Tax.

  • Article Type:
  • QA
  • Last Modified:
  • 04/25/2023

Question

What are some common questions and answers regarding Rhode Island passthrough entity tax with a Partnership return?

Environment

  • CCH Axcess™ Tax
  • CCH® ProSystem fx® Tax
  • Partnership – 1065
  • Rhode Island - RI
  • State And Local Tax – SALT
  • Pass-through Entity Tax - PTET
  • Worksheet View – WSV
  • Interview Forms – IVF

Answer

QuestionAnswer
-Form Name
  • RI-PTE
-State Links
Election for PTE
-Is an Election Required?
  • Yes.
-Made when?
  • When filing Form RI-PTE.
-Good for?
  • N/A
-How do we make this election?
  • Filing of Form RI-PTE is considered the election.
-Separate Form needed?
  • No.
-Option  to Opt-Out?
  • No.
Generation of State PTE Return
-How do we generate the form above?
  • Common State/City > State PTE Generation > State PTE Return Generation > Rhode Island - Generate State PTE return.
    • Interview Form PTE-ST1, Box 230.
  • Rhode Island Nonresident Withholding > Form 1096PT and Form 1040C - Basic Data > Nonresident withholding / PTE code - Form RI-PTE.
    • Interview Rhode Island > RI-7, box 30 - Code 3.
Estimates
-Are there estimates for this form?
  • RI-BUS-EST
-How do we generate them?
  • Will automatically produce if there is tax due, unless suppressed
    Payments/Penalties/Estimates > Estimates and Application of Overpayment > State Estimates and Application of Overpayment > State Code - RIE  (RI-11, Box 40)
    -Can you apply an overpayment from the current year form?
    • Payments/Penalties/Estimates > Estimates and Application of Overpayment > State Estimates and Application of Overpayment > State Code - RIE (RI-11, Boxes 45 and 46)
    Interest/Penalties
    -Do interest/penalties apply?
    • No.
    -Is there an underpayment penalty?
    • Yes, Government view override.
    Additional PTE Information
    Common State > State PTE Generation worksheet >Grid 23  (Interview PTE-ST1, boxes 300-364)
    -Does this section apply to this state?
    • No.
    Additional Input Available
    - Does new input options under State and City Tax Refund flow to the state?
    • No.
    - Does new input options under Taxes and Licenses flow to the state?
    • No.
    - Does new input options under Rent/Royalty flow to the state?
    • No.
    - Does the new input options under Farm flow to the state?
    • No.

    Additional Information

    N/A

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