Rhode Island State Tax Return: Do You Need to File?

If you are a resident of Rhode Island or earned income from the state, you may be wondering if you need to file a state tax return. Yes, if you fit specific requirements, you must submit a Rhode Island state tax return.

You must submit a state tax return if you resided there for the whole tax year and your gross income was more than $11,950. Non-residents who had Rhode Island income tax deducted from their paychecks and earned money in the state are also required to file a state tax return. Additionally, if your gross income from all sources while a resident and a non-resident exceeds $11,950, you must submit a state tax return if you are a part-year resident.

It’s possible that you’ll have to make anticipated tax payments throughout the year if you’re self-employed or have additional income streams that aren’t deducted from paychecks. It’s not too late to make payments for the remaining quarters of the projected taxes for 2021; the deadline for the first quarter was April 15. The due dates are June 15, September 15, and January 18, respectively, for the second, third, and fourth quarters.

You can be charged fines and interest if you don’t submit your Rhode Island state tax return by the due date or if you don’t pay any taxes that are outstanding. A late filing fee of up to 25% of the tax due is assessed at a rate of 5% per month. 1.5% of the tax due per month, up to a maximum of 15%, is the late payment penalty.

You might be eligible to ask for a filing extension if you are unable to submit your tax return by the deadline. You will have an additional six months to file your return thanks to the extension, but you will not have an extension to make any tax payments. For any late payment, you will still be charged fees and interest.

Last but not least, there are specific actions you must take to ensure the transfer of a car in Rhode Island is lawful and correctly documented. A bill of sale and your signature on the title transfer to the new owner are required. Additionally, you must pay all relevant costs and notify the Rhode Island Division of Motor Vehicles of the transfer within 10 days.

In conclusion, you probably need to submit a state tax return if you live in Rhode Island or received income from the state. To prevent fines and interest, it’s critical to submit your paperwork on time and pay any taxes that are due. Consider speaking with a tax expert if you have any queries or worries concerning your state taxes in Rhode Island.