If a nonresident individual qualifying investor is included in Ohio form IT 1140, is the individual required to file the IT 1040 Ohio individual income tax return?
Yes. Return to Top 15. Ohio form IT 1140, Schedule B, line 1 asks for the “Sum of all qualifying investors’ distributive shares of income and gain.” What lines from the IRS form 1065, Schedule K and IRS form 1120S, Schedule K, comprise “income and gain” on Schedule B, line 1? For the 1065, Schedule K, lines 1 through 3 and 5 through 11 reduced by the related expenses on lines 12, 13(b), 13(c), 13(d) and 16(l). For the 1120S, Schedule K, lines 1 through 10 reduced by the related expenses on lines 11, 12(b), 12(c), 12(d) and 14(l). Return to Top 16. On Ohio forms IT 1140 (Sch. B, line 4) and IT 4708 (Sch. II, line 28), PTEs must add back the qualifying investors’ shares of expenses and losses from transactions between the PTE and its related members. Please explain the reason for the add-back. The add-back is required only for those related members for which there is at least a 40% relationship. For the purposes of this add-back, the definition of related member has the same meaning as i
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