Many PTEs can file either Ohio form IT 4708 or IT 1140. Since payments can be transferred from one return to the other, shouldn the tax due computed on both returns be the same?
No. The Ohio taxable income on form IT 4708 is taxed at the highest individual income rate of tax set forth in Ohio Revised Code Section 5747.02. Ohio Revised Code Section 5747.41 states that the IT 1140 tax rate is only 5% for qualifying investors who are individuals. While some maintain that the rates should be the same, the law does not provide for the same rates. Return to Top 4. Provide an example of a completed Ohio form IT 4708 which sets forth an amount on line 16, pass-through entity credit.
Related Questions
- I need to submit an amended return for a Form 5500 that was previously submitted on paper to EFAST. How do I file an amended return/report under EFAST2?
- I heard that I have to file the annual return/report (Form 5500 or Form 5500-SF) electronically. Can you tell me if thats true?
- Can filers use the Form 5500-SF to file 2008 or prior year delinquent or amended return/reports?
