Why was Ohio Revised Code Section 5747.08 (D) (1) (a) amended a few years ago to allow residents to file as members of a Ohio form IT 4708 composite return?
Practitioners wanted to be able to file one composite return on behalf of all investors included in a PTE, whether or not the investors were nonresidents. Note that (i) Ohio residents must still file Ohio form IT 1040 and (ii) nonresidents must file Ohio form IT 1040 if they have Ohio-sourced income for which a form IT 4708 has not been filed.
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