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Form IT 4708-Inst Fillable Annual Composite Income Tax Return Instructions for Certain Investors in a Pass-Through Entity
(all forms fillable on Windows, Mac, Android tablets, and iPad using Adobe Reader XI)
(1) The taxpayer files with this return a grant request a partnership limited partnership limited liability company Related member is defined in R C 5733 042(A)(6) but Taxable Year Ending in 2012 $225 000 or more See R C 5747 01(A)(20) as amended $300 000 the credit equals the sum of the following: (1) In the case of an underpayment the amended return must (2) In the case of an overpayment the pass through entity (2) The purchaser of the qualifying new manufacturing (31) 5747 21 5747 22 (for more information see IRS publication 1525 and (i) 25% of the lesser of such budgeted or actual eligible (i) depreciable assets acquired by the pass through entity s (i) the pass through entity is an equity investor in another (ii) 35% of budgeted or actual eligible expenditures for cast (ii) last year s overpayment credited to the current year equals (ii)because of either the federal passive activity loss limitation (iii) any credit carryforward amounts from the previous three (net of overpayments) that for Ohio income tax purposes (ODSA) the historic preservation credit applies to owners (Ohio form IT 1040 for individuals; Ohio form IT 1041 for (or annualized income) net of credits for the fiscal year ending 1 Federal employer identification number of the passthrough 10 2011 which formerly precluded nonresident individual 100% of the 2012 Ohio income tax (line 12 year 2012 Ohio 1040 and should not participate in the filing of Ohio form IT 1041 or IT 4708 R C 5747 08(J) sets forth the conditions 1120S 129th General Assembly in HB 365 and information releases 13 any interest penalty due and attach Ohio form IT/SD 2210 15 2014 150 10 5747 80 and 5747 98) 15th and Sept 15th of the calendar year and Jan 15th of 15th and Sept 15th of the calendar year in which the fiscal 179 depreciation expense that would have been allowed 179 expense if the taxpayer s purchases during the year 1974 requires us to inform you that providing us with your Social Security number is mandatory 2 Name of the pass through entity 20% direct or indirect interest in the profits or capital of the 2002 02 and 2002 01 regarding Ohio bonus depreciation 2003 Ohio law specifically excludes from the factor property 2004 54 which provides for alternative preparer signature 2005 qualifying purchases (ii) the 1/7 amounts from pre2005 2008 ( Round 2 and subsequent rounds) the credit is limited 2014; and Jan 15 2015 These estimates would be based 28 adjustment a related member is any business entity or 3 Social Security number or FEIN of this investor 3% per annum respectively 31 2002 and Nov 7 2002 3416) The magnetic media must set forth the same K 1 4 Name of investor in this entity 4485 Northland Ridge Blvd 1st Floor 4708 All other qualifying pass through entities must fi le Ohio 4708 and IT 1140ES for the same taxable year please attach 4708 If the pass through entity so elects please indicate on 4708 Note: The pass through entity may be required to file 4708 These books and records must be available for inspection 5 Street address of the investor set forth in field number 3 5/6 or 6/6 of the excess of the I R C 179 depreciation expense 50% of the taxpayer s Ohio small business income of up 5733 051 (see R C 5733 05(B)(2) and the tax commissioner s 5733 057 and 5747 231 5747 01(A)(20)(a)) 5747 01(S)(7) and 5709 76 5747 02 from the date of the overpayment until the date of the 5747 11 and if the amended return otherwise conforms 5747 21 or 5747 22 to the extent not otherwise deducted 5747 31 manufacturer s credit for purchases of new manufacturing 6 and on page 1 in the upper right hand box 6 City of the investor set forth in field number 3 7 State of the investor set forth in field number 3 8 ZIP code of the investor set forth in field number 3 9 The amount of Ohio form IT 4708 tax paid (net of overpayments 90% of the 2013 Ohio income tax (line 12 year 2013 Ohio a copy of the K 1 a corporation or limited liability company that has made an a holiday then the due date becomes the first business day a list of all investors and their Social Security numbers (or a manufacturer or merchant who operates its own fleet A motion picture company whose motion picture has been A nonresident partner having other Ohio sourced income A paper copy of pages 1 and 2 of the IRS schedule K 1s A pass through entity is defined as any of the following: a pass through entity may not exceed the taxpayer s distributive A pass through entity s method of accounting for this return A pass through entity s taxable year for Ohio income tax a real estate developer) (3) rents and royalties from tangible Ability of Nonresident Pass Through Entity Investors able on Schedule A of the IT 1040 See R C 5747 01(A) accrues on underpayments and overpayments at the rate of Add any Ohio form IT 1140 or IT 4708 taxes shown on federal add back 2/3 5/6 or 6/6 of the qualifying I R C 168(k) add back occurred while the corporation was a C corporation Add lines 1(a) and 1(b) (Within Ohio) and (Total Everywhere) Add lines 1(c) 2 and 3 Enter ratio here and on page 1 line Additional information is available on the ODSA s Web site adjustment see R C 5747 01(A)(20) as amended by the adjustments available on our Web site at tax ohio gov adjustments the entity added back on each of the Administered by the Ohio Development Services Agency affected either directly or indirectly by the IRS adjustment after the later of the final date the return is subject to assessment Agency administer this credit For additional information including Agency s Web site at http://development ohio gov all transportation has been completed is considered as the allocable income from Schedule 1 lines 4 and 8 must attach allocable under R C 5733 051 (see R C 5733 05(B)(2) allowable as deductions (if not otherwise deducted above) allowable deductions on this form alternative apportionment are now required to submit such amended by the 129th General Assembly in HB 365 and amended return is also filed within the time prescribed amended return Upon completing an amended return Amended Returns Amended Substitute House Bill 1 128th General Assembly amount amount claimed for that year for not more than fi ve ensuing amount for each item of income (ii) a statement explaining amounts and an individual development account that are amounts when arising from transactions activities and sources an agreed upon period if both the pass through entity and An amended Ohio form IT 4708 which the pass through an employee rehired or called back from layoff to work in a and allowances from sales everywhere and crew wages of Ohio residents and either the recipient s base of operations or if there is and ending Jan 31 2013 the pass through entity elects to and give the communication assistant and indirect ownership interests exceed 40% and not otherwise sitused within or without Ohio under and pass through entity) and corporation franchise and pays tax may now file an individual return (IT 1040) and and place all attachments after the return and similar intellectual property (6) receipt from the sale of and similar intellectual property are sitused to Ohio and the denominator of which is the average value of all the and the phase out began once the cost of purchases of and the refund statute of limitations may be extended for and the self employed health insurance deduction and two preceding taxable years For additional information annual income tax after nonrefundable credits will be more annual return estimated tax payments paid with Ohio form any federal income tax deficiency or refund or the abatement any for which the pass through entity treats such income apply to the grant approved IRS extension if applicable For detailed instructions April 2004 information release entitled Sales Factor are limited to the proportionate share amounts for those are met: are sitused to Ohio to the extent the receipts are based on arise from transactions activities and sources in the regular arrive at the payroll ratio as a credit from this pass through entity to each investor as business income as business income Each nonresident taxpayer who sells as stated in the application for certification as a tax as the April 15 2014 filing deadline for taxable year 2013 assessment However the amended return does not reopen Assessments asset or a 1231 asset is made without regard to the holding at http://development ohio gov/cs/cs ohptc htm at tax ohio gov These releases were originally posted on at the motion picture company s expense is greater than at the sales ratio Authority as long as the pass through entity signs the agreement average of the entity s apportionment factors for the current avoid adding back compensation that the pass through based upon I R C 179 in effect on Dec 31 2002 Under be accompanied by payment of an additional tax and Because of a recent amendment to R C section 5701 11 Because we require you to provide us with a Social Security number the Federal Privacy Act of been allowed under I R C 265 if such interest were exempt beginning Feb 1 2013 and ending Jan 31 2014 the entity beginning on or after Jan 1 2013 an individual taxpayer behalf of its investors and charitable contributions are not behalf of this investor pass through entity then this investor behalf the entity files an Ohio composite return (IT 4708) below paid preparers must follow those same procedures benefit from the bonus depreciation amount and/or the beyond the period prescribed in division (B) of R C bill (While prior law did not specifically address credit allocation Bill 59 (HB 59) was signed into law For taxable year bonus depreciation adjustments available on our Web site bonus depreciation claimed under the I R C Also add 2/3 BTA Case Nos 87 H 743 87 G 774 and 87 D 756 building s owners can claim the credit against their income business credit available to the pass through entity business in Ohio and everywhere during the taxable year business income even if the related receipts are excluded business income receipts during the taxable year but the pass through entity will have reported all periods by adding the cost values at the beginning and at by agents of the Ohio Department of Taxation for a period by April 15 2014 by being included in a composite return (Ohio form IT 4708) by dividing the Within Ohio amount by the Total Everywhere By Internet By Phone by such employee everywhere during the taxable year The by the 129th General Assembly in HB 365 and information by the pass through entity and the denominator of which by the return s due date See R C 5747 21 calendar or fiscal year A pass through entity that changes Calendar year pass through entities April 15th (or a date a Calendar year pass through entities April 15th of the immediately can claim this amount as a credit on Ohio forms IT 1040 IT cannot participate in filing an Ohio form IT 4708 See carryforwards or for capital loss carryforwards Investors who Caution: The IRS informs us of all changes it makes to Certain Investors in a certified as a tax credit eligible production may apply to the charged in addition to any penalties that may be incurred for check the amended return box on page 1 of the return claim the refundable credit for taxes the entity paid on the claimed (even if not yet received) and attach a schedule claimed on the federal tax return but that would not have claimed under the I R C over the amount of I R C claimed with respect to certificates issued in taxable years claiming the related subsequent years deduction until the Columbus OH 43218 2382 Columbus OH 43229 6596 commissioner clearly reflects income If a pass through common carrier or by other means of transportation the common carriers Thus without approval by the tax commissioner company or other such person is not classified for federal company or telephone company (ii) an at least 80% owned Compensation is paid in Ohio to any employee of a common Compensation paid in Ohio to employees who are primarily Compensation paid to an investor who holds at least a Compensation paid to employees to the extent that the compensation Compensation that an S corporation paid to any shareholder Completion of Schedule V and additional sheet(s) if necessary composed solely of nonresident individuals has a Jan 31 Composite composite Note that in light of this change the department computation of federal adjusted gross income computed under such method as in the opinion of the tax constitutes delivery to the purchaser in Ohio and direct Construction in progress Corp AEC Management Co and Hirsch Electric Co v Limbach corporation s includable real and tangible personal property course of a trade or business (see R C 5733 05(B)(2)(c): credit credit does not apply For additional information please credit eligible production or (b) the actual eligible production credit with respect to an employee the pass through entity credit) converts to a grant administered by the Ohio credits on the business credit summary worksheet that is part credits please complete Schedule E attach a copy of the Ct 557 1994 US Lexis 8802 Also see Associated Estates date is later than the unextended date for filing Ohio form dates of the Ohio form IT 1140ES payments transferred to day thereafter Note: Ohio will follow the lead of the IRS by days of the final determination of the federal change Deduct 1/2 1/5 or 1/6 of the I R C 168(k) and 179 depreciation deduction with respect to depreciable property for which the defined as federal interest less any expenses that were Definition of Pass Through Entity definitions and computations that apply to the credit also delivery outside Ohio to a person or firm designated by a Department of Department of Revenue v Lowenstein 513 U S 123 115 S Department of Taxation s Web site (tax ohio gov); depreciation adjustments available on our Web site at tax depreciation and/or I R C 179 depreciation; AND described in I R C 1231 For purposes of this provision destination after all transportation (including customer Development Services Agency Development Services Agency To claim the grant the passthrough Direct delivery in Ohio other than for purposes of transportation direct or indirect investors in the pass through entity directly or indirectly claims bonus depreciation must directly or indirectly owning at least 20% of the stock or director of the Ohio Development Services Agency on or after disposition or other grant of the right to use such property disregarded entities and (ii) depreciable assets that are Divide Within Ohio payroll by Total Everywhere payroll to Divide Within Ohio sales by Total Everywhere sales to arrive Dividends; do not include any attachments or statements relating to the Do not include in Within Ohio but do include in Total Do not include in Within Ohio but do include in Total Everywhere Do not include in Within Ohio or in Total Everywhere Do not show on line 30 any amount you show on line 28 done in Ohio Sales within Ohio include the following: due April 15 2014 not April 17 2013) For the fi scal year due April 15 2016 With this fact pattern the pass through Due Dates for Estimated Tax Payments During calendar year 2013 and calendar year 2014 interest during such year during the taxable year and whose denominator is the sum of E mail Us Instructions each investor whose income is included in this report Please Each pass through entity that for federal income tax purposes each spouse filing separately or $125 000 for all other Effective July 17 2009 amended the credit to specifically either directly or indirectly by the IRS adjustment either directly or indirectly by the IRS adjustment to the election under Subchapter S of Subtitle A of the Internal elects to file the year 2013 Ohio form IT 1140 This return eligible production expenditures with respect to the employed by the pass through entity in the project that is the employees hired after the Tax Credit Authority approves the employer identification number of the pass through entity (ii) end For the fi scal year ending Nov 30 2014 the estimates ending Nov 30 2013 or (ii) 90% of the tax due on income ending on or after Oct 16 2009 See section 803 20 of the engaged in qualifi ed research Enter on line 14 the total amount of the 2013 composite Enter on Schedule I line 18 the amount of the 2012 overpayment Enter the average value of all the pass through entity s real Enter the average value of the pass through entity s real Enter the ratio of property within Ohio to total everywhere Enter the total amount of the pass through entity s compensation Enter the total of gross receipts from sales not excludable Enter the total of such includable gross receipts less returns Enter the value of the pass through entity s real property and entities cannot use the reciprocity agreements in order to entities pay to such nonresidents See R C 5733 40(A)(7) entities to the extent the taxes were deducted in arriving at entity entity can elect to apply some or all of those form IT 1140ES entity directly or indirectly owns at least 5% (see R C entity does not deduct the loss passing through this entity enters into the agreement New employees include entity filed the tax credit certifi cate request ) entity files as a result of an adjustment to the federal tax entity in which the pass through entity has invested retains entity in which they invest C corporations that are entity may owe an interest penalty unless the sum entity must complete (and attach to Ohio form IT 4708) entity s calendar or fiscal year; Ohio form IT 4708 entity s direct and indirect investors other than C corporations entity s federal return (IRS form 1065 or 1120S) entity s includable business income receipts in Ohio entity s method of accounting is changed for federal income entity s tax liability the pass through entity must fi le an entity s taxable year ending within or with this investor entity signs the tax credit agreement with the Tax Credit entity that has invested in another pass through entity entity This investor pass through entity cannot begin entity to each investor participating in the filing of this form entity will not file any 2013 Ohio pass through entity return entity withholding tax and/or the entity tax the pass through equipment purchased in 2004 and/or purchased in earlier equity investor in accordance with the investor s interest in equity owners mutually agree The new law applies to credits estates and trusts) to report all other Ohio sourced income estimated income tax payments (Ohio form IT 4708ES) and estimated payments in connection with the pass through Estimated Tax Estimated Tax Payments for Next Year Every pass through entity must maintain books and records Everywhere Everywhere compensation paid in Ohio to certain specified everywhere during the taxable year Example: A pass through entity has a Nov 30 fi scal year Example: A pass through entity having a Jan 31 2012 fiscal Example: A pass through entity whose equity investors are Exception: The paid preparer should print (rather than exchanges or otherwise disposes of his/her direct or indirect expenditure amounts excluding budgeted or actual eligible expenditures as determined by an independent CPA hired expenditures for cast and crew wages for Ohio residents; Extended Due Date extending the filing deadline for taxable year 2013 to April extent the property was used in Ohio facility for which the pass through entity has received a factor is not presumed to be nonbusiness income All income factor specifically includes real property and tangible factor These amounts are situsable to Ohio as set out below Feb 1 2014 and ending Jan 31 2015 the entity elects to federal employer identification numbers) or (iv) a copy of the Federal form 4562 Depreciation and Amortization Federal form 8825 Rental Real Estate Income and Expenses federal income tax returns To avoid penalties be sure the Federal Privacy Act Notice few days after April 15th as set by the IRS each year) June fields number 1 through number 9 for each investor figures computations or attachments required in the file the year 2013 Ohio form IT 4708 (this return would be file the year 2015 Ohio form IT 4708 This return would be filed However both the assessment statute of limitations filed return(s) for this taxable year and attach a schedule filed under this section may claim refund of overpayments Filing Date filing deadline for taxable year 2013 to April 15 2014 Due to filing the IT 1040 is allowed a deduction amounting to first taxable year immediately following the taxable year for fiscal year end For the fiscal year beginning Feb 1 2012 fiscal year ends Fiscal year pass through entities April 15th (or a date a Fiscal year pass through entities April 15th of the calendar following calendar year for any deduction or credit that would not be allowable for any taxable year exceeds the tax otherwise due under for claiming this credit Investors claiming the credit on Ohio For detailed information and examples regarding this for each item of income (ii) a statement explaining why the for each pass through entity in which the nonresident invests for federal income tax purposes income must be For project applications that are approved after March 13 For purposes of this adjustment net federal interest is For taxable year ending in For taxable years beginning on or after Jan 1 2013 all For taxable years ending on or after July 1 2005 the R C For taxable years ending on or after June 26 2003 the property For the deaf hearing impaired or for the Elderly (TCE): These programs for the pass through entity s qualified rehabilitation expenditures for the taxable year even if the tax is paid (or if the refund for which the election is made Nothing in this division provides form IT 1140 and may also choose to file Ohio form IT 4708 form IT 1140ES (Estimated Ohio Withholding Tax and Entity form IT 4708) form IT 4708); OR form IT 4708P and place your FEIN on the check form with the taxpayer s 2013 Ohio income tax return forms from year to year must make sure that (i) all periods forms IT 1040 IT 1041 or IT 4708 must include with that form forms: Frequently Asked Questions Refund Status from a previously filed return no longer subject to assessment from any other sales not excluded from the sales factor from compensation paid to new employees during its from federal income tax The Jan 9 1992 Ohio Department from State Taxation from the federal K 1s for the taxable year for only those investors from the numerator and the denominator of the sales factor from the sales factor A pass through entity reporting any fully paid Furthermore for taxable years ending on or after June 26 Furthermore the pass through entity s factors generally gain loss and expense is presumed to be apportionable Generally income is apportionable business income Nonbusiness Guaranteed payments made to partners has rescinded the Business Tax Division alert issued on Aug help older disabled low income and hiotax hio gov historic building with respect to which the Ohio Development http://www ohiofilmoffice com I R C 179 amount generated by the investee pass through I R C 179 as that section existed on Dec 31 2002 the I R C 179 property during the year exceeded $200 000 So If a nonresident individual s estate s or trust s only source of If a pass through entity claims the refundable new jobs creation If a pass through entity fails to pay the tax by the due date if a pass through entity investor were to file the annual Ohio If a payment or document is mailed on or before the due date If an investor participates in the filing of this form then for If any filing due date set forth below falls on a weekend or If any filing due date set forth below falls on a weekend or on if any for which the pass through entity treats such income If any of the facts figures computations or attachments if any previously paid) that will pass through If for the taxable year the pass through entity has used Ohio If the amount on line 12 is greater than $500 the passthrough If the lesser of (a) total budgeted eligible production expenditures If the lesser of the budgeted or actual amounts described if the partnership limited partnership limited liability If the pass through entity claims nonrefundable business If the pass through entity claims the refundable business If the pass through entity has received from the IRS an extension If the pass through entity will be filing both Ohio forms IT If this pass through entity has invested in another partnership if those facts figures and computations are not affected If you show an amount on this line attach the following immediately following calendar year Important: S corporation shareholders cannot claim this improvements owned and used in the trade or business improvements owned and used in the trade or business in in (a) and (b) above is less than or equal to $300 000 the In addition the pass through entity can defer making all or in arriving at federal adjusted gross income on the federal In determining average value do not include in either Within in division (B) of R C 5747 11 Otherwise the amended in Ohio the nonresident can fulfill the nonresident s Ohio in one or more pass through entities doing business In such circumstances to the extent that this investor passthrough In the case of delivery of tangible personal property by in the case of property that the corporation is renting from in the regular course of a trade or business: (1) receipts from in your area call the IRS at 1 800 8291040 include any deductions that have been already used to include any K 1 attachments schedules or statements) (iii) Include on this line all compensation paid to or for family Include on this line any item of income or deduction if not include the domestic production activities deduction included in a composite return for each pass through included in this report if the shareholder directly or including extensions for the taxpayer s taxable income allocated under R C 5733 051 income and apportioned or allocated to Ohio under R C income for the taxable year The deduction will be avail income if any is allocable only as provided by income includes gain apportioned to Ohio under income is not business income and (iii) a list of states if income reflected on lines 41 48 are the combined amounts Income Tax Adjustments income tax purposes In the absence of any method of accounting income tax purposes the taxable year for purposes of this Income Tax Return income tax return may be deducted from total income Examples income tax return Ohio form IT 1040 income tax school district income tax withholding tax (employer incurred to rehabilitate such buildings provided that ODSA approves indicate on each IRS form K 1 the investor s portion of the indirectly by the IRS adjustment to the pass through indirectly owned at least 20% of the S corporation at any indirectly owns the asset See R C 5747 01(A)(20) as Individual Development Accounts individual income tax filing requirements under R C 5747 02 information described above Information in ASCII Comma Delimited Format appear in information in large type or print: (i) the name and federal information releases 2002 02 and 2002 01 regarding Ohio Information Releases Tax Forms institution Instructions for insurance company or (iii) an at least 25% owned financial intent to claim the grant interest accrues on the unpaid tax Interest on tax due is interest due and is a return subject to assessment under interest from which is deductible You can obtain a copy interest in a closely held business having property payroll and/ Interest income generated from repurchase agreements Interest is allowed and paid upon any overpayment in excess Interest on Underpayments and Overpayments Interest or similar amounts received for the use of or for Investor Information investor pass through entity can defer making the 2/3 5/6 investor pass through entity received from the investee investor s behalf These include nonresident investors with investors file Ohio form IT 4708 investors included in this composite return See Schedule VI investors participating in a composite and having have no investors some security against losses on their loans to the is based upon the last day of the pass through entity s is business income reduced by deductions from business is later no interest shall be allowed on such overpayment is modified by R C 5733 40(P) For purposes of the line is not a qualifying investor So for that taxable year the is paid in Ohio if any of the following apply: is received) after the end of the taxable year The investor is refunded within 90 days after the due date of the annual is the character of all income and deductions (and adjustments is the total compensation paid both within and without this issued by the Ohio Development Services Agency IT 4708 IT 4708 IT 4708 IT 4708 IT 4708 IT 4708 IT 4708 then the filing date for the Ohio form IT 4708 is extended IT 4708? IT 4708ES IT 4708ES payments ( Ohio Composite Annual Return Estimated its original cost average value Average value is determined jobs credit provided by R C 5747 058 attach a copy of July 1 2009 for a refundable credit against the income tax July 31 2002 and Nov 7 2002 June 30 2006 The grant is claimed as a direct reduction K 1s (See Tax Credit Available to Investors on page this K 1s must indicate the amount of Ohio form IT 4708 tax paid K 1s that this pass through entity received from other Late Filed Return late filing or failure to file timely The period of underpayment law also imposes penalties for failure to pay timely and/or fully leases or subleases to others if the income or loss from such limited to nonresident individuals nonresident estates and Lindley (1980) 62 Ohio St 2d 305 Line 1(a) Property Owned Total Everywhere Line 1(a) Property Owned Within Ohio Line 1(b) Property Rented Line 1(c) Property Ratio Line 1(c) Property Total Within Ohio and Total Line 1(c) Weighted Property Ratio line 11 Line 11 Nonrefundable Business Credits and Grant Line 13 Interest Penalty on Underpayment of Line 14 Ohio Form IT 4708ES Estimated Tax Line 15 Ohio Form IT 1140ES Payments Transferred to Line 16 Ohio Form IT 4708ES Payments Transferred Line 18 Amount of 2012 Overpayment Credited to 2013 Line 19 Refundable Business Credits Line 2 Payroll Ratio Line 2 Payroll Total Everywhere Line 2 Payroll Within Ohio Line 2 Weighted Payroll Ratio Line 25 Interest and Penalty Due on Late Paid and/or Line 26 Total Amount Owed Line 28 Related Member Adjustments Line 3 Sales Ratio Line 3 Sales Total Everywhere Line 3 Sales Within Ohio Line 3 Weighted Sales Ratio Line 30 Compensation Add Back Line 34 Depreciation Adjustments Line 35 Other Income (Loss) Line 36 Pass through Entity Add back Line 39 Losses From Sale or Other Disposition of Line 4 Net Allocable Nonbusiness Income (Loss) Line 4 Total Weighted Apportionment Ratio Line 41 I R C 179 Expense Not Otherwise Deducted Line 42 Deduct Depreciation and Miscellaneous Federal Line 43 Net Federal Interest and Dividends Exempt Line 44 Other Separately Stated K 1 Amounts and Line 8 Net Nonbusiness Income (Loss) Allocated to Ohio line please provide (i) a schedule indicating the type and the Lines 47 and 48 Ohio Public Obligations and Ohio listed on the last page of this instruction booklet machinery and equipment (the 7 5% 13 5% manufacturer s machinery and equipment during the qualifying purchase machinery and equipment filed a notice of intent machinery and equipment in Ohio no later than machinery and equipment purchased during the made the credit for losses on loans made to the OVC program Magnetic media meeting the specifications that the IRS Make check payable to Ohio Treasurer of State include Ohio manufacturer s credit is nonrefundable The concepts Manufacturing Equipment Grant maximum amount that could be expensed was $25 000 May 11 1990 may carry forward any balance of the credit in excess of the may file an amended return within the 60 day period may not claim the nonrefundable R C 5709 66 enterprise may participate in the filing of Ohio form(s) IT 4708 but that member employees if the pass through entity owner is a member of the family directly indirectly and/or by attribution Method of Accounting Miscellaneous Federal Income Tax Adjustments Monday through Friday month (up to 50% of the tax due shown on the return) The Motion Picture Production Credit Multiply the property ratio on line 1(c) by the property factor Multiply the property ratio on line 2 by the payroll factor Multiply the sales ratio on line 3 by the sales factor weight must apply the aggregate (conduit) theory of taxation That must be the same as its method of accounting for federal must include the proportionate share of each lower tiered new employees at an urban job and enterprise zone new facility or on a new product or service no base of operations the place from which the recipient s No Carryforward Deductions no other Ohio sourced income who currently are not required non English speaking people fill in their Nonrefundable business credits claimed on this composite nonresident investors in a pass through entity on whose nonresident partner must also file an Ohio income tax return nonresident taxpayer shall apportion the income using the nonresident trusts can file either Ohio form IT 1140 or IT not an extension of time to pay Use Ohio form IT 4708EXT not timely made Note: Both resident and nonresident individuals Note: For taxable years beginning on or after Jan 1 2013 Note: Income and gain from receipts excluded from the sales Note: Income taxes that the pass through entity pays on Note: Ohio will follow the lead of the IRS by extending the Note: On June 30 2013 Amended Substitute House Note: Please put tax return in proper numerical order Note: Show on Schedule II the income and adjustments Note: The Ohio political contribution credit is a nonrefundable Note: When calculating the apportionment ratio a passthrough Nov 30 2014 Nov 7 2002 number 3 (See Tax Credit Available to Investors below ) number that you wish to contact obligations and therefore is not deductible See Nebraska of (i) the year 2013 timely paid Ohio composite annual return of (i) up to $50 per month (up to $500) or (ii) up to 5% per of 60% of a Partnership or an S Corporation if applicable of certain historic Ohio buildings for the expenditures paid or of delivery trucks may not situs driver payroll based upon the of four years from the date Ohio form IT 4708 was fi led or of I R C 179 property as defined on Dec 31 2002 were of income of income are reported and (ii) all related tax is timely and of nonbusiness income See R C 5733 05(B)(2) of one dollar in respect of the tax imposed under R C of operations or the place from which the service is directed of real property inventory (such as lots developed and sold by of sale Customer pick up sales are situsable to the final of Schedule E Schedule E is available from the department s of taking this credit as a refundable credit or as a nonrefundable of Taxation information release lists federal obligations the of the benefit in Ohio to the benefit everywhere The costof of the magnetic media a label containing the following of the release from the department s Web site address at of the right to use trademarks trade names patents copyrights of this investor pass through entity for that investee passthrough of time to file and if the IRS granted extended due Office hours: 8 a m 5 p m Ohio but the service performed outside Ohio is incidental Ohio Department of Taxation Ohio Department of Taxation Ohio Development Services Agency If the authority determines Ohio during the taxable year Ohio form IT 1140 if such nonresident pass through entity Ohio form IT 1140 is based upon the first day of the passthrough Ohio form IT 1140 purposes for the taxable year the investor Ohio form IT 1140ES to Ohio form IT 4708 for the same Ohio Form IT 4708 Line Instructions Ohio form IT 4708 net tax paid by this pass through entity ohio gov These releases were originally posted on July Ohio Historic Preservation Credit Refundable Portion Ohio income is a distributive share of income from an investment Ohio IT 4708 Ohio law does not allow for a deduction for net operating loss Ohio or Total Everywhere the following: Ohio Public Obligations Ohio regardless of where title passes or other conditions Ohio Revised Code section (R C ) 5747 08(D) allows each Ohio Revised Code sections 5703 05 5703 057 and 5747 08 authorize us to request this information Ohio Venture Capital (OVC) Program (R C 150 01 to on a holiday then the due date becomes the fi rst business on April 16th of each year the IRS filing deadline of April 15th on our Web site at tax ohio gov) Enter on Schedule I line on the 2012 Ohio form IT 4708) on the amount of use of that property but rather on the right on the year 2014 Ohio form IT 4708ES for the entity s taxable on which such payment is made once made is binding and irrevocable for the taxable year one state in the same ratio by which the mileage traveled by only for those investors who are participating in the fi ling of only to the taxable year for which the election is made Unless or 1 800 848 1300 or visit the Ohio Development Services or 6/6 add back or 6/6 add back until the taxable year or years for which or any other person other than an individual trust or estate or attachments that are not affected either directly or or by the IRS and if such alteration affects the pass through or contract motor carrier corporation who performs his or controlled is not in any state in which some part of the or credit resulting therefrom has been assessed or paid or exceeds either of the following: or excluded in computing federal or Ohio adjusted gross or limited liability company ( investee pass through entity ) or other disposal of tangible personal property or real or permitted to file an individual return if the entity fi les the or proportionate share of $3 million The taxpayer or sales in Ohio must situs to Ohio a portion of the gain (loss) or tangible personal property in an enterprise zone for which or the denominator of the sales factor even if the receipts other disposal of intangible property other than trademarks other equity of the pass through entity That is pass through other Ohio sourced income from fi ling an Ohio form IT 1040 other pass through entities estates and trusts can be others eight times its net annual rental rate) within Ohio otherwise reported and if that item affects an individual s owned by pass through entities in which the pass through owned or rented and used in the trade or business everywhere ownership interests or in such proportions or amounts as the owns at least 40% of the pass through entity See R C 5733 40 P O Box 182382 page ) Page 1 of federal form 1065 or page 1 of federal form pages 1 and 2 of the K 1 for each investor whether or not paid everywhere during the taxable year paid in Ohio during the taxable year Compensation Pass Through Entities and Trusts ) for the same taxable year pass through entities that purchased new manufacturing pass through entities who intend to submit requests for pass through entity Pass Through Entity pass through entity (defined below) to elect to file a composite Pass through Entity Credit pass through entity files its Ohio amended return within 60 pass through entity is entitled to a refundable credit equal pass through entity is not subject to the withholding tax or pass through entity is unable to deduct fully a loss passing pass through entity s agreement with the Tax Credit Authority pass through entity s annual return that are affected pass through entity s federal income tax return and whether pass through entity s federal income tax return unless the pass through entity s loss and does receive a federal tax pass through entity s project but before the pass through pass through entity s property payroll and sales See R C pass through entity See R C 5747 059 and 5747 08(J) pass through entity that has generated I R C 168(k) bonus pass through entity which is any of the following: pass through s taxable year end Please attach a copy of Payment Date Postmark Payments Payments and Net Amount Due Calculations payments to satisfy the tax due on this form Ohio form IT Payroll Factor penalties Penalty for failure to file or timely file a report is the greater penalty is due) complete Ohio form IT/SD 2210 (available performance provision is no longer the law period Jan 1 2005 to June 30 2005 but also to qualifying period July 1 1995 to June 30 2005 provided that the period specified in the I R C ; AND person directly or indirectly related to the taxpayer if the direct personal property (4) rents and royalties from real property (5) personal property is sitused to the destination state as a personal property that the pass through entity rents subrents place at which such property is received by the purchaser place at which such property is ultimately received after Please provide investor information for all investors in the Pollution or an Industrial Water Pollution Control Certificate portion and a nonrefundable portion If the credit allowed prepare on behalf of their clients Except as set forth Preparer s Signature Preparers using magnetic media must affix to the outside prescribed for filing the amended return even if it is filed previous years Ohio form IT 4708 returns The entity can previously filed return no longer subject to assessment to Prior to issuing to investors whose income is included in procedures for IRS income tax paper returns that paid practitioners program Program (VITA) and Tax Counseling property property and tangible personal property including leasehold property in Ohio then the receipts from the sale exchange Property owned by the pass through entity is valued at Property relating to or used in connection with the production Property rented by the pass through entity is valued at eight property where that property is a capital asset or an asset property; proportion to the purchaser s benefit with respect to the provide that if a pass through entity owns and restores a Purchase Obligations purchased and to taxpayers that have an interest in purchaser does not constitute delivery to the purchaser in purchaser ultimately uses or receives the benefit of what purposes is the same as its taxable year for federal income qualifying entity during the qualifying entity s taxable year qualifying entity Such compensation shall be added back Qualifying pass through entities whose equity investors are qualifying purchases for which the taxpayer claimed R C 5747 02 after allowing for any other credits preceding R C 5747 08(D)(1)(b)(ii) R C 5747 13 for the purpose of assessing any additional R C 5747 20 through 5747 231 If you show income on this R C 5747 212 ratio of miles traveled in Ohio to miles traveled everywhere Receipts and any related gains and losses from the sale Receipts and any related gains or losses from the sale or Receipts from sales of real property inventory in Ohio Receipts from sales of tangible personal property less Receipts from sales to (i) an at least 80% owned public Receipts from the performance of services and receipts Receipts from the sale exchange disposition or other grant receipts from the sale exchange disposition or other grant of Reciprocity agreements do not apply to those nonresidents recognized from that sale exchange or other disposition The Records To Be Maintained reduce any income items set forth in Schedule II Reduce the amount on this line by any refunds previously reflect the average value of the corporation s refund of the overpayment except that if any overpayment Refundable business credits claimed on this composite return Refundable Business Jobs Credit Refundable Credit for Losses on Loans Made to the refundable Under prior law the taxpayer had a choice regularly assigned duties on a motor vehicle in more than rehabilitation expenditures (QREs) paid or incurred during relates to the production of nonbusiness income relating to or used in connection with the production of nonbusiness releases 2002 02 and 2002 01 regarding Ohio bonus remuneration paid to an employee for personal services rentals subrentals leases or subleases is business income Rents and royalties from real property located in Ohio Rents and royalties from tangible personal property to the reopen those facts figures computations or attachments requests with a timely filed return or amended return Prior required in a pass through entity s composite income tax requires for transmission of information by electronic media research resulting from alterations to only those facts return (Ohio form IT 4708) on behalf of one or more of the return are limited to the proportionate share amounts for return form 1065 or 1120S is deemed a report subject to return is changed accordingly return must be altered as the result of an adjustment to the return or within 90 days after the return was fi led whichever return See R C 5747 08 return shall not reopen those facts fi gures computations returns and allowances received by the purchaser in Ohio Rev 10/13 Rev 10/13 Rev 10/13 Rev 10/13 Rev 10/13 Rev 10/13 Rev 10/13 Revenue Code (I R C ) for its taxable year; OR Revenue from servicing processing or modifying tangible rules or the federal at risk limitation rules this investor runs from the date the tax was required to be paid to the date sale in Ohio to the purchaser s benefit with respect to sale of tangible personal property See Custom Deco Inc Sales Factor sales of tangible personal property (2) receipts from the sale Schedule E business credit summary worksheet and enter Schedule I line 15 the total amount to be transferred from Schedule I line 16 the total amount to be transferred from Schedule I Taxable Income Tax Schedule II Income and Adjustments Schedule III Deductions Schedule IV Apportionment Formula Schedule V Investor Information secured by federal obligations is not interest from federal See Cooper Tire and Rubber Co v Limbach (1994) 70 Ohio See line 4 instructions See page 3 interest on underpayments overpayments and See R C 5709 76 5747 01(A)(9) and 5747 01(S)(7) See R C 5733 05(B)(2)(a) See R C 5733 40(A)(5) and 5747 01(A)(21)(a) See R C 5747 01(A)(8) 5747 01(A)(9) 5747 01(S)(6) see R C 5747 212 see Schedule V Investor Information on page 12 See Senate Bill 28 129th General Assembly However Service at 1 800 750 0750 or 7 1 1 service is directed or controlled is within Ohio or the base service is performed but the recipient s residence is in Services Agency issued a preservation tax credit certificate Services Agency The amount of the credit equals services and other receipts not expressly excluded from the shall be considered a distributive share of income of the share of income passing through from the pass through Show on this line the sum of any payments made with previously showing any payments previously made showing any refunds previously claimed signing Ohio form IT Waiver Situsing Revisions ) some of the add back under the following circumstances: Some of the recipient s service is performed within Ohio speech impaired who use TTY or St 3d 347 state and federal returns For locations state during the taxable year by the pass through entity As statutorily required mileage ratio applies only to contract or subject of the tax credit agreement after the pass through subrental receipts) Substitute Senate Bill 321 126th Ohio General Assembly such employee within Ohio bears to the total mileage traveled such year from the amount claimed in an ensuing year take this deduction even if the entity no longer directly or tangible personal property owned or rented and used in tangible personal property rented and used in the trade or tax credit application procedures call 614 466 4551 Tax Credit Available to Investors tax credit certificate issued by ODSA The historic tax credit eligible production See R C 122 85 and 5747 66 tax due under this division The amended return must not Tax Incentive Qualifi cation Certificate issued by the Ohio tax liability See R C 149 311 and 5747 76 tax must be changed accordingly tax ohio gov Tax Payment for Pass through Entities and Trusts) to make Tax Payments ) to Ohio form IT 1140 ( Tax Return for tax purposes as an association taxed as a C corporation tax purposes If an entity s taxable year is changed for federal tax purposes its method of accounting for purposes of this tax See R C 5703 262(B) and 5747 08(F) taxable year taxable year multiplied by the percentage specified in the taxable years taxable years and must deduct any amount claimed for any Taxation Taxpayer Assistance taxpayer or the pass through entity installs the new manufacturing taxpayer previously filed the notice of intent to claim Taxpayer Service Center Taxpayer Service Center Hours Taxpayer Services Division Taxpayer Services Mailing Address taxpayers Ohio small business investor income means TDD only: Please contact the Ohio Relay than $500 Interest penalty applies to estimated payments than 60 days after either (i) the adjustment has been agreed that character when recognized by the pass through entity that filed either Ohio form IT 1140 or Ohio form IT 4708 on that is not reported on Ohio form(s) IT 4708 Other Ohiosourced that is used exclusively during the taxable year for qualified that it is appropriate a new employee may include that participate in the filing of Ohio form IT 4708 Do not that substantiate any information reported on Ohio form IT that the pass through entity must allocate the credit to each that this entity will issue to each investor in this entity The that was credited to the 2013 tax liability (see line 22 the 24 or 60 month rehabilitation period shown on the taxpayer s the above situsing provisions are situsable to Ohio in the The add back and subsequent deduction laws also cover the adjustment is initiated either by the pass through entity The allowable deductions in arriving at federal adjusted gross the amount applied to reduce the tax otherwise due for that The amount contributed to other separately stated K 1 the amount of Ohio income tax the pass through entity withheld the amount of the credit on Ohio form IT 4708 Schedule I the average value of the corporation s includable real and the certificate of verification issued by the Ohio Development The credit equals a percentage of the motion picture company s the credit in the order prescribed by R C 5747 98 the excess the credit is refunded the sum of the amount refunded and the credit that filing also constitutes a notice of the the date of the postmark is deemed the date of delivery the date of the taxpayer s timely filed tax return the date the form was required to be filed whichever is later the determination of whether or not an asset is a capital The election provided in division (D) of R C 5747 08 applies the end of the taxable year and dividing the total by two the entity tax (Ohio form IT 1140) with respect to the distributive the extent that those facts figure and computations are not the following order: The following receipts may not be included in either the numerator the following: the forbearance of the use of money; The grant applies not only to the qualifying new manufacturing The grant applies only if both of the following conditions The grant request form is available on the Ohio the grant request form which is available at tax ohio gov the immediately following calendar year the investor participates in filing this composite return (do not the IRS form K 1 setting forth the credit amount that this the IRS recognizing the Emancipation Day holiday that occurs The law specifically includes in the sales factor the following the manufacturer s credit on prior income tax returns and The manufacturer s grant applies to taxpayers who The Ohio Department of Taxation follows IRS Service Notice the Ohio Department of Taxation phone the Ohio Development Services Agency maintained the Ohio form IT 4708ES payments to Ohio form IT 1140 for The original cost of property within Ohio with respect to the original cost of qualifying improvements to land The original cost of real property and tangible property (or the pass through entity can allocate the credit among The pass through entity can also elect to transfer Ohio form the pass through entity for any deficiency within four years The pass through entity must file the amended return not later The pass through entity must make estimated tax payments the pass through entity on the date that the pass through the pass through entity s equity owners in proportion to their the pass through entity s within Ohio and without Ohio includable The payroll factor is a fraction the numerator of which is the the phrase IT 4708 K 1 Information and (iii) the phrase the portion of a taxpayer s adjusted gross inccome that the project the credit equals 25% of the owner s qualified The property factor is a fraction the numerator of which is the proposed rehabilitation project If ODSA approves The purpose of the credit is to provide OVC lenders and The recipient s service is performed both within and outside The recipient s service is performed entirely within Ohio; The return preparer must repeat the sequence set forth in the right to use the property in Ohio the right to use trademarks trade names patents copyrights the sale everywhere The physical location where the The sales factor is a fraction whose numerator is the passthrough The sales factor specifically excludes receipts attributable the same taxable year the tax commissioner consent in writing to the extension by The tax commissioner may issue an assessment against The tax commissioner may require the use of monthly the tax commissioner provides otherwise this election The Tax Credit Authority and Ohio Development Services the tax that the investee pass through entity paid on behalf the taxpayer holds a Tax Incentive Qualifi cation Certificate The term new employee means a full time employee first the trade or business in this state during the taxable year there are no miscellaneous federal tax adjustments on this return thereafter These releases were originally posted on July 31 2002 and This Form this investor pass through entity does deduct the investee this return this return (ii) and the amount of each payment transferred This return must include either (i) Schedule V (ii) a copy of this return the IRS form K 1 this pass through entity should those facts figures computations or attachments from a those investors included in this composite return Claim the through from the other pass through entity to this investor time during the year R C 5733 40(A) (7) timely pay penalties times the annual rental rate (annual rental expense less to $250 000 The deduction cannot exceed $62 500 for to $5 million per project and the credit can contain a refundable to a person or firm designated by a purchaser To compute an interest penalty (or to show that no interest To File IT 1040 to income and deductions) realized by a pass through to make extension payments Tax remaining unpaid on the to nonbusiness income allocable under R C to Ohio Form IT 1140 to Ohio form IT 4708 to Ohio form IT 4708 a schedule setting forth (i) the to or finally determined for federal income tax purposes or (ii) to the entity s federal income tax return To the extent that the pass through entity elects to make such to the extent that the receipts are based on the amount of to the extent the includable gross receipts refl ect business to the pass through entity s federal income tax return to the question Do you authorize your preparer to contact to the recipient s service within Ohio; OR to the report (i) a schedule indicating the type and the amount to the requirements of that section An amended return to the return to the same date Note: An extension of time to fi le is to the taxpayer s Ohio income tax liability and like the to this change the request was not required to be submitted to this investor pass through entity s proportionate share of to use the property and the payor has the right to use the Toll Free 24 Hour Refund Hotline 1 800 282 1784 Toll Free Form Requests 1 800 282 1782 Toll Free Tax Questions 1 800 282 1780 Toll Free Telephone Numbers total compensation paid in this state during the taxable year trade names patents copyrights and similar intellectual transfers please indicate on this 2013 Ohio form IT 4708 transportation) has been completed See Dupps Co v under the prior law the taxpayer could not claim any I R C unextended due date is subject to both interest and failureto upon either (i) the tax due net of credits for the fi scal year us regarding this return? (from page 2 of the return) use of that property in Ohio If the receipts are not based used below the term compensation means any form of utility other than an electric company combined electric v Limbach BTA Case No 86 C 1024 June 2 1989 values during the taxable year if such values more reasonably visit the Ohio Development Services Agency s Web site at Volunteer Income Tax Assistance Walk in want to deduct such carryforwards should file Ohio form IT was purchased is paramount in determining the proportion was required to be filed or the date the return was We need your Social Security number in order to administer this tax Web site (tax ohio gov) or at the taxpayer service center Web Site tax ohio gov weight of 20% Which Pass Through Entities Must File? Which Should I Use: Ohio Form IT 1140 or Ohio Form which the state of Ohio has issued an Air Pollution Noise which this investor pass through entity makes the 2/3 5/6 whichever occurs first whose income is included in this return set forth in field why the income is not business income and (iii) a list of states will be refunded to the taxpayer but if any amount of will for some years occur a few days after April 15th such will pass through as a credit from this pass through entity to with respect to the following Ohio paper returns: individual with the Ohio Development Services Agency by within 60 days after receiving the agreement from the would be due May 15 2014 For the fiscal year beginning would be due on April 15 2014; June 17 2014; Sept 16 write) his/her name on the form if the taxpayer checks Yes Written year end and electing to file this return must file the return year ending in year 2014 if the year 2014 Ohio composite year immediately following the calendar year in which the year may not exceed $3 million or if the certificate owner is year of the pass through entity ends and Jan 15th of the year that included Sept 30 2005 However if the years Thus the grant applies to (i) the 1/7 amounts from you must make all other required adjustments for this line your ordinary income zone new employee credit with respect to that employee