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Preview - Ohio It 4708 Form
Document Properties
| Fact Name | Description |
|---|---|
| Form Purpose | The Ohio IT 4708 form is used for filing a Composite Income Tax Return for certain investors in a pass-through entity, allowing for the reporting of income and deductions collectively. |
| Governing Law | This form is governed by Ohio Revised Code section 5747, which outlines the taxation of income earned by pass-through entities. |
| Filing Requirements | Investors who are part of a pass-through entity must file this form if they wish to report their income and deductions together, simplifying the tax process. |
| Amended Returns | If corrections are needed, taxpayers can check the amended return box on the form to indicate that changes have been made to a previously submitted return. |
| Payment Instructions | Any tax due should be paid to the Ohio Treasurer of State, with specific instructions provided on the form for payment processing. |
Documents used along the form
The Ohio IT 4708 form is a composite income tax return for certain investors in a pass-through entity. While this form is essential for filing, several other documents are often used in conjunction with it to ensure compliance and accuracy. Below is a list of these related forms and documents.
- IRS Form 1065: This is the U.S. Return of Partnership Income. It reports the income, deductions, gains, and losses from the operation of a partnership. A copy must be attached to the IT 4708 form.
- IRS Form 1120S: This form is used for S Corporations to report income, deductions, and credits. Like Form 1065, it must be attached to the IT 4708.
- Gift Certificate Form: For those looking to offer a thoughtful present, utilizing a smarttemplates.net can simplify the process of creating a customizable gift certificate.
- Ohio IT 4708ES: This is the estimated tax payment form for the composite income tax. It helps investors make estimated payments throughout the year.
- Ohio IT 4708EXT: This form is used to request an extension for filing the IT 4708. It provides additional time to complete the return without incurring late fees.
- Ohio IT/SD 2210: This form calculates any interest penalty on underpayment of estimated tax. If applicable, it must be attached to the IT 4708.
- Schedule E: This schedule is used to report nonrefundable business credits. It should be attached to the IT 4708 if any credits are claimed.
- Supporting Documentation: This may include various schedules and explanations that provide details about income, deductions, and any special circumstances affecting the return.
Using these forms and documents alongside the Ohio IT 4708 ensures a thorough and accurate filing. It is crucial to gather all necessary materials to avoid delays and potential penalties.
Guidelines on Filling in Ohio It 4708
Filling out the Ohio IT 4708 form requires careful attention to detail. This process involves collecting necessary information about the pass-through entity and accurately reporting income and deductions. Once completed, the form should be submitted to the Ohio Department of Taxation along with any required attachments.
- Obtain the Ohio IT 4708 form from the Ohio Department of Taxation website or your tax professional.
- Fill in the name of the pass-through entity at the top of the form.
- Provide the address, city, state, and ZIP code of the pass-through entity.
- If applicable, check the box indicating an address change.
- Check the box if you are filing an amended return.
- Enter the Federal Employer Identification Number (FEIN) for the pass-through entity.
- If the entity is an S corporation, include the Ohio charter or license number.
- Indicate the number of investors included in the return.
- Provide the apportionment ratio from Schedule IV, line 4.
- Enter the NAICS code from the federal income tax return.
- Complete Schedule I by calculating total income from Schedule II, line 40.
- Fill in total deductions from Schedule III, line 49.
- Calculate the income (loss) to be allocated and apportioned by subtracting total deductions from total income.
- Report any net allocable nonbusiness income (loss) on line 4, attaching any necessary explanations and supporting schedules.
- Determine the apportionable income (loss) by subtracting net allocable nonbusiness income (loss) from the income (loss) to be allocated and apportioned.
- Use the apportionment ratio to calculate the income (loss) apportioned to Ohio.
- Report any net nonbusiness income (loss) allocated to Ohio and gain (loss) apportioned to Ohio on line 8.
- Calculate the Ohio taxable income by summing the amounts on lines 7 and 8, ensuring it is not less than zero.
- Calculate the tax before credits by multiplying the Ohio taxable income by 0.05925.
- List any nonrefundable business credits and grants on line 11, attaching Schedule E and the grant request form if applicable.
- Determine the tax due after nonrefundable business credits and grants by subtracting line 11 from line 10.
- Calculate any interest penalty on underpayment of estimated tax on line 13, attaching Ohio form IT/SD 2210 if required.
- Enter any payments made during the taxable year on lines 14 and 15.
- Deduct any previously claimed overpayments for the taxable year on line 16.
- Calculate the total net Ohio estimated tax payments for 2011.
- Report any overpayment or amount due on lines 21 through 26, ensuring accuracy in calculations.
- Make a check payable to the Ohio Treasurer of State for any amount owed, placing the FEIN on the check.
- Mail the completed form and payment to the Ohio Department of Taxation at the address provided.
Common mistakes
Filling out the Ohio IT 4708 form can be a straightforward process, but several common mistakes can lead to complications. One frequent error is failing to include all necessary information about the pass-through entity. This includes the name, address, and federal employer identification number (FEIN). Omitting these details can result in delays or rejections of the tax return.
Another mistake often made is not accurately calculating the income and deductions. Taxpayers should ensure that the total income from Schedule II and total deductions from Schedule III are correctly entered. Miscalculating these figures can lead to incorrect tax liability, potentially resulting in penalties or interest charges.
People also commonly forget to attach required documentation, such as copies of IRS forms 1120S or 1065. These forms provide essential information about the investors and their shares in the pass-through entity. Without this documentation, the return may be deemed incomplete, prompting the Ohio Department of Taxation to request additional information.
Additionally, some individuals overlook the importance of checking the box for an amended return when applicable. If changes have been made to a previously filed return, this box must be checked to ensure that the corrections are processed correctly. Failing to do so may lead to confusion and complications in the tax filing process.
Lastly, many filers neglect to review the entire form for accuracy before submission. Simple mistakes, such as arithmetic errors or incorrect entries, can have significant consequences. Taking the time to double-check all calculations and information can help avoid unnecessary issues and ensure a smoother filing experience.
FAQ
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What is the purpose of the Ohio IT 4708 form?
The Ohio IT 4708 form is designed for certain investors in a pass-through entity to report their income and calculate their tax obligations. This composite income tax return allows multiple investors to file together, simplifying the process for those who share ownership in entities such as S corporations or partnerships. By using this form, investors can ensure compliance with Ohio tax laws while potentially reducing the administrative burden of filing individual returns.
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Who needs to file the Ohio IT 4708 form?
The form must be filed by investors who are part of a pass-through entity and who choose to report their income collectively. This includes individuals who hold ownership stakes in S corporations or partnerships. It is important to note that only those investors participating in the filing of the return should be included. If an investor does not wish to file as part of this composite return, they must file their own individual tax return instead.
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What information is required to complete the Ohio IT 4708 form?
To accurately complete the Ohio IT 4708 form, several pieces of information are necessary. This includes the name and address of the pass-through entity, the federal employer identification number (FEIN), and the Ohio charter or license number if applicable. Additionally, investors must provide details on total income and deductions, as well as any nonbusiness income. The form also requires the apportionment ratio and NAICS code from the federal income tax return. Supporting documentation, such as copies of IRS forms 1120S or 1065, must be attached to the return.
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How is the tax calculated on the Ohio IT 4708 form?
The tax calculation on the Ohio IT 4708 form is based on the Ohio taxable income reported. To determine this amount, total income is first calculated and then deductions are subtracted. The result is the income (or loss) to be apportioned. After accounting for any nonbusiness income, the Ohio apportionment ratio is applied to find the income allocated to Ohio. The tax rate of 5.925% is then applied to the Ohio taxable income to determine the tax before credits. Any applicable nonrefundable business credits are deducted to find the final tax due.