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You must make the Ohio PTET election when you file your tax return (i.e., by April 15, 2024 for the 2023 tax year). Keep in mind that other states with PTETs have different election deadlines. The SALT cap expiry date. The $10,000 SALT cap is set to expire at the end of 2025.

"Qualifying pass-through entities whose equity investors are limited to nonresident individuals, nonresident estates and nonresident trusts can file either Ohio forms IT 1140 or IT 4708. All other qualifying pass-through entities must file Ohio form IT 1140 and may also choose to file Ohio form IT 4708."

If the entity fails to file the Ohio pass-through entity and trust with- holding tax return by the due date (or extended federal due date), the law provides for a failure to file penalty, which is the greater of $50 per month up to a maximum of $500, or 5% per month up to a maximum of 50% of the tax.

This rate is 5% in 2022 and 3% in 2023. Consider how your owners' individual tax liabilities would change if you made the PTET election. Making quarterly estimates. If you elect the PTET, your entity should be making quarterly estimates using IT 4738.

Form IT-1140 is a withholding return and needs to be completed for all qualified investors. The instructions give a detailed list of who isn't a qualified investor, one of which is any partner included in the composite return (IT-4708). Resident partners won't get withholding.

Step 2: Set up a withholding tax expense item Go to Settings ⚙, then select Products & services (Take me there). Select New, then choose Service. Name the item "Withholding Tax". From Income account dropdown, select the withholding tax expense account that you've just created. Save and close.

Ohio Universal Sales Tax Return (UST 1) Instructions. Page 1. Note: This return is only to be used by taxpayers that have. been granted permission by the Ohio Department of Taxation. to file by paper.

Submit form IT 4 to your employer on or before the start date of employment so your employer will withhold and remit Ohio income tax from your compensation. If applicable, your employer will also withhold school district income tax.

Your Ohio Taxpayer Identification Number (TIN) is located on the preprinted label of your Ohio tax booklet. If you do not have a TIN, you may still register to use Ohio I-File by entering your Social Security Number, Your Last Name, Your Last Year's Ohio Income Tax Refund OR Tax Due.