TO INSTRUCTION PAGE Irrevocable election to pass Educational Improvement Tax Credit (EITC)/Opportunity Scholarship Tax Credit (OSTC) through to shareholders, members or partners. A separate election must be submitted for each year an EITC/OSTC is awarded and not used in whole or in part by the contributing entity. DO NOT INCLUDE THIS ELECTION WITH YOUR TAX REPORT. SECTION I START Pass-Through Entity Name: Date Received: Department Use Only Address: Telephone Number: MMDDYYYY Fax Num.
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How to fill out the PA REV-1123 online
Filling out the PA REV-1123 form online is essential for electing the Educational Improvement Tax Credit or Opportunity Scholarship Tax Credit. This guide offers comprehensive, step-by-step instructions to help users easily complete the form accurately.
Follow the steps to complete the PA REV-1123 form online
- Click the ‘Get Form’ button to access the form and open it in your editor.
- Begin by entering the pass-through entity name in the designated field. After that, fill in the date received, address, telephone number, fax number, email address, and the identification number (Revenue ID, FEIN, or SSN).
- In Section I, indicate the total EITC/OSTC awarded in the tax year available for pass-through, by entering the contribution date and amount.
- Specify the amount of EITC/OSTC to be applied to the entity’s liability, and the amount intended to be passed through to shareholders, members or partners.
- Answer the question regarding whether the remaining EITC/OSTC will be passed through for use by the owner(s) in the year of contribution or the following year. Select 'yes' or 'no' for each question.
- Proceed to Section II, where you will need to complete the information for each shareholder, member or partner receiving a pass-through tax credit. Fill out their names, addresses, Social Security numbers, percentages of distributive income, total amounts of EITC/OSTC credit to pass through, and the taxable year for application.
- Ensure all entries are accurate and complete. Once finished, you can save changes, download the completed form, or print it for submission.
Complete your PA REV-1123 form online today to ensure your tax credits are processed efficiently.
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