Time Extension Form Pwd In Ohio
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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.
A qualifying trust is required to file an IT 1140 when it is subject to a withholding tax on distributions of certain types of income made to qualifying beneficiaries.
This is because the filing of each return type (IT 1140, IT 4708, IT 4738) is made on a yearly basis. The tax rates are different on each return type. The tax rate for 2023 IT 4738 will change from 5% to 3%.
"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."
Who Should File Form IT 4708? The IT 4708 is a composite income tax return a PTE elects to file on behalf of its qualifying investors. It is filed in lieu of the IT 1140 (the PTE withholding return). Unlike the IT 1140, a PTE can use the IT 4708 to claim credits or payments made on its behalf by other PTEs.
Late filing penalty is the greater of 5% of the tax due or $50.00 for each month the return is late, up to a maximum of 50% of the tax due or $500, even if the late-filed return results in a refund. Please respond within 21 days to avoid further collection actions.
Most states don't require you to file separate state extension forms if you don't owe any additional taxes. When you file your state return, you only need to attach a copy of your federal extension form.
Ohio Tax Extension Form: Ohio does not have its own separate state extension form. To obtain an Ohio tax extension, you must first file a Federal tax extension (IRS Form 4868). If you have a valid 6-month Federal extension, you will automatically receive an Ohio extension for the same amount of time.
Note: The IRS encourages filers to e-file Form 4868 for quicker processing. Switch to E-file Today. Internal Revenue Service, P.O. Box 1302, Charlotte, NC 28201-1302. Department of the Treasury, Internal Revenue Service Center, Austin, TX 73301-0045.
