Ohio Acquisition Worksheet
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How to fill out Acquisition Worksheet?
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FAQ
The tax rate will change. The Ohio Department of Taxation reports: for taxable years beginning in 2022, the IT 4738 tax rate is 5%; For taxable years beginning in 2023 and later, the tax rate is equal to the tax rate imposed on taxable business income pursuant to R.C. 5747.02 (A)(4)(a), which is currently 3%.
A PTE must file an Ohio return to report and pay tax on behalf of its nonresident individual, trust, and PTE investors. The PTE can elect to file either the IT 4708 or the IT 1140. A PTE that changes forms from year to year must ensure all periods of income are reported and all related tax is timely and fully paid.
An assessment is the tax department's legal billing notice of an outstanding tax liability.
Through the IT 1140, a tax of 5 percent is withheld from the income of all qualifying individual investors, and an entity tax is calculated on the income of qualifying investors that are not individuals.
Who Should file the IT 1140? A qualifying PTE is required to file an IT 1140 when it is subject to withholding or entity tax on distributive shares of income issued to qualifying investors.
Form IT-1140 is a withholding return and must be completed for all qualified investors. The instructions give a detailed list of who is not a qualified investor, one of which is any partner that is included in the composite return (IT-4708). Resident partners will not get withholding.
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.
