Ohio IT 4708-2025

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The document provides detailed instructions for filing the Ohio IT 4708 Composite Income Tax Return for certain investors in pass-through entities for the taxable year ending in 2012. It outlines eligibility criteria, required forms and schedules, methods of accounting, filing deadlines, penalties for late submissions, and information on tax credits available to investors. The document emphasizes the importance of accurate reporting and compliance with both state and federal tax regulations.

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Who must file oh it 4708?

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.

Can you write off 529 contributions in Ohio?

Line Item Overview: You may deduct up to $4,000 per beneficiary for amounts contributed to an OHIO 529 (CollegeAdvantage) savings plan and included in your federal adjusted gross income. Other states 529 plans do not qualify for this deduction. Any unused amounts may be carried forward.

What is the tax rate for it 4708 in Ohio?

IT 4708 PTE Composite Income Tax Return o 3.75% tax rate for periods starting 1/1/2023 but prior to 1/1/2024. o 3.50 % tax rate for periods starting 1/1/2024 or after.

What is the difference between Ohio IT 1140 and IT 4708?

Form IT-1140 is a withholding return and needs to be completed for all qualified investors. The instructions give a detailed list of who isnt a qualified investor, one of which is any partner included in the composite return (IT-4708). Resident partners wont get withholding.

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