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Ohio Form K-1
Extracted from PDF file 2023-ohio-form-it-k-1.pdf, last modified November 2023Form K-1
Do not staple or paper clip. 2 0 Ohio IT K-1 Rev. 10/25/23 10211411 Use only black ink and UPPERCASE letters. Part I - Investor / Owner / Beneficiary and Entity Information For calendar year 20 or taxable year beginning Pass-through entity / Fiduciary filing: IT 1140 Amended K-1 and ending IT 4708 IT 4738 Other Investor’s / owner’s / beneficiary’s SSN / FEIN Entity FEIN NAICS code Investor’s / owner’s / beneficiary’s name and address Entity name and address Entity type Country Code Foreign State Code Country Code Foreign State Code Ownership % Beginning Ending Profit-sharing............ % % Apportionment Ratio Within Ohio Total Everywhere / Property............................. Loss-sharing............. % % / Payroll............................... Ownership of capital. % % / Sales................................. Beneficiary’s income distribution % (trust/estates only) % Total apportionment ratio....................... Part II - Investor’s / Owner’s / Beneficiary’s Ohio Depreciation Adjustments 1a. Current year IRC §168(k) bonus depreciation & §179 expense (fraction used __/__)..................... 1a. b. Total deduction of prior year IRC §168(k) bonus depreciation & §179 expense Ohio add-backs.... 1b. Total Ohio Prior year Ohio add-backs and related year deduction Year and add 20 back fraction / 20 / 20 / 20 / 20 / 20 Add-back amount Related deduction Part III - Investor’s / Owner’s / Beneficiary’s Share of Ohio Income 2a. Pass-through entity / electing pass-through entity / trust & estate income........................................ 2a. Total b. Guaranteed payments or compensation (20% or greater investors only)............................................ b. c. Net Ohio depreciation adjustment........................................................................................................ c. d. Total taxable income (sum of 2a through 2c for each column)............................................................. d. Part IV - Investor’s / Owner’s / Beneficiary’s Share of Ohio Tax Credits 3. Direct pass-through entity credit (Ohio tax paid by this entity after nonrefundable business credits and refunds)..................... 3. 3a. Total amount to be added back from direct tax paid on an IT 4738 (Line 1 of the EPTE Add-back Schedule)......................... 3a. 3b. Total amount to be added back from direct entity tax paid to other states (Line 1 of the EPTE Add-back Schedule).............. 3b. 4. Indirect pass-through entity credits or withholding (attach IT K-1/W2/1099)............................................................................... 4. Include the FEIN for any indirect pass-through entities 4a. Total amount to be added back from indirect tax paid on an IT 4738 (Line 2 of the EPTE Add-back Schedule)...................... 4a. 4b. Total amount to be added back from indirect entity tax paid to other states (Line 2 of the EPTE Add-back Schedule)............ 4b. 5. Refundable job creation credit & job retention credit (include certificates) - % of credit claimed 6. Refundable Ohio historic preservation credit (include certificates) - % of credit claimed %............................. 5. %......................................... 6. 7. Venture capital credit (include certificates).................................................................................................................................. 7. 8. Motion picture & Broadway theatrical production credit (include certificates) - % of credit claimed %........................ 8. 9. Nonrefundable business credits (include certificates)................................................................................................................. 9. List the specific credit Part V - Supplemental Information 1 Ohio / Ohio IT K-1 EPTE Add-back Schedule 10211411 Attach this schedule to the Ohio IT K-1 to report the tax paid by this entity or by an electing pass-through entity directly or indirectly owned by this entity on the Ohio IT 4738, Electing Pass-Through Entity Income Tax Return and/or on another states entity income tax return. Include the electing pass-through entity tax paid (IT 4738 payments submitted) and income tax paid to other states in this schedule if it was included as a specified income tax payment and reflected in the partner’s or shareholder’s distributive or pro-rata share of non-separately stated income or loss reported on IRS Schedule K-1 or a similar form pursuant to IRS Notice 2020-75 or any similar guidance issued by the Internal Revenue Service. An individual taxpayer is required to add back their proportionate share of IT 4738 and other states entity taxes paid on the IT 1040, Ohio Schedule of Adjustments, if not included in federal or Ohio adjusted gross income. A trust or estate is required to add back its proportionate share of IT 4738 and other states entity taxes paid on the IT 1041, Schedule II, if not included in federal or Ohio taxable income. Reporting this information to your partners or shareholders will assist in the proper determination of the add-back. See R.C. 5747.01(A)(36), (A)(41), (S)(15), and (S)(16). Line 1: Ohio IT 4738 and other states specified income tax payments reported by this entity for federal income tax purposes: FEIN: Direct IT 4738 Tax Paid: Enter on line 3a of the Ohio IT K-1 Direct Tax Paid to Other States: Enter on line 3b of the Ohio IT K-1 Line 2: Ohio IT 4738 and other states specified income tax payments reported by an entity directly or indirectly owned by this entity for federal income tax purposes: FEIN: FEIN: FEIN: FEIN: FEIN: Indirect Tax Paid: Indirect Tax Paid to Other States: Indirect Tax Paid: Indirect Tax Paid to Other States: Indirect Tax Paid: Indirect Tax Paid to Other States: Indirect Tax Paid: Indirect Tax Paid to Other States: Indirect Tax Paid: Indirect Tax Paid to Other States: Total Indirect IT 4738 Tax Paid: Enter on line 4a of the Ohio IT K-1 Total Indirect Tax Paid to Other States: Enter on line 4b of the Ohio IT K-1 Line 3: Ohio IT 4738 and other states specified income tax payments reported by this entity for federal income tax purposes: Total IT 4738 Tax Paid: Line 4: Other states specified income tax payments reported by this entity or an entity directly or indirectly owned by this entity for federal income tax purposes: Total Tax Paid to Other States: 2 Preparers completing the IT K-1: use the instructions below. Investors receiving an IT K-1: use the instructions beginning on page 6. Instructions for Completing the IT K-1 A PTE, EPTE, or fiduciary should issue the IT K-1 to each investor, owner, or beneficiary that receives income, adjustments, and/or credits. Use the IT K-1 to report the proportionate or distributive share of income, adjustments, and/or credits for any investor, owner, or beneficiary. or Schedule X of the IT 1041. If the PTE, EPTE, or fiduciary is not filing an Ohio return, use the worksheet below to calculate Ohio property, payroll and sales and the Ohio apportionment ratio. Use Ohio property and payroll, each weighted at 20%, and Ohio sales, weighted at 60%, versus property, payroll, and sales everywhere. If any factor’s “total everywhere” is zero, the weights of the remaining factors must be proportionately increased so that the total remains 100%. Report the apportionment ratio to six (6) decimal places. For detailed instructions on calculating the Ohio apportionment ratio, see the instructions for the IT 4708, IT 4738, IT 1140, or IT 1041. Provide a copy to each investor, owner, or beneficiary and include copies of each IT K-1 when filing the IT 1140, IT 4708, IT 4738, or IT 1041. The IT K-1 can be issued for any tax year, even when the PTE, EPTE, or fiduciary is not required to file a return. See tax.ohio.gov to obtain a copy of the form and for FAQs (in the “Pass-Through Entities - OH IT K-1” topic). Part I – Investor / Owner / Beneficiary and Entity Information Enter the calendar year or a fiscal year period used on the entity’s federal return. Important: If the PTE/EPTE is an investor/owner in another PTE(s), it must combine its property, payroll and sales amounts with the amounts reported on any IT K-1 it receives. Check the box to indicate which Ohio return the PTE, EPTE, or trust is filing. If the PTE, EPTE, or trust does not file the IT 1140, IT 4738, or IT 4708, check “Other.” Additionally, check the box to indicate an amended IT K-1, if applicable. See R.C. 5747.21, 5747.231, and 5733.05(B)(2). Part II – Investor’s / Owner’s / Beneficiary’s Depreciation Adjustments Investor / Beneficiary Information Line 1a - Current Year 168(k) and 179 Depreciation Expense Ohio Add-Back Use the same investor/owner/beneficiary information reported on the federal K-1. Enter the full SSN or FEIN on the copy of the IT K-1 provided to the Department. Enter the add-back fraction that was checked on the Ohio return. Ownership % Total Column: Enter the investor’s/owner’s/beneficiary’s proportionate or distributive share of the current year 168(k) and 179 depreciation expense addback reported on: ● IT 1140 - Schedule II, (A) or (B); ● IT 4738 - Schedule II; ● IT 4708 - Schedule II; OR ● IT 1041 - Schedule II; Note: For taxable years ending on or after October 3, 2023, do not enter any amount on line 1a for the IT 1041. PTEs/EPTEs: Enter the same investor/owner ownership information reported on the federal K-1 for the tax year. Fiduciaries: Enter the percentage of income distributed to the beneficiary during the tax year. Entity Information Use the same entity information reported on the federal K-1. Enter the full FEIN on the copy of the IT K-1 provided to the Department. Ohio Column: Multiply the amount in the “Total” column by the apportionment ratio on the IT K-1. Entity type: Enter the entity type reported on the IT 1140, IT 4708, or IT 4738. If the PTE, EPTE, or fiduciary does not file an Ohio return, enter one of the following: S-corporation, limited liability company, partnership, trust, or other. See R.C. 5733.40(A)(5) and 5747.01(A)(18). Line 1b – Total Deduction of Prior Year 168(k) and 179 Depreciation Expense Ohio Add-Backs Apportionment Ratio Complete the worksheet below line 1b to calculate these amounts. Only report prior-year depreciation add-backs for years that (1) the person was an investor, owner, or beneficiary, and (2) the PTE, EPTE or fiduciary filed an Ohio return. If the PTE, EPTE, or fiduciary is filing an Ohio return, enter the apportionment information from Schedule IV of the IT 4708 or IT 4738, Schedule III of the IT 1140 3 Example: ABC LLC has operated in Ohio for 10 years. It filed an Ohio PTE/EPTE return and reported depreciation add-backs in each year. Joe has been an investor/ owner in ABC LLC for 2 years. When completing the worksheet on Joe’s IT K-1, ABC LLC will only include depreciation add-back amounts for the prior year. It will not include depreciation add-back amounts for years prior to Joe becoming an investor/owner. Ohio Column: Multiply the amount of business income from the “Total” column by the apportionment ratio on the IT K-1 and/or enter the distributive share of any non-apportioned amounts allocated to Ohio. See R.C. 5733.40(A), 5747.08(D) and 5747.40 through 5747.43. Line 2b - Guaranteed Payments and/or Compensation (20% or Greater Investors Only) Add-back amount: Enter the investor’s/owner’s/beneficiary’s proportionate or distributive share of the add-back for the year entered at the top of the column. Total Column: If, at any time during the tax year, the investor held at least a 20% interest in the profits or capital of the entity, enter total guaranteed payments (reported in box 4 of a federal K-1) or compensation (reported in box 1 of a W-2) paid to the investor. Related deduction: Using the chart below, multiply the add-back amount by the appropriate deduction fraction. Add-back fraction Deduction fraction 5/6 1/5 2/3 1/2 6/6 1/6 Important: Enter these amounts even if the investor is a resident of Indiana, Kentucky, West Virginia, Michigan or Pennsylvania. Ohio Column: Multiply the amount in the “Total” column by the apportionment ratio on the IT K-1. See R.C. 5733.40(A)(7). Total Column: Add all the “related deduction” amounts from the prior-year worksheet. Line 2c - Net Depreciation Adjustment For each column, line 1a minus line 1b. Ohio Column: Multiply the amount in the “Total” column by the apportionment ratio on the IT K-1. Line 2d – Total Taxable Income See R.C. 5733.40(A)(5) and 5747.01(A)(18). For each column, enter the sum of lines 2a through 2c. Part III - Investor’s / Owner’s / Beneficiary’s Ohio Income Part IV – Investor’s / Owner’s / Beneficiary’s Share of Tax Credits Line 2a - PTE / EPTE / Trust & Estate Income Line 3 – Direct PTE Credit (tax paid by this entity after any refunds) Total Column: Enter the investor’s/beneficiary’s proportionate or distributive share of the income reported on the Ohio return as follows: Enter the investor’s/owner’s/beneficiary’s proportionate or distributive share of the tax paid and not otherwise refunded to the PTE: ● IT 4708 – The “income to be allocated or apportioned” from Schedule I, excluding Internal Revenue Code 168(k) and 179 depreciation expense adjustments, and guaranteed payments and compensation reported on Schedules II and III. ● IT 1140 (PTEs only) – The “sum of distributive shares” plus any “related member” adjustments from Schedule II. ● IT 4738 – The “net apportionable business income” from Schedule I, excluding Internal Revenue Code 168(k) and 179 depreciation expense adjustments, and guaranteed payments and compensation reported on Schedules II and III. ● IT 1140 (Trusts only) – The “sum of all distributions” from Schedule IV. ● IT 4708 – “Tax liability after nonrefundable business credits” from Schedule I; ● IT 4738 – “Tax liability” from Schedule I; ● IT 1140 – “Tax Liability from line 20, columns A and B or line 30” from Schedule I. Line 3a - Total Amount to be Added Back from Direct Tax Paid on an IT 4738 Enter the total direct IT 4738 tax paid amount reported on line 1 of the Ohio IT K-1 EPTE Add-back Schedule. Line 3b - Total Amount to be Added Back from Direct Entity Income Tax Paid to Other States Enter the total direct tax paid to other states amount reported on line 1 of the Ohio IT K-1 EPTE Add-back Schedule. For the specific lines related to these amounts, see the IT 4708, IT 4738, or IT 1140 for the applicable tax year. 4 Line 4 – Total Indirect PTE Credit for PTE Taxes Paid Lines 5-8, Refundable Business Credits Each investor or beneficiary is entitled to its proportionate or distributive share of direct and indirect refundable business credits from the PTE, EPTE, or fiduciary. The credits are not available to an investor or beneficiary if the PTE, EPTE, or fiduciary claims the credit when calculating its Ohio income tax. Provide each investor or beneficiary with a copy of the credit certificate. Enter the investors/owner’s/beneficiary’s proportionate or distributive share of taxes paid by another PTE/EPTE on behalf of this PTE/EPTE/fiduciary entity. Enter the FEIN of each PTE tier to the PTE that paid the tax (attach a schedule or flowchart, if necessary). Also enter any tax withheld on a W-2 and/or 1099. Provide each investor, owner, or beneficiary with a copy of the IT K-1, W-2, and/or 1099 form. Enter the FEIN for each PTE/EPTE that withheld tax in the space provided. Note: Exclude PTE credit amounts included as a direct PTE credit amount on line 3. Line 9 – Nonrefundable Business Credits Each investor, owner, or beneficiary is entitled to its proportionate or distributive share of direct and indirect nonrefundable business credits from the PTE, EPTE, or fiduciary. Provide each investor, owner, or beneficiary with a copy of the credit certificate. Line 4a - Total Amount to be Added Back from Indirect Tax Paid on an IT 4738 Enter the total from line 2, total indirect IT 4738 tax paid of the Ohio IT K-1 EPTE Add-back Schedule, “Ohio IT 4738 specified income tax payments reported by an entity directly or indirectly owned by this entity for federal income tax purposes” section, to the extent not included in federal or Ohio adjusted gross income or in federal taxable income (trusts/ estates). Part V - Supplemental Information Use this section to substantiate any applicable inconsistencies or discrepancies on this form as compared to federal Schedule K-1. Report any Ohio financial institutions tax (FIT) credit (for tax years 2019 and prior). The Ohio IT K-1 is issued by a PTE, EPTE, or fiduciary to its investors, owners,or beneficiaries (individuals, trusts, estates, PTEs, or EPTEs). It contains the investor’s, owner’s, or beneficiary’s distributive share of income, adjustments, and/or credits. Line 4b - Total Amount to be Added Back from Indirect Entity Income Tax Paid to Other States Enter the total from line 2, total indirect tax paid to other states, of the Ohio IT K-1 EPTE Add-back Schedule, “other states entity income tax reported by an entity directly or indirectly owned by this entity for federal income tax purposes” section, to the extent not included in federal or Ohio adjusted gross income or in federal taxable income (trusts/estates). The IT K-1 is commonly used by: ● Individuals filing an IT 1040 and claiming the nonresident credit (using form IT NRC), or refundable / nonrefundable business credits (including the pass-through entity credit) on the Ohio Schedule of Credits; ● PTEs and fiduciaries claiming refundable / nonrefundable business credits on the IT 4708 and/or IT 1041. Ohio Apportionment Ratio Worksheet 5 IT K-1 Investor / Owner / Beneficiary Instructions For use by a recipient of an IT K-1 when completing the IT 1040, IT 1041, IT 4738, IT 4708, and/or IT 1140. Investors claiming any of the above credits should include a copy of the IT K-1 when filing their return. Part I – Investor / Owner / Beneficiary and Entity Information Note (trusts only): If a trust retains 100% of its earnings, then this amount should be reported on its IT 1041. However, if a trust distributes 100% of its earnings, then this amount should be reported to its beneficiaries on an IT K-1. If a trust retains only a portion of its earnings, the trust will split this amount between its IT 1041 and the IT K-1s it issues to its beneficiaries. Tax year: If the PTE, EPTE, or fiduciary completing the IT K-1 files on a calendar year basis, the investor/ owner should use the IT K-1 for the same calendar year. If the PTE, EPTE, or fiduciary files on a fiscal year basis, the investor should use the IT K-1 for the return year that includes the fiscal year’s ending date. Exception: If an investor/owner owns less than 5% of this PTE, the investor is not required to add back this amount. Entity FEIN: Individuals must report the entity’s FEIN on: ● Form IT NRC, Section II; AND/OR ● Ohio Schedule of Business Income, part 4. Line 1b – Deduction of Prior-Year Depreciation Add-Backs If the IT K-1 reports an amount on this line: Individuals: Generally there will be a deduction of prior year IRC 168(k) and 179 depreciation expense add-back on the Ohio Schedule of Adjustments, provided the individual made the add-back on their own return. PTEs and fiduciaries are not required to report this number when completing the IT 4738, IT 4708, IT 1140, or the IT 1041. Apportionment %: The investor/owner/beneficiary must include these amounts in the “Within Ohio” portion and the “Total Everywhere” portion of the property, payroll, and sales factor calculations on: ● ● ● ● ● ● ● IT 1040, Schedule of Adjustments Note: Pursuant to R.C. 5747.01(A)(18), the individual’s add-back is not transferable to the entity; thus, the Department will disallow any attempt by the entity to report a deduction based on the individual’s IT 1040 add-back. Form IT NRC, Section III, Part A; Form IT NRCE Section III, Part A; IT 4738, Schedule IV; IT 4708, Schedule IV; IT 1140, Schedule III; OR IT 1041 Schedule X. PTEs, EPTEs, and fiduciaries: PTEs and fiduciaries should add the total amount to the applicable line if the corresponding add-backs were made on the prior years’ returns: Note: If the PTE, EPTE, or fiduciary has received multiple IT K-1s, it must aggregate the apportionment information from each IT K-1 when completing the IT 4738, IT 4708, IT 1140, and/or IT 1041. ● ● ● ● Note: Certain individuals may not be required to complete Form IT NRC, Section III. See the instructions for the IT NRC. IT 4708, Schedule III; IT 4738, Schedule III; IT 1140, Schedule II, columns A and/or B; OR IT 1041, Schedule II. Note: Add-back and deduction adjustments are reported on separate lines on the IT 1040, IT 4738, IT 4708, IT 1140 and IT 1041. Do not net these amounts. Part II - Investor’s / Owner’s / Beneficiary’s Ohio Depreciation Adjustments Line 1a – Current Year Depreciation Add-Back Part III - Investor’s / Owner’s / Beneficiary’s Ohio Income If the IT K-1 reports an amount on this line: Individuals: Generally there will be an IRC 168(k) and 179 depreciation expense add-back on the Ohio Schedule of Adjustments. Line 2a –PTE / EPTE / Trust & Estate Income This is the total and Ohio portion of this PTE’s, EPTE’s, or fiduciary’s income. PTEs, EPTEs, and fiduciaries: PTEs and fiduciaries should add the total amount to Schedule II of the IT 4738, IT 4708, IT 1140, and/or IT 1041. For taxable years ending on or after October 3, 2023, the depreciation add-back is no longer required on the IT 1041. Individuals: Add the Ohio portion of this line to the Ohio portion of line 2b and report the total on the IT NRC in Section II, Column C, “Ohio Apportioned Income”. 6 PTEs: Do not report these amounts when completing the IT 4708 or IT 1140. this entity’s behalf (the “indirect pass-through entity” credit). These credits can only be claimed on the IT 1040, IT 4708, and IT 1041; they cannot be claimed on the IT 4738 or IT 1140. Add lines 3 and 4 together and report the total on the “pass-through entity credit” line of one of the following: EPTEs: Do not report these amounts when completing the IT 4738. Trusts: Report the total portion of this line on Schedule VII of the IT 1041. Do not report the Ohio portion of this line when completing the IT 1041. ● Individuals: the Ohio Schedule of Credits; ● PTEs: the IT 4708, Schedule V; OR ● Trusts: the IT 1041, Schedule XII. Estates: Report the total portion of this line on the IT NRCE in Section II, column A and the Ohio portion in column C. Note: A PTE or trust can only claim these credits to the extent it also reports any income reflected on the IT K-1 on its return. If the income is reported by an investor or a beneficiary, these credit amounts should be reported as an “indirect” credit on the IT K-1 issued to them. Line 2b – Guaranteed Payments / Compensation If an investor/owner directly owns at least 20% of this entity, this line is the total and Ohio portion of any guaranteed payments or compensation paid by this entity. Lines 3a and 4a - Total Amount to be Added Back from Tax Paid on an IT 4738 Individuals: Add the Ohio portion of this line to the Ohio portion of line 2a and report the total on the IT NRC in Section II, Column C, “Ohio Apportioned Income”. Lines 3a and 4a are the owner’s/investor’s/beneficiary’s proportionate share of IT 4738 tax paid by another entity that was included on the entity’s IRS return as a specified income tax payment for the taxable year. An individual taxpayer is required to add back their proportionate share of IT 4738 tax paid on the IT 1040 if not included in federal or Ohio adjusted gross income. A trust or estate is required to add back its proportionate share of IT 4738 tax paid on the IT 1041 if not included in federal or Ohio taxable income. Add lines 3a and 4a together and report the total on one of the following: PTEs, EPTEs, and trusts: The PTE, EPTE, or trust should add the total amount as applicable: ● IT 4708, Schedule II; ● IT 4738, Schedule II; OR ● IT 1140, Schedule II. Trusts and estates are not required to report this number when completing the IT 1041. Note: If an investor/owner directly or indirectly owns at least 20% of this entity, it is required to report any guaranteed payment or compensation paid by this entity, even if an amount is not reported on this line. ● Individuals: IT 1041, Ohio Schedule of Adjustments; ● Trusts and Estates: IT 1041, Schedule II. Line 2c – Net Ohio Depreciation Adjustment (Individual Investors and Estates ONLY) See R.C. 5747.01(A)(36) and 5747.01(S)(15). Lines 3b and 4b - Total Amount to be Added Back from Entity Income Tax Paid to Other States This is generally line 1a minus line 1b. An individual should report the total on the IT NRC in Section II, Column B, Ohio Depreciation Adjustment. An estate should report the total on the IT NRCE in Section II, Column B, Ohio Depreciation Adjustment. Line 3b and 4b are the owner’s/investor’s/beneficiary’s proportionate share of other states entity income tax paid by another entity that was included on the entity’s IRS return as a specified income tax payment for the taxable year. An individual taxpayer is required to add back their proportionate share of other states entity income tax paid on the IT 1040 if not included in federal or Ohio adjusted gross income. A trust or estate is required to add back its proportionate share of other states entity income tax paid on the IT 1041 if not included in federal or Ohio taxable income. Add lines 3b and 4b together and report the total on one of the following: You cannot use this amount if you did not make each of the add-backs shown in the chart below line 1b. See the instructions for the IT NRC or IT NRCE. Part IV - Investor’s / Owner’s / Beneficiary’s Ohio Tax Credits Lines 3 and 4 – Direct / Indirect Pass-Through Entity Credits Line 3 is the portion of income tax paid, after nonrefundable credits and refunds, by this entity on its investor’s behalf (the “direct pass-through entity” credit). Line 4 is the portion of tax paid by another entity on ● Individuals: IT 1041, Ohio Schedule of Adjustments; ● Trusts and Estates: IT 1041, Schedule II. See R.C. 5747.01(A)(41) and 5747.01(S)(16). 7 Lines 5-8 – Refundable Business Credits These credits cannot be claimed on an IT 4738 or IT 1140. Enter the total proportionate and distributive share of any refundable business credits granted to the entity by the Ohio Department of Development (ODOD). Include a copy of the ODOD certificate and this IT K-1 when filing the return. Refundable business credits include: ● ● ● ● Line 9 – Nonrefundable Business Credits This is the portion of any nonrefundable business credits granted to the entity. The specific credits will be listed in the space provided. Individuals: Report these amounts on the corresponding lines of the “Nonrefundable Credits” section of the Ohio Schedule of Credits. PTEs and fiduciaries: To the extent the PTE or fiduciary reports the income from this IT K-1, it can also report these credits on the corresponding lines of: Job creation and job retention tax credits; Ohio historic preservation tax credit; Ohio venture capital credit; AND Motion picture and Broadway theatrical production credit. Individuals: Report these credits on the corresponding lines of the “Refundable Credits” section of the Ohio Schedule of Credits. ● IT 4708, Schedule I; OR ● IT 1041, Schedule I. These amounts cannot be claimed on an IT 4738 or IT 1140. PTEs and fiduciaries: To the extent the PTE or fiduciary reports the income from this IT K-1, it can also report these credits on the corresponding lines of: Part V - Supplemental Information ● IT 4708, Schedule V; OR ● IT 1041, Schedule XII. This section contains any additional information or instructions that the PTE, EPTE, or fiduciary who completed the IT K-1 wants to convey to the investor, owner, or beneficiary. EPTE Add-Back Schedule Attach this schedule to the Ohio IT K-1 to report the tax paid by this entity or by an electing pass-through entity directly or indirectly owned by this entity on the Ohio IT 4738, Electing Pass-Through Entity Income Tax Return and/or another states entity income tax return. Include the electing pass-through entity tax paid (IT 4738 payments submitted) and income tax paid to other states in this schedule if it was included as a specified income tax payment and reflected in the partner’s or shareholder’s distributive or pro-rata share of non-separately stated income or loss reported on IRS Schedule K-1 or a similar form pursuant to IRS Notice 2020-75 or any similar guidance issued by the Internal Revenue Service. An individual taxpayer is required to add back their proportionate share of IT 4738 and other state entity taxes paid on the IT 1040, Ohio Schedule of Adjustments, if not included in federal or Ohio adjusted gross income. A trust or estate is required to add back its proportionate share of IT 4738 and other state entity taxes paid on the IT 1041, Schedule II, if not included in federal or Ohio taxable income. Reporting this information to your partners or shareholders will assist in the proper determination of the add-back. Line 1 - Direct IT 4738 and Other States Entity Tax Paid Enter the FEIN of this entity and the investor’s/owner’s/beneficiary’s proportionate share of IT 4738 and other states entity payments included as specified income tax payments on the IRS return by this entity if the payments are not included in the partner’s or shareholder’s federal or Ohio adjusted gross income or in federal taxable income (trusts/estates). Line 2 - Indirect IT 4738 and Other States Entity Tax Paid Enter the FEIN and the investor’s/owner’s/beneficiary’s proportionate share of IT 4738 and other states entity payments included as specified income tax payments on the IRS return(s) by each entity directly or indirectly owned by this entity if the payments are not included in the partner’s or shareholder’s federal or Ohio adjusted gross income or in federal taxable income (trusts/ estates). Line 3 - Total IT 4738 Tax Paid Enter the total amount of IT 4738 payments included as specified income tax payments on the IRS return by this entity and/or by an entity directly or indirectly See R.C. 5747.01(A)(36), (A)(41), (S)(15), and (S)(16) 8 owned by this entity reported as direct tax paid on the IRS return by this entity and/or by an entity directline 1 and total indirect tax paid on line 2. ly or indirectly owned by this entity reported as direct tax paid to other states on line 1 and total indirect tax Line 4 - Total Tax Paid to Other States paid to other states on line 2. Enter the total amount of other states entity payments included as specified income tax payments on 9
Form IT K-1
More about the Ohio Form IT K-1 Corporate Income Tax TY 2023
A PTE or fiduciary should issue the IT K-1 to each investor or beneficiary that receives income, adjustments, and/or credits.
We last updated the Form K-1 in February 2024, so this is the latest version of Form IT K-1, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form IT K-1 directly from TaxFormFinder. You can print other Ohio tax forms here.
Other Ohio Corporate Income Tax Forms:
TaxFormFinder has an additional 82 Ohio income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| Form IT 1041 Instructions | Fiduciary Income Tax Return Instructions |
| Form IT 1041 | Fiduciary Income Tax Return |
| Form D 5 | Notification of Dissolution or Surrender |
| Form FIT CA | Request to Cancel Account |
| IT 4708 UPC | Payment Coupon for Pass-Through Entity/Fiduciary Income Tax |
View all 83 Ohio Income Tax Forms
Form Sources:
Ohio usually releases forms for the current tax year between January and April. We last updated Ohio Form IT K-1 from the Department of Taxation in February 2024.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Ohio Form IT K-1
We have a total of three past-year versions of Form IT K-1 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
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