IT 1140: 2024 Pass-Through Entity and Trust Withholding Tax Return (2024)
Ohio · Ohio Department of Taxation · Used for tax years 2024
Ohio IT 1140 is the 2024 Pass-Through Entity and Trust Withholding Tax Return. It reports withholding tax and entity tax liabilities, payments, and any refund or balance due, with schedules for qualifying pass-through entities to calculate business income, Ohio apportionment, and
Who files this form
Ohio IT 1140 is a pass-through entity and trust withholding tax return. The form lists S corporations, partnerships, limited liability companies, and trusts as entity types.
Schedule II is for qualifying pass-through entities. Schedule IV calculates tax for nonresident individual beneficiaries of a trust, including distributions of income or gain attributable to the trust’s ownership or disposition of tangible personal property or real property located in Ohio.
The form does not provide complete rules for determining who must file.
What you'll need
Have the information needed for the applicable schedules ready:
- Entity name, address, FEIN, entity type, and reporting period start and end dates.
- Investor or beneficiary counts and ownership percentages. Schedule VI asks for investor names, addresses, SSNs or FEINs, and each investor’s share of the PTE tax credit.
- Records of income, gains, expenses, losses, and applicable add-backs and deductions.
- Property, payroll, and sales amounts within Ohio and everywhere for the apportionment worksheet.
- Trust distribution records, if completing Schedule IV.
- Current-year depreciation add-back information and prior-year Ohio PTE returns showing applicable add-back amounts and ratios.
- Estimated payment records and overpayment amounts claimed on the return.
Place supporting documents, including Ohio IT K-1s, after the last page of the return.
How to file
Complete the applicable schedules and the tax and payment reconciliation. Use black ink, uppercase letters, and whole dollars only. The pass-through entity officer or agent must sign the return.
Mail the return to:
Ohio Dept. of Taxation
P.O. Box 181140
Columbus, OH 43218-1140
For a payment by check, make the check payable to Ohio Treasurer of State, include Ohio IT 1140 UPC, and write the FEIN on the check.
Place supporting documents after the last page. Do not staple or paper clip.
Common mistakes
- Claiming credits on the return: No credits are allowed on IT 1140. Do not report credits on line 3.
- Carrying an overpayment forward on an amended return: Enter zero on line 5a if the return is amended.
- Using the wrong format: Use only black ink, uppercase letters, and whole dollars. Put a minus sign in the provided box for negative amounts.
- Rounding apportionment ratios too far: Ratios must carry to six decimal places. If a factor’s “Total Everywhere” is zero, proportionately increase the remaining factor weights so they total 100%.
- Listing investors out of order: First list investors included on the return from highest to lowest ownership percentage. Then list the remaining investors in the same order.
- Attaching papers incorrectly: Do not staple or paper clip. Put supporting documents, including Ohio IT K-1s, after the last page.
Questions people ask
What tax rate appears on the form?
The form shows a 3% tax rate for qualifying pass-through entities in Schedule II and trusts in Schedule IV.
Will Ohio issue a refund of $1 or less?
No. The form says no refund will be issued if the refund is $1.00 or less.
Do I need to pay a balance of $1 or less?
No. The form says no payment is necessary if the amount due is $1.00 or less.
Can I let my preparer discuss the return with the Department?
Yes. Check the authorization box in the preparer section to allow your preparer to discuss the return with the Department.
Where can I find the form’s instructions?
The form directs filers to tax.ohio.gov for instructions and FAQs.