IT 4708: 2024 Pass-Through Entity Composite Income Tax Return (2024)
Ohio · Ohio Department of Taxation · Used for tax years 2024
The 2024 Ohio IT 4708 is a composite income tax return for pass-through entities. It reports income and deductions for participating investors and calculates Ohio taxable income, tax, credits, payments, and any refund or amount due.
What you'll need
Include these documents with your 2024 return, as applicable:
- A copy of the applicable federal Form 1120S or 1065 and the federal Schedule K-1s for participating investors.
- Lists of participating investors who received compensation or guaranteed payments and hold at least a 20% direct or indirect interest in the entity's profits or capital. Include their SSNs and the amounts paid, as required by questionnaire items A and B.
- Explanations and supporting schedules for amounts reported on lines 8 and 35.
- Schedule E for nonrefundable business credits.
- Ohio IT/SD 2210 for the interest penalty on underpayment of estimated tax.
- Tax credit certificates and/or Ohio IT K-1s to verify each refundable credit claimed. Schedule V identifies the required document for each credit.
- Ohio IT 4708 UPC if paying by check.
Have investor names, addresses, SSNs or FEINs, ownership percentages, and shares of PTE tax available for Schedule VII. If completing Schedule VI, have the applicable prior-year depreciation add-back amounts and ratios available.
How to file
Complete the return using black ink, UPPERCASE letters, and whole dollars. The pass-through entity's officer or agent must sign and date it.
Place supporting documents, including Ohio IT K-1s, after the last page of the return. Do not staple or paper clip.
Mail to:
Ohio Dept. of Taxation
P.O. Box 181140
Columbus, OH 43218-1140
If paying by check, make it payable to Ohio Treasurer of State, include Ohio IT 4708 UPC, and write the entity's FEIN on the check.
Common mistakes
- Do not include amounts for nonparticipating investors in Schedules II and III. Those schedules use combined federal Schedule K-1 amounts only for participating investors.
- Do not deduct an amount again on Schedule III if it already reduced income on Schedule II.
- Exclude capital loss carryforwards from line 32e. If lines 32d and 32e together produce a net loss, the allowable combined loss cannot exceed $3,000 multiplied by the number of participating investors.
- Carry apportionment ratios to six decimal places. If a factor's “Total Everywhere” is zero, adjust the remaining factors' weights proportionately so they total 100%.
- Include the required credit certificates and/or Ohio IT K-1s for refundable credits.
- On an amended return, enter zero on line 22 for the amount credited toward next year's liability.
- Do not staple or paper clip the return or supporting documents.
Questions people ask
Which investors should I list in Schedule VII?
First list investors whose income is included on the return, from highest to lowest ownership percentage. Then list all remaining investors in the same order. Check the box for each investor included on the return, and use additional sheets if necessary.
Can I apply an overpayment to next year's tax?
Line 22 lets you credit part or all of the line 21 overpayment toward next year's liability. On an amended return, enter zero on line 22. Line 23 is the refund amount, calculated as line 21 minus line 22.
What happens if my refund or balance due is $1 or less?
No refund will be issued if the refund is $1.00 or less. No payment is necessary if you owe $1.00 or less.
Can I authorize my preparer to discuss the return with the Department?
Yes. Check the authorization box in the signature area to allow your preparer to discuss the return with the Department.