IT 4738: 2024 Electing Pass-Through Entity Income Tax Return (2024)
Ohio · Ohio Department of Taxation · Used for tax years 2024
Ohio IT 4738 is the 2024 income tax return for an electing pass-through entity. It reports income, adjustments, deductions, Ohio apportionment, tax liability, payments, and any refund or amount due. Filing this return is an irrevocable election to be subject to the tax under R.C.
Who files this form
The 2024 Ohio IT 4738 is for electing pass-through entities. The form lists S corporation, partnership, limited liability company, and other entity types.
Filing this return is an irrevocable election to be subject to the tax under R.C. 5747.38 for the taxable year. That means the election cannot be taken back.
What you'll need
- Include a copy of the applicable federal Form 1120S or 1065 and federal Schedule K-1s for all owners.
- Have the entity’s FEIN, reporting period, address, Ohio charter or license number, and total number of owners available.
- Gather each owner’s identifying information, address, ownership percentage, and share of the electing pass-through entity tax for Schedule VI.
- If you answer yes to either questionnaire question about compensation or guaranteed payments to investors with at least a 20% direct or indirect interest, include a list of those individuals, their SSNs, and the payment amounts.
- Include explanations and supporting schedules for nonbusiness income or loss allocated to Ohio and for amounts reported on line 31.
- Include Ohio IT/SD 2210 when reporting an interest penalty on underpayment of estimated tax.
- For a payment by check, include Ohio IT 4738 UPC.
How to file
Complete the return using black ink, UPPERCASE letters, and whole-dollar amounts. Have the entity’s officer or agent sign and date it.
Mail the return to:
Ohio Dept. of Taxation
P.O. Box 181140
Columbus, OH 43218-1140
Place supporting documents, including Ohio IT K-1s, after the last page of the return. Do not staple or paper clip.
If paying by check, make it payable to Ohio Treasurer of State, put the entity’s FEIN on the check, and include Ohio IT 4738 UPC.
Common mistakes
- Do not claim tax credits on IT 4738. The form states that no credits are allowed.
- Do not repeat deductions in Schedule III that already reduced income reported in Schedule II.
- Do not include capital loss carryforwards on line 28e. If lines 28d and 28e total a net loss, the allowable combined loss cannot exceed $3,000 times the number of owners.
- Carry apportionment ratios to six decimal places. If a factor’s “Total Everywhere” amount is zero, adjust the remaining weights proportionately so they total 100%.
- List owners from highest to lowest ownership percentage.
- On an amended return, enter zero on line 18 for the amount credited toward next year’s liability.
Questions people ask
Can I revoke the election after filing?
The form states that filing is an irrevocable election to be subject to the tax for the taxable year.
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. It also says no payment is necessary if you owe $1.00 or less.
Can I apply an overpayment to next year?
Line 18 lets you apply an overpayment toward next year’s liability. If this is an amended return, you must enter zero on that line.
Can my preparer discuss this return with the department?
Yes. Check the authorization box in the preparer section to allow your preparer to discuss the return with the Department.