IT K-1: 2024 Ohio Pass-Through Entity and Fiduciary Schedule of Ohio Income (2024)
Ohio · Ohio Department of Taxation · Used for tax years 2024
Ohio IT K-1 reports an investor’s, owner’s, or beneficiary’s share of pass-through entity or trust and estate income, Ohio depreciation adjustments, and Ohio tax credits. It also records ownership or distribution percentages and Ohio apportionment information.
Who files this form
Ohio IT K-1 reports an investor’s, owner’s, or beneficiary’s share of Ohio income, depreciation adjustments, and tax credits from a pass-through entity or fiduciary.
The form asks the entity to identify whether it is filing IT 1140, IT 4708, IT 4738, or another return. The supplied text does not state when preparing or filing this schedule is required.
What you'll need
Have the information requested on the form available:
- The investor’s, owner’s, or beneficiary’s name, address, and SSN or FEIN.
- The entity’s name, address, FEIN, NAICS code, and entity type.
- Beginning and ending ownership percentages, or the beneficiary’s income distribution percentage for trusts and estates.
- Ohio and total-everywhere property, payroll, and sales figures for apportionment.
- Current-year depreciation information and prior-year Ohio depreciation add-backs and related deductions.
- Income, tax payment, and credit amounts reported on the schedule.
For indirect pass-through entity credits or withholding, attach IT K-1, W2, or 1099 documentation and include the FEIN for any indirect pass-through entities. Include certificates for the credits listed on lines 5 through 10.
Common mistakes
- Using ink other than black or writing in lowercase. The form requires black ink and UPPERCASE letters.
- Stapling or paper-clipping the form. The form says not to do either.
- Leaving out the IT K-1, W2, or 1099 attachment or indirect entity FEIN information requested for line 4.
- Omitting credit certificates requested on lines 5 through 10.
- Failing to list the specific nonrefundable business credits from line 10 in Part V.
Questions people ask
Where do I report Ohio depreciation adjustments?
Part II requests current-year IRC §168(k) bonus depreciation and §179 expense information, along with deductions related to prior-year Ohio add-backs. Part III, line 2c, reports the net Ohio depreciation adjustment.
Who is included on the guaranteed payments or compensation line?
Part III, line 2b, is labeled for investors with an interest of 20% or greater only.
How is total taxable income calculated on this schedule?
For each column in Part III, add lines 2a through 2c and enter the result on line 2d.
Where do I report direct and indirect pass-through entity credits?
Part IV, line 3, reports the direct pass-through entity credit, described as Ohio tax paid by the entity after nonrefundable business credits and refunds. Line 4 reports indirect pass-through entity credits or withholding and requests IT K-1, W2, or 1099 attachments and indirect entity FEINs.