If a nonresident individual invests in several Ohio PTEs: (a) Can the nonresident individual be included in an Ohio form IT 4708 for some PTEs and included in the Ohio form IT 1140 for others? (b) Does the answer change if the PTEs are related?
(a): Yes. The PTE can file the IT 4708 and or the IT 1140. The individual can be included in an IT 1140 for one PTE and can elect to be made part of an Ohio composite return for another PTE. As a result, the composite election is binding and irrevocable for the taxable year the election is made and each year stands on its own (see R.C. 5747.08(D) (3)). The taxpayer is required to file an IT 1040 if Ohio source income has been withheld on and reported on an IT 1140.
(b): No.
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