Frequently Asked Questions

The Ohio Department of Taxation has compiled a list of frequently asked questions covering many different categories.

To view the questions, click on the "Select Category" bar and then click on the category you are interested in. A list of questions will appear pertaining to that category. Then click on the question you are inquiring about and the answer will appear.

A PTE may choose to file either an IT 4708 or IT 1140. Since actual payments can be transferred from one PTE return to the other for the same PTE, shouldn't the tax liability computed on both returns be the same?

No. The Ohio taxable income reported on the IT 4708 is taxed at the highest individual income tax rate set forth in Ohio Revised Code Section 5747.02. However, the IT 1140 tax rate is 5% for qualifying investors who are individuals and 8.5% for qualifying investors that are entities.