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.

What form should a pass-through entity file to receive a refund of the refundable business credit(s) in excess of the calculated tax?

To receive a refund of business credits from a lower tier entity, the PTE should file the IT 4708 on behalf of its relevant investors. Such return should include only the income and credits in proportion to those investors included on the return. You must attach the following:

  1. A copy of the Federal return.
  2. A completed IT 4708 investor schedule (Schedule of Investor Information).  It is recommended that you attach an Ohio IT K1 for each investor.
  3. The Ohio IT K1(s) federal K-1(s) and/or other supporting documentation and statements showing the source of income and credits from each lower tier PTE included on the investee PTE’s return. 

The Department will review the return along with the listed information and determine the amount of refund, if any, to which the pass-through entity is entitled.

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