Form Ir - Akron Income Tax Return For Individuals

Form Ir - Akron Income Tax Return For Individuals - 2007 Page 3

Tax Year __________

kron Account Number _____________________________________________

WORKSHEET K

Name ___________________________________________________________

This worksheet must be completed by all Akron residents who receive Distributive Share Income from Partnerships and Ohio S-Corporations.

Using this form allows you to combine distributive share income from multiple sources using the percentages of K-1 income that are taxable to the City of Akron.

Rate Differential

Taxable Percentage

Income Taxable to Akron

K-1 Income

Name of Taxing Authority (City or JEDD)

Tax Rate

2.25 - Tax Rate

Rate Differential / 2.25

K-1 Income X Taxable %

AKRON

2.25

0.00

0.0000

$0.00

NON-TAXING AUTHORITY

0.00

2.25

100%

CUYAHOGA FALLS

2.00

0.25

11.11%

WADSWORTH

1.30

0.95

42.22%

TOTAL INCOME

INSTRUCTIONS FOR COMPLETING WORKSHEET K

This worksheet is to be completed by Akron residents who received distributions resulting from ownership in a partnership or an Ohio S-Corporation.

From Schedule E, Page 2, enter the income from all Partnerships and Ohio S-Corporations as follows:

1) Column A ... amount of K-1 Income allocated to each separate taxing jurisdiction, including Akron.

2) Column B … name of taxing authority (the sample cities shown on the worksheet may be used if appropriate).

3) Column C … tax rate of the city, village or JEDD listed in column B

4) Column D … subtract column C from 2.25 to find Rate Differential. (Note: If the result is less than zero, enter zero.)

5) Column E … divide column D by 2.25 to find Taxable Percentage.

6) Column F … multiply column A by column E.

7) Total Column F. (1) If result is a positive number add it to Line 1 of Worksheet B (Page 2 of Form IR).

(2) If result is negative number enter it in the column for the current year, in Worksheet F (Page 2 of Form IR).

If more space is needed, make a copy of this worksheet and number them pages 1 & 2.

1/2008

Income Tax Division * 1 Cascade Plaza - 11th Floor * Akron, OH 44308 * 330-375-2290

Form Ir - Akron Income Tax Return For Individuals - 2007 Page 3

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