Ohio Form It 4708es Instructions And Worksheet Estimated Income Tax Payments For Investors In Pass-Through Entities

Ohio IT 4708ES Instructions and Worksheet

Estimated Income Tax Payments for Investors in Pass-Through Entities

Having a Calendar Year or Fiscal Year Ending in 2005

1. Who may use form IT 4708ES?

Example: A pass-through entity has a November 30 fiscal year

end. For the fiscal year ending November 30, 2005 the estimates

Any pass-through entity (e.g., S corporation, partnership and LLC's

would be due on April 15, 2005; June 15, 2005; September 15,

treated as a partnership for federal income tax purposes) that elects

2005; and January 17, 2006. These estimates would be based

to file a single (composite) annual income tax return on behalf of

upon either (i) income (or annualized income) for the fiscal year

one, some or all of its noncorporate investors and that is required

ending November 30, 2004, or (ii) income for the fiscal year ending

to make estimated payments.

November 30, 2005. If the pass-through entity makes payments

based upon the fiscal year ending November 30, 2004, then the

Those electing to make estimated composite income tax return

pass-through entity must pay in 100% rather than 90% of the tax

payments cannot claim personal exemptions or credits, cannot

due.

claim nonbusiness credits and must pay at the highest rate, 7.5%.

All pass-through entities must use payment coupon form IT 4708ES.

2. When is form IT 4708ES required to be filed?

If the composite annual income tax return, Ohio form IT 4708, filed

for the taxable year ending in 2004 reflected an overpayment

The pass-through entity must make estimated income tax payments

carryforward, that amount should be applied to reduce the first

and file form IT 4708ES if the combined estimated 2005 Ohio taxes

estimated tax payment.

after credits will be more than $500.

Make checks payable to Ohio Treasurer of State and mail the

3. Time and place for filing and payment

check and payment coupon to:

By April 15, 2005 each calendar year pass-through entity must

Ohio Department of Taxation

pay at least 22.5% of the tax due. Subsequent payments are due

P.O. Box 181140

as follows:

Columbus, OH 43218-1140

June 15, 2005

45%

of the current year tax due

4. Interest penalty

less previous payments

If income taxes are underpaid, the pass-through entity must add

Sept. 15, 2005

67.5%

of the current year tax due

an interest penalty to the taxes for the taxable year at the rate per

less previous payments

annum prescribed by O.R.C. section 5703.47. See Ohio form IT

2210 available on our Web site at

Jan. 17, 2006

90%

of the current year tax due

less previous payments

5. Completing form IT 4708ES

By April 15, 2005 each fiscal year pass-through entity must pay at

a. Complete the worksheet below to figure the estimated tax

least 22.5% of the tax due for the fiscal year ending in calendar

for 2005.

year 2005. Subsequent payments are due as follows:

b. Enter on form IT 4708ES the amount shown on line 5 of the

June 15, 2005

45%

of the current year tax due less

worksheet and verify the federal employer identification num-

previous payments

ber (FEIN).

Sept. 15, 2005

67.5%

of the current year tax due less

c. Attach check or money order made payable to the Ohio Trea-

previous payments

surer of State.

Jan. 17, 2006

90%

of the current year tax due less

previous payments

2005 Form IT 4708ES Estimated Income Tax Payment Worksheet

For Taxable Year Ending in 2005

Combined 2005 apportioned and allocated distributive share of income times 90% (or the

amount shown on line 9 of the 2004 form IT 4708 times 100%) .............................................

Tax (multiply line 1 by 7.5%) ....................................................................................................

Combined distributive share of business income credits ........................................................

Tax after credits (line 2 minus line 3). If line 4 is less than $500, do not file the estimated

tax payments. ..........................................................................................................................

Multiply the amount on line 4 by 0.25. This is the amount of the quarterly taxes due ............

If you have any questions, please contact one of our service centers (listed on the back cover) or call either of the following

numbers:

Ohio Toll Free Tax Questions ......................... 1-800-282-1780

Ohio Relay Sevice ........................................... 1-800-750-0750

Ohio Form It 4708es Instructions And Worksheet Estimated Income Tax Payments For Investors In Pass-Through Entities - 2005

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