It 4708es - Ohio Estimated Income Tax Payment Coupon For Investors In Pass-Through Entities - 2013 Page 2

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IT 4708ES
Ohio IT 4708ES Instructions and Worksheet
Rev. 11/12
Estimated Income Tax Payments for Investors in Pass-Through Entities
1. Who may use Ohio form IT 4708ES?
of the previous year’s tax after nonrefundable business credits and
grants (see year 2012 Ohio form IT 4708, page 1, line 12).
Any entity that (i) is treated as a partnership or an S corporation for
federal income tax purposes, (ii) is electing to fi le a single (com-
Example: A pass-through entity has a Nov. 30 fi scal year end.
posite) annual income tax return on behalf of one, some or all of
For the fi scal year ending Nov. 30, 2013 the estimates would be
its noncorporate investors and (iii) is required to make estimated
due on April 15, 2013, June 17, 2013, Sept. 16, 2013 and Jan. 15,
payments (may use coupon Ohio form IT 4708ES).
2014. These estimates would be based upon either (i) the tax for
the fi scal year ending Nov. 30, 2012 or (ii) income (or annualized
Investors included in the annual composite return cannot claim on
income) for the fi scal year ending Nov. 30, 2013. If the pass-through
that return any personal exemptions or nonbusiness credits and
entity makes payments based upon the fi scal year ending Nov. 30,
must pay at the highest rate, 5.925%. See Ohio Revised Code
2012, then the pass-through entity must pay 100% of that year’s
section 5747.08.
tax due after nonrefundable credits and grants, rather than 90% of
this year’s tax due.
2. When is Ohio form IT 4708ES required to be fi led?
All pass-through entities must use payment coupon Ohio form IT
The pass-through entity must fi le estimated income tax payments
4708ES.
and fi le Ohio form IT 4708ES if the combined 2013 Ohio taxes after
credits will be more than $500.
Make checks payable to Ohio Treasurer of State and mail to:
3. Payment amount and time and place for fi ling and payment
Ohio Department of Taxation
P.O. Box 181140
Each calendar year pass-through entity and each fi scal year pass-
Columbus, OH 43218-1140
through entity for its fi scal year ending in calendar year 2013 must
pay by April 15, 2013 at least 22.5% of the tax due for the current
4. Interest penalty
year. Subsequent payments are due as follows:
If income taxes are underpaid, the pass-through entity must add an
June 17, 2013
45%
of the current year tax due
interest penalty to the taxes for the taxable year at the rate per an-
less previous payments
num prescribed by Ohio Revised Code section 5703.47. See Ohio
form IT/SD 2210 available on our Web site at tax.ohio.gov.
Sept. 16, 2013
67.5%
of the current year tax due
less previous payments
5. Completing Ohio form IT 4708ES
Jan. 15, 2014
90%
of the current year tax due
a. Complete the worksheet below to fi gure the estimated tax for
less previous payments
2013. Alternatively, pay estimated tax equal to the year 2012
tax (see year 2012 Ohio form IT 4708, page 1 line 12).
For purposes of this payment schedule, “current year” means either
calendar year 2013 or the fi scal year ending in calendar year 2013.
b. Enter on Ohio form IT 4708ES the amount shown on line 5 of
When computing the estimated tax due for the current year, the
the worksheet and verify the federal employer identifi cation
pass-through entity may annualize income to compute the estimated
number (FEIN). Alternatively, pay estimated tax equal to the
tax due for each of the fi rst three payment dates.
year 2011 tax (see year 2012 Ohio form IT 4708, page 1, line
12).
In lieu of making estimated tax payments based on 90% of the cur-
rent year tax (or tax computed on current year annualized income),
c. Enclose check or money order made payable to the Ohio
the taxpayer can make four estimated tax payments, each for 25%
Treasurer of State.
2013 Ohio Form IT 4708ES Estimated Income Tax Payment Worksheet
for Taxable Year Ending in 2013
1.
Combined 2013 apportioned and allocated distributive shares of income times 90% .................
1.
2.
Tax (multiply line 1 by 5.925%) .....................................................................................................
2.
3.
90% of the sum of distributive shares of nonrefundable business credits and grant ....................
3.
4.
Tax after nonrefundable credits and grant (line 2 minus line 3). Alternatively, 100% of last
year’s tax after nonrefundable business credits and grants. If line 4 is less than $500, do not
make estimated tax payments .....................................................................................................
4.
5.
Multiply the amount on line 4 by 0.25. This is the amount of the quarterly taxes due. If the
composite annual income tax return, Ohio form IT 4708, fi led for the taxable year ending in
2012 refl ected an overpayment carryforward, that amount should be applied to reduce the
fi rst estimated tax payment. ..........................................................................................................
5.
If you have any questions, please contact our service center (listed on the inside back cover of the instructions for Ohio form
IT 1040 or the last page of Ohio form IT 4708) or call either of the following numbers:
Ohio Toll-Free Tax Questions ............................1-800-282-1780
Ohio Relay Sevice ..............................................1-800-750-0750
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