Form It 1140es - Ohio Estimated Withholding Tax Payment Coupon For Pass-Through Entities And Trusts - 2011 Page 2

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IT 1140ES

Ohio Form IT 1140ES for Taxable Year Beginning in 2011

Rev. 10/10

Worksheet #1: Qualifying Pass-Through Entities –

Adjusted Qualifying Amount; Estimated Withholding Tax Due

Estimated payments are due only if (i) the sum of the “adjusted qualifying

amounts” (on line 9 of Schedule B for Ohio form IT 1140) for the taxable year

beginning in 2010 exceeded $10,000 and (ii) the sum of the adjusted qualify-

(A)

(B)

ing amounts for the taxable year beginning in 2011 will exceed $10,000. Use

Qualifying Investors

Who Are

Other Than

the worksheet below to calculate estimated tax due or, alternatively, base the

Nonresident

estimated tax on 100% of the taxpayer’s previous year’s tax (entity tax and

Individuals

withholding tax). Pay the estimated tax in four equal installments.

1. Sum of all qualifying investors’ distributive shares of income and gain...

2a. Add 5/6 of qualifying investors’ distributive shares of Internal Revenue

Code (I.R.C.) section 168(k) bonus depreciation and 5/6 of the qualifying

I.R.C. section 179 depreciation and miscellaneous federal tax adjustments,

if any (see page 5 of the instructions for the 2010 Ohio form IT 1140) ...

2a.

2b. Subtract qualifying investors’ distributive shares of other statutory adjust-

ments and miscellaneous federal tax adjustments, if any (see page 5 of

the instructions for the 2010 Ohio form IT 1140) ....................................

2b.

3. Qualifying investors’ distributive shares of adjusted qualifying amount:

Line 1 plus line 2a minus line 2b (this amount can be less than zero) ...

4. Add all qualifying investors’ distributive share of expenses and losses

incurred in connection with all direct and indirect transactions between the

qualifying pass-through entity and its related members (see note #1, below).

However, do not add expenses or losses incurred in connection with sales

of inventory to the extent that the cost of the inventory and the loss incurred

were calculated in accordance with I.R.C. sections 263A and 482 ............

5. If the qualifying pass-through entity is either a partnership or a limited

liability company treated as a partnership, add all qualifying investors’ dis-

tributive shares of guaranteed payments that the qualifying pass-through

entity made to any qualifying investor directly or indirectly owning at least

20% of the qualifying pass-through entity ..............................................

6. If the qualifying pass through-entity is an S corporation, add all qualifying

investors’ distributive shares of compensation that the qualifying pass-

through entity S corporation made to any qualifying investor directly

or indirectly owning at least 20% of the qualifying pass-through entity.

Reciprocity agreements do not apply .....................................................

7. Qualifying investors’ adjusted distributive share. Add lines 3, 4, 5 and 6 ..

8. Apportionment ratio from Worksheet 2, line 4 ........................................

9. Qualifying investors’ adjusted qualifying amount: Line 7 times line 8.

Complete the remainder of this worksheet only if the sum of columns (A)

and (B) line 9 exceeds $10,000 .............................................................

.05

.085

10.

10. Tax rate (see note #2 on next page) ......................................................

11.

11. Estimated tax: Line 9 times line 10 (see note #3 on next page) ............

12. For ﬁ rst quarter enter .225 in columns A and B; for second quarter enter .45

in columns A and B; for third quarter enter .675 in columns A and B; for the

12.

fourth quarter enter .90 in columns A and B (see note #4 on next page) ....

13. Tax due to date: Line 11 times line 12 ....................................................

13.

14. Previous payments made ......................................................................

14.

15. Amount currently due: Line 13 minus line 14. Place the column (A) amount

on line 1 of the payment coupon; place the column (B) amount on line 2

15.

of the payment coupon. Please round tax to the nearest dollar ..............

Note #1: Instructions for line 4, above. “Related member” is deﬁ ned in Ohio Revised Code section (R.C.) 5733.042(A)(6) but is modiﬁ ed by R.C. 5733.40(P).

For purposes of the line 4 adjustment, a related member is any business entity or person directly or indirectly related to the taxpayer if the direct and

indirect ownership interests exceed 40%.

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