Is the PTE tax deductible for Ohio income and corporation franchise tax purposes?
Ohio law expressly states that if such PTE tax is deducted either for individuals/estate/trust income tax purposes or for corporation franchise tax purposes, such amounts must be added to FAGI or “Line 28” (IRS form 1120) income, respectively. This addback is applicable only to C Corporations not subject to the franchise tax phase out. Return to Top 12. Can a PTE file Ohio form IT 4708 composite return for Ohio and/or nonresident individual qualifying investors and Ohio form IT 1140 PTE return for the remaining Ohio and/or nonresident individual qualifying investors? Yes. Return to Top 13. (a )If a nonresident individual invests in several Ohio PTEs, can the nonresident individual be included in an Ohio form IT 4708 for some PTEs and included in the Ohio form IT 1140 for others? (b) Does the answer change if the PTEs are related? (a): Yes. (b): No.
