Rita Form 27 PDF Details

Understanding the complexities and the detailed nature of tax forms is imperative for organizations striving to maintain compliance with federal and municipal taxation laws. One such intricate document, the Rita 27 form, embodies the quintessence of meticulous fiscal reporting and adherence. Vital for businesses operating within regions governed by the Regional Income Tax Agency (RITA), this form facilitates the accurate declaration of net profits and losses, ensuring fair municipal tax contribution. Detailed instructions within the form guide entities through reporting income as per the attached Federal Return, adjustments due to nondeductible items, and the application of specific credits and payments towards estimated municipal income tax. Also embedded in this structural framework is the provision to report and distribute taxes within RITA municipalities, clearly reflecting the organization’s financial engagements on a local level. Tailored to accommodate various business structures, such as corporations, partnerships, and trusts, the form not only underscores the fiscal specifics but also mandates the attachment of the federal return and relevant schedules to preclude processing delays, underscoring its role in fostering transparent and rectified tax reporting. This comprehensive approach embodied in the Rita 27 form underscores the integral connection between federal taxable income adjustments and local tax responsibilities, ensuring businesses contribute equitably to municipal finances.

QuestionAnswer
Form NameRita Form 27
Form Length4 pages
Fillable?Yes
Fillable fields159
Avg. time to fill out32 min 52 sec
Other namesrita 27 tax, rita 27 form, rita net tax agency, oh rita net tax form

Form Preview Example

FORM

27

HJLRQDO,QFRPH7D[$ JHQF\

2020

,7$ 1HW3URILWTax HWXUn

FOR CALENDAR YEAR

OR FISCAL YEAR BEGINNING

The federal return MUST be attached to be considered a complete tax return.

AND ENDING

Please also attach all applicable schedules and 1099-NEC to avoid delays.

Check if:

Initial RITA Return

 

No longer in RITA

 

 

 

 

Extension

 

 

 

 

 

Amended Return

 

Out of Business

 

 

 

 

 

 

Consolidated Return (Attach Form 851)

 

Alternate Method

Federal Business Activity Code #

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated filer with 80% ownership of a Pass-Through Entity (see Instructions, Page 3)

Business

 

 

 

 

 

 

 

Activity

 

BUSINESS:

Company Name

CCORPORATION S CORPORATION

PARTNERSHIP

ESTATE

LLC

SMALL EMPLOYER:

TRUST

 

 

 

Federal Identification Number:

Address #

 

Street

 

 

 

Suite #

City

 

State

 

Zip Code

 

 

 

 

 

1.

INCOME PER ATTACHED FEDERAL RETURN

 

 

1

 

(per attached Federal Form 1120 (Line 28), 1120S (Sch. K - Line 18), 990T (Line 30),

 

 

 

 

 

1065 (Sch. K - Analysis of Net Income (Loss), Page 5 - Line 1), 1041 (Line 17) or the equivalent)

2.

A. ITEMS NOT DEDUCTIBLE (from Page 3, Schedule X, Line G)

Add 2A

 

B. ITEMS NOT TAXABLE (from Page 3, Schedule X, Line Q)

Deduct 2B

 

 

 

 

 

C. ENTER EXCESS OF LINE 2A OR 2B

 

 

 

 

2C

 

 

 

 

 

 

3.

A. ADJUSTED FEDERAL TAXABLE INCOME (Line 1 plus or minus Line 2C)

 

 

3A

 

B. PRE-APPORTIONED LOSSES FROM TAX YEARS BEGINNING ON OR AFTER 1/1/17 (subject to 50%)

 

 

 

 

Check this box if utilizing a NOL incurred prior to 1/1/17 first. See

instructions.

 

 

i. TOTAL UNUTILIZED PRE-APPORTIONED LOSSES FROM

 

 

 

 

 

TAX YEARS BEGINNING ON OR AFTER 1/1/17

3B(i)

 

 

.00

 

 

 

 

 

 

 

.00

.00

.00

.00

.00

Checkbox instructions: If you check the box you must use the Worksheet on Page 4 of the Net Profit Instructions. References for Line 3B(i) through Line 4 are found on the worksheet.

ii.PRE-APPORTIONED LOSSES FROM TAX YEARS BEGINNING ON OR AFTER 1/1/17 UTILIZED in TAX YEAR 2020

iii.Income/Loss Subject to Apportionment (Line 3A less Line 3B(ii))

C. AMOUNT ALLOCABLE TO RITA

If Schedule Y, Page 4 is used

 

% of Line 3b(iii)

 

 

 

D. LESS POST APPORTIONED LOSSES FOR TAX YEAR BEGINNING PRIOR TO 1/1/17 Per previous Municipal Income Tax Returns (schedule must be submitted)

3B(ii)

3B(iii)

3C

3D

.00

.00

.00

.00

4.AMOUNT SUBJECT TO MUNICIPAL INCOME TAX (Line 3C less Line 3D)

5.MUNICIPAL INCOME TAX DUE (see Instructions) NOTE: Must equal Schedule B on Page 2

6.A. PAYMENTS ON DECLARATIONS OF ESTIMATED MUNICIPAL INCOME TAX

B.AMOUNT OF PREVIOUS YEAR CREDIT

C.TOTAL CREDITS ALLOWABLE (Line 6A + 6B)

7.A. BALANCE DUE (Line 5 less Line 6C) AMOUNT PAYABLE TO RITA MUST ACCOMPANY THIS FORM

B.OVERPAYMENT CLAIMED (If Line 6C exceeds Line 5 enter difference here and check the desired box)

(Cannot be split between refund and credit) Refund

 

CREDIT

 

 

4

5

6A

6B

6C

7A

7B

.00

.00

.00

.00

.00

.00

.00

FORM 27

SCHEDULE B - DISTRIBUTION OF TAX WITHIN RITA MUNICIPALITIES

TOTAL TAX DISTRIBUTED BELOW MUST EQUAL AMOUNT FROM PAGE 1, LINE 5

Note: For each separate municipality listed below, if Tax Due is $10 or less, enter -0-.

(if more space is needed, attach additional schedule)

Municipality Name

Taxable Income / Loss

.00

.00

.00

Tax Rate

Tax Due

.%

.%

.%

.00

.00

.00

COMPUTATION OF ESTIMATED TAX

ESTIMATED TAX DISTRIBUTION TOTAL TO LINE 8A

(if more space is needed, attach additional schedule)

Municipality Name

Taxable Income / Loss

Tax Rate

Tax Due

 

 

 

.00

 

.%

 

 

.00

 

.%

 

 

 

 

 

 

.00

 

.%

 

 

 

 

8. A. ESTIMATED TAX (from distribution above)

 

8A

B. CREDIT (if any) FROM PRIOR YEAR (7B)

 

8B

C. LINE 8A LESS LINE 8B

 

8C

D. AMOUNT PAID (not less than 1/4 of estimated tax)

(IF LINE 8A IS LEFT BLANK AN ESTIMATE WILL BE CREATED FOR YOU BASED 8D ON YOUR PRIOR YEAR’S TAX LIABILITY AND MUNICIPAL DISTRIBUTION)

9. TOTAL OF 7A + 8D

9

MAKE CHECKS PAYABLE TO RITA

The federal return MUST be attached to be considered a complete tax return. In order to avoid processing delays and notices from RITA, please also attach all applicable schedules and 1099-NEC.

.00

.00

.00

.00

.00

.00

.00

.00

I CERTIFY I HAVE EXAMINED THIS RETURN, INCLUDING ACCOMPANYING SCHEDULES AND STATEMENTS AND TO THE BEST OF MY KNOWLEDGE AND BELIEF, IT IS TRUE, CORRECT, COMPLETE, AND THAT THE FIGURES USED HEREIN ARE THE SAME AS USED FOR FEDERAL INCOME TAX PURPOSES.

SIGNATURE OF OFFICER OR PARTNER

PRINT NAME

TITLE

PHONE

DATE

May RITA discuss this return with the preparer shown above?

Yes

PREPARER’S SIGNATURE

 

PRINT NAME

PREPARER’S ADDRESS

PREPARER’S PHONE

FIRM NAME

No

Page

REMIT RETURN WITH REFUND TO:

REMIT RETURN WITH PAYMENT TO:

REMIT RETURN WITHOUT PAYMENT

REGIONAL INCOME TAX AGENCY

REGIONAL INCOME TAX AGENCY

TO: REGIONAL INCOME TAX AGENCY

P.O. BOX 94652

P.O. BOX 94582

P.O. BOX 89475

CLEVELAND, OH 44101-4652

CLEVELAND, OH 44101-4582

CLEVELAND, OH 44101-6475

ritaohio.com

 

 

2

27F20

FORM 27

SCHEDULE X – ADJUSTMENT TO FEDERAL INCOME TAX RETURN (attach supporting statement for line items utilized below)

ITEMS NOT DEDUCTIBLE

A.LOSSES THAT DIRECTLY RELATE TO THE SALE, EXCHANGE, OR OTHER DISPOSITION OF AN ASSET DESCRIBED IN 1221 OR 1231 OF THE IRC

B. TAXES BASED ON INCOME

C.5% OF THE AMOUNT DEDUCTED AS INTANGIBLE INCOME EXCLUDING THE PORTION DIRECTLY RELATED TO THE SALE, EXCHANGE, OR OTHER DISPOSITION OF PROPERTY DESCRIBED IN 1221 OF THE IRC

D.AMOUNTS PAID OR ACCRUED TO QUALIFIED SELF-EMPLOYED RETIREMENT AND HEALTH AND LIFE INSURANCE PLANS FOR OWNERS OR OWNER-

EMPLOYEES OF NON-C CORPORATION ENTITIES

E.REIT’S AND RIC’S - ALL AMOUNTS WITH RESPECT TO DIVIDENDS,

DISTRIBUTIONS, OR AMOUNTS SET ASIDE FOR OR CREDITED TO THE BENEFIT OF INVESTORS AND ALLOWED AS A DEDUCTION

F.OTHER: (ATTACH EXPLANATION)

G. TOTAL ADDITIONS (ENTER ON PAGE 1, LINE 2A)

ITEMS NOT TAXABLE

N.INCOME AND GAINS - FEDERALLY REPORTED INCOME AND GAINS FROM IRC

1221 OR 1231 PROPERTY DISPOSITIONS EXCEPT TO THE EXTENT THE INCOME AND GAINS APPLY TO THOSE DESCRIBED IN 1245 OR 1250 OF THE IRC

O.INTANGIBLE INCOME SUCH AS INTEREST, DIVIDEND, PATENT, AND COPYRIGHT INCOME ALSO INCLUDE ROYALTY INCOME EXCEPT ROYALTIES DERIVED FROM

INTEREST IN LAND (i.e. OIL AND GAS RIGHTS, ETC.)

P.OTHER : PASS-THROUGH INCOME (LOSS)

Q. TOTAL DEDUCTIONS (ENTER ON LINE 2B)

AFTI WORKSHEET

ADJUSTED FEDERAL TAXABLE INCOME

For use by taxpayers that are NOT C Corporations

(1)Federal Form 1120S (S Corporations) - Sch. K - Line 18

(2)Federal Form 1065 (Partnerships, LLC’s, LLP’s) - Sch. K - Analysis of Net Income (Loss), Page 5 - Line 1

(3)Federal Form 1041 (Estates, Trusts) - Page 1 - Line 17

Form 1120S

Form 1065

Form 1041

a) From Federal Return (above)

 

 

 

 

$

$

$

b) Excess 179 Deduction / Carryover

 

 

 

 

 

 

c) Charitable Contribution - In Excess of

 

 

 

10% Limitation

 

 

 

d)

Other:

 

 

 

 

e)

 

 

 

 

“ADJUSTED FEDERAL TAXABLE INCOME” $

$

$

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

Page

3

FORM 27

SCHEDULE Y - BUSINESS APPORTIONMENT FORMULA (See Instructions)

 

 

 

A. LOCATED

B. RITA MUNICIPALITY

 

 

 

EVERYWHERE

 

 

STEP 1.

AVERAGE ORIGINAL COST OF REAL & TANGIBLE PERSONAL PROPERTY

$

 

$

 

 

 

 

GROSS ANNUAL RENTALS MULTIPLIED BY 8

$

 

$

 

 

TOTAL OF STEP 1

$

 

$

 

STEP 2.

TOTAL WAGES, SALARIES, COMMISSION AND OTHER

 

 

 

 

 

COMPENSATION PAID TO ALL EMPLOYEES

$

 

$

 

STEP 3.

GROSS RECEIPTS FROM SALES AND WORK OR

 

 

 

 

 

SERVICES PERFORMED

$

 

$

 

STEP 4.

TOTAL OF PERCENTAGES

 

 

 

 

STEP 5. AVERAGE PERCENTAGE (DIVIDE TOTAL PERCENTAGES BY NUMBER OF PERCENTAGES USED)

C.PERCENTAGE (B / A)

%

%

%

%

%

STEP 1.

STEP 2.

STEP 3.

STEP 4.

 

 

A. LOCATED

B. RITA MUNICIPALITY

 

C. PERCENTAGE

 

 

EVERYWHERE

 

 

 

(B / A)

AVERAGE ORIGINAL COST OF REAL & TANGIBLE PERSONAL PROPERTY $

$

 

 

 

 

GROSS ANNUAL RENTALS MULTIPLIED BY 8

$

 

$

 

 

 

 

TOTAL OF STEP 1

$

 

$

 

%

TOTAL WAGES, SALARIES, COMMISSION AND OTHER

 

 

 

 

 

 

 

COMPENSATION PAID TO ALL EMPLOYEES

$

 

$

 

%

GROSS RECEIPTS FROM SALES AND WORK OR

 

 

 

 

 

 

 

SERVICES PERFORMED

$

 

$

 

 

%

TOTAL OF PERCENTAGES

 

 

 

 

 

 

 

 

 

 

 

 

%

 

 

 

 

 

 

 

 

STEP 5. AVERAGE PERCENTAGE (DIVIDE TOTAL PERCENTAGES BY NUMBER OF PERCENTAGES USED)

%

 

 

 

 

 

 

A. LOCATED

B. RITA MUNICIPALITY

 

 

 

EVERYWHERE

 

 

STEP 1.

AVERAGE ORIGINAL COST OF REAL & TANGIBLE PERSONAL PROPERTY

$

 

$

 

 

 

 

GROSS ANNUAL RENTALS MULTIPLIED BY 8

$

 

$

 

 

TOTAL OF STEP 1

$

 

$

 

STEP 2.

TOTAL WAGES, SALARIES, COMMISSION AND OTHER

 

 

 

 

 

COMPENSATION PAID TO ALL EMPLOYEES

$

 

$

 

STEP 3.

GROSS RECEIPTS FROM SALES AND WORK OR

 

 

 

 

 

SERVICES PERFORMED

$

 

$

 

STEP 4.

TOTAL OF PERCENTAGES

 

 

 

 

STEP 5. AVERAGE PERCENTAGE (DIVIDE TOTAL PERCENTAGES BY NUMBER OF PERCENTAGES USED)

C.PERCENTAGE (B / A)

%

%

%

%

%

TOTAL Sum all STEP 5 percentages for each municipality, enter on Page 1, Line 3C

%

SCHEDULE Y-1: RECONCILIATION OF SCHEDULE Y WAGES TO WITHHOLDING RETURNS

1.Total workplace RITA wages shown on your withholding tax returns filed for the year covered by this return. $

2.Attach explanation of any difference between total wages remitted and total wages shown on Schedule Y above.

3.Provide the Company Name and Federal Identification Number under which the withholding tax was remitted, if different than information on page 1.

Company Name

 

 

Federal Identification Number

 

 

 

 

 

 

 

 

 

SCHEDULE Z: PASS-THROUGH DISTRIBUTIVE SHARES OF NET INCOME

 

 

 

Attach a schedule of each partner’s/shareholder’s name, social security number, distributive share,

 

 

 

guaranteed payments (if applicable) and ownership percentage.

 

 

 

Page

 

SCHEDULE ZZ: CONSOLIDATED RETURN INFORMATION

 

If filing a consolidated return, you must attach Federal Form 851 or a schedule listing each name, address

4

 

and employer identification number.

 

 

 

27F20

 

 

 

 

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Stage no. 1 of completing oh rita net tax

2. The third stage would be to fill in these blank fields: C ENTER EXCESS OF LINE A OR B, A ADJUSTED FEDERAL TAXABLE INCOME, B PREAPPORTIONED LOSSES FROM TAX, Check this box if utilizing a NOL, i TOTAL UNUTILIZED PREAPPORTIONED, TAX YEARS BEGINNING ON OR AFTER, ii PREAPPORTIONED LOSSES FROM TAX, in TAX YEAR, iii IncomeLoss Subject to, C AMOUNT ALLOCABLE TO RITA, If Schedule Y Page is used, of Line biii, D LESS POST APPORTIONED LOSSES FOR, Per previous Municipal Income Tax, and AMOUNT SUBJECT TO MUNICIPAL.

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Those who use this form often get some things wrong when filling in C ENTER EXCESS OF LINE A OR B in this section. You need to read twice what you type in here.

3. The following part should also be quite easy, B OVERPAYMENT CLAIMED If Line C, box Cannot be split between refund, Refund, and Credit - every one of these fields will have to be filled out here.

Step number 3 of submitting oh rita net tax

4. The subsequent part arrives with the following blanks to consider: Municipality Name, Taxable Income Loss, Tax Rate, Tax Due, COMPUTATION OF ESTIMATED TAX, ESTIMATED TAX DISTRIBUTION TOTAL, if more space is needed attach, Municipality Name, Taxable Income Loss, Tax Rate, Tax Due, A ESTIMATED TAX from distribution, B CREDIT if any FROM PRIOR YEAR B, and C LINE A LESS LINE B.

Tax Due, Tax Rate, and Municipality Name inside oh rita net tax

5. The very last stage to finish this PDF form is critical. Ensure that you fill out the required blank fields, which includes D AMOUNT PAID not less than of, A TOTAL OF A D MAKE CHECKS, SIGNATURE OF OFFICER OR PARTNER, PREPARERS SIGNATURE, PRINT NAME, PRINT NAME, PREPARERS ADDRESS, TITLE, PHONE, DATE, PREPARERS PHONE, FIRM NAME, May RITA discuss this return with, Yes, and Page F, prior to using the file. If you don't, it can give you an unfinished and probably invalid form!

oh rita net tax completion process detailed (stage 5)

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