Ohio Administrative Code
Title 5703 - Department of Taxation
Chapter 5703-7 - Income Tax
Section 5703-7-04 - Option to filing of declaration of estimated income tax returns by farmers and fishermen

Universal Citation: OH Admin Code 5703-7-04

Current through all regulations passed and filed through September 16, 2024

(A) "Estimated gross income from farming" and "estimated gross income from fishing" have the same meaning as they are used in sections (b)(2) and (3) of 26 CFR 1.6073-1 as of the most recent effective date of section 5701.11 of the Revised Code.

(B) An individual may utilize, in lieu of the requirements of section 5747.09 of the Revised Code, one of the alternate methods of filing and paying his or her Ohio individual income tax allowed under paragraph (C) of this rule if both of the following are true:

(1) At least two-thirds of the individual's estimated gross income is estimated gross income from farming or estimated gross income from fishing; and

(2) The individual uses the same method for filing his or her Ohio individual income tax returns as the individual used for filing his or her federal income tax returns.

(C) The alternative methods available to those farmers and fishermen described in paragraph (B) of this rule include:

(1) Forgoing the payment of estimated taxes generally required under section 5747.09 of the Revised Code if the individual both files the Ohio individual income tax return required under section 5747.08 of the Revised Code and makes payment in full of the tax reflected on the return on or before the first day of the third month following the close of the taxpayer's taxable year; or

(2)
(a) Filing a declaration of estimated tax, making payment in full of the tax reflected thereon, on or before the fifteenth day of the first month following the close of the taxpayer's taxable year; and

(b) Filing the annual individual income tax return on or before the fifteenth day of April of the calendar year following the close of the individual's taxable year.

Replaces 5703-7-04

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