Partnership nonliquidating distributions
Do not send corporate net income tax withholding payments to the Bureau of Corporation Taxes.
Within each class of income, there are specific rules for Pennsylvania personal income tax purposes that differ from federal income tax rules.
Note: For tax year 2005 and forward, an investment club that derives all of its receipts for the taxable year from either federally taxable portfolio interest income or dividends or from the sale and exchange of securities, is considered a partnership for Pennsylvania purposes and is required to file a PA-20S/PA-65 Information Return.
For each class of income, there are differences in reporting requirements for federal income tax and Pennsylvania personal income tax.
Any excess withholding will be refunded when the corporation’s RCT-101, PA Corporate Net Income Tax Report, is filed and processed.
The refund will be sent to the corporate partner and not the partnership submitting the payment.