Retirement tax questions
Thank you for that.
You would need to make sure you had state withholdings for Ohio as well. If you did not, that would be a part of the reason you owe taxes this year.
Ohio does not have any specific provisions for retirement income not being taxed. They do offer a nonrefundable credit if you meet all of the requirements below.
As to the reason why you owe taxes in Ohio on your retirement income this year when you haven't in the past, the best thing to do at this point is to compare your 2020 return so far to what was actually filed in 2019. This may help narrow down where the difference is.
In TurboTax, you can view your tax summary for your 2020 tax return by doing the following:
- Go into the black panel on the left and select Tax Tools.
- Then select Tools beneath Tax Tools.
- A "Tools Center" box will pop up, select "View Tax Summary"
- You will see a screen that gives a snapshot of your taxes based upon your input so far.
- Click on the black panel on the left bar and select Preview my Ohio Tax Summary
- This will allow you to review your overall line items on your state tax return. Compare these amounts to your actual tax return for 2019 to help you determine why there is difference from year to year.
After you review the above items, simply select "Back" in the black panel to get back to the interview forms.
[Edited 03/06/2021 | 11:51 AM PST]
