171583
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

hmkrayem
New Member

For the state of Ohio, do I need to include the amount from my Thrift Savings Plan as a lump sum retirement credit if I withdrew the full amount in 2018?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
Hal_Al
Level 15

For the state of Ohio, do I need to include the amount from my Thrift Savings Plan as a lump sum retirement credit if I withdrew the full amount in 2018?

Claiming a lump sum credit is optional. You can decline it. if you claim it, you have  to give up any future retirement income credits (up to $200 per year).

Many people who ask about it are not eligible. For example, leaving your employment and cashing out your 401k  or TSP does not qualify.

 There are two separate OHIO lump sum credits. One, the "Lump Sum Distribution Credit is only for people over 64 and you must have taken out everything in the company plan  and you must have left the company.

 The other, the Lump Sum Retirement Credit, is for any age but you must have actually retired from your company, and taken your entire account as a lump sum.


Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question