You'll have to decide whether you fill out the form take the one time OH Lump Sum Retirement Credit or if you take the $50 senior citizen credit each year on your tax return.
The OH Lump Sum Retirement Credit is taken is lieu of the $50 senior citizen credit.
The OH Lump Sum Retirement Credit is $50 times the recipient’s remaining life years as determined from Table 2 on page 3. Click here to view.
- Note: No senior citizen credit can be claimed on a future return to which the taxpayer is a party.
To be eligible for the lump sum distribution credit, the recipient of the qualifying lump sum distribution must be age 65 or older in the year of receipt.
- It is not necessary for any portion of the distribution to be included in Ohio adjusted gross income to qualify for this credit.