Ohio Lump Sum

[Gary128]

I retired in October of last year. I had two funds from past employers came up for mandatory distribution. One because of time, the other because it was under the amount I could keep it invested any longer in their fund. I am confused if these are eligible for the lump sum retirement, lump sum distribution, or retirement income credits in Ohio. I used the standard deduction for my federal taxes if that matters.

[RogerD1]

If one or both of those accounts were completely distributed to you, they would qualify as a lump sum distribution for purposes of the Lump Sum Distribution Credit and Lump Sum Retirement Credit.  It is important to note that this credit is only available if your Ohio Adjusted Gross Income (AGI) (line 5 on Ohio IT 1040, is under $100,000).

Claiming the Lump Sum Retirement credit will disallow your being to claim the retirement income credit or another lump sum credit on a future return.

Claiming the Lump Distribution Credit requires an Ohio AGI under $100,000 and you are 65 or older and that you have never claimed another lump sum credit in a prior year.  You will be disallowed from claiming the Senior Citizen Credit or another lump sum credit in future years.

The Ohio Retirement Credit is available if you have not claimed a lump sum retirement credit before and your Ohio AGI is under $100,000.