RETIREMENT CREDIT ($200) FOR OHIO STATE TAX RETURN
From what i understand; retirees can take this $200 non-refundable credit just one time. The on-line e-file system is not allowing me to take it again as i had taken it last year. BUT, someone i know who prepares taxes for free to others via AARP is telling me that i can take it every year as he's done this for his clients. Does anyone know if i can take it again this year. i am down to the wire this year. Thank you!
Answers
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Thank you for joining our community, BuddhasMom.
Retirees in the state of OH are able to take advantage of the yearly non-refundable retirement credit up to $200 every year that you file an OH state tax return. There are income limitations as your modified adjusted gross income (MAGI) less exemptions must be below $100,000 and your distribution must be $8,001 or more for the full $200 credit. I found this article on the OH state website in FAQ number 2.
The FreeTaxUSA screens show that if you had taken the OH lump sum retirement credit on a past OH return, you will not be able to use this retirement credit. Please pay attention to answer the questions on the page labeled "Have you claimed Lump Sum Retirement Credits?" to ensure you are able to use the normal retirement credit.
