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Reset Form Ohio Lump Sum Retirement/Distribution Credit Worksheet Name: Year: LS WKS Rev. 12/15 Page 2 Social Security no.: This worksheet is for the Ohio lump sum credits found on the Ohio Schedule.

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To qualify for the Ohio Retirement Income Credit, you must meet all of the following criteria: Your modified Ohio adjusted gross income (regular Ohio adjusted gross income plus any business income deduction added back) minus your Ohio personal exemption amount is less than $100,000.

A lump-sum distribution is the distribution or payment within a single tax year of a plan participant's entire balance from all of the employer's qualified plans of one kind (for example, pension, profit-sharing, or stock bonus plans).

The maximum permissible lump sum distributions from a Cash Balance/ Defined Benefit Plan is $3.151 million during 2022 (at age 62);

The amount of the credit is as follows:Amount of qualifying retirement income received and included in Ohio Adjusted Gross Income during the taxable year:Retirement income credit for the taxable year:Over $3,001 but not more than $5,000$80Over $5,001 but not more than $8,000$130Over $8,000$2003 more rows

An example of a lump sum payment would be if someone won the lottery and received their winnings all at once in one large payment. Another example might be if someone sold their house and received the entire sale price in one lump sum.

Ohio lets you claim a credit if you cashed out the entire balance of an employee benefit plan (like a 401(k) or pension) during one year because of retirement. This is also known as a "total distribution" on Form 1099-R.

Ohio lets you claim a credit if you cashed out the entire balance of an employee benefit plan (like a 401(k) or pension) during one year because of retirement. This is also known as a "total distribution" on Form 1099-R.

Taking a lump-sum distribution In most cases, you can't take your money out of an IRA or pension plan until you reach age 59 1/2, otherwise you'll pay a 10% penalty on top of ordinary taxes. Once you reach retirement age, you're offered options on how you want to receive your money.

Lump-Sum Benefits Unless you choose no withholding, a lump-sum benefit that is not an eligible rollover distribution, the taxation is 10% of the distribution.

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© Copyright 1997-2025
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
Content Takedown Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
+1 833 426 79 33
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232