Instructions For Filing: Personal & School District Income Tax - Department Of Taxation State Of Ohio - 2014 Page 23
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602014 Ohio Forms IT 1040EZ / IT 1040 / Instructions
Adjustments or Credits
Will you claim any adjustments on line 2 or will you claim a credit on lines 7, 13 or 23 of your Ohio form IT 1040?
YES
NO
STOP!
You only have to complete and fi le
Read the line instructions on pages 23-33.
pages 1 and 2 of Ohio form IT 1040.
Schedule A – Adjustments
for college tuition and fees in any previous
duction carryovers to future years to the
taxable year to the extent that the amount
extent that the nonearnings distributions
is not otherwise included in Ohio adjusted
in item 2 above (i) exceed contribution
Line 33 – Non-Ohio State or Local
gross income.
deductions taken in this and prior years
Government Interest and Dividends
and (ii) are refl ected in your contribution
If you received a distribution during 2014
deduction carryover to future years' re-
Enter the total amount of interest and/or
reported to you on a 2014 federal form
turns.
dividends you received from obligations or
1099-Q from the CollegeAdvantage pro-
securities issued by non-Ohio state govern-
Line 35c – Ohio Public Obligations
gram and any portion of such distribution
ments, their local governments and/or their
was not used to pay for qualifi ed higher-
authorities if the interest and/or dividends
Enter any loss resulting from the sale/dispo-
education expenses and was not due to
are not included in your federal adjusted
sition of Ohio public obligations to the extent
the benefi ciary's death, disability or receipt
gross income. Do not enter interest or divi-
that such losses have been deducted in
of a scholarship, you may be required to
dend amounts from Puerto Rico obligations
determining federal adjusted gross income.
include an adjustment on line 35b. Follow
as it has not offi cially entered statehood of
the instructions for items 1 through 3 below
Line 35d – Medical Savings Account
the U.S. Also include on this line the amor-
for such distributions.
tized portion of the original issue discount
Enter net withdrawals made from a medical
on such obligations and securities.
1. You do not have to show on this line the
savings account (line 46b) for nonmedical
amount of distributions relating to the
Line 34 – Pass-Through Entity
purposes if the amount of the withdrawal
cost of tuition credits or units that you
Add-Back
was deducted on a previous year's Ohio
purchased before Jan. 1, 2000.
income tax return. See the medical savings
Enter Ohio pass-through entity and fi nancial
account worksheet on page 24.
2. If you are the CollegeAdvantage ac-
institutions taxes [which should be shown on
count owner or benefi ciary and a portion
Line 35e – Deducted Expenses
your federal K-1(s)] to the extent that those
of the distribution reported to you on
taxes were deducted in arriving at your
your CollegeAdvantage year 2014 form
Enter reimbursements received in 2014
federal adjusted gross income.
1099-Q relates to original contributions
for any expenses that you deducted on a
or purchases by the account owner (or
previously fi led Ohio income tax return if
In addition, each taxpayer having an interest
benefi ciary) that are not excluded under
the amount of the reimbursement was not
in a qualifying pass-through entity must also
item 1 above, then the nonearnings por-
included in federal adjusted gross income
enter on this line the taxpayer's proportion-
tion (usually the original contribution or
for 2014.
ate share of expenses and losses that the
purchase price unless the account has
pass-through entity incurred with respect to
declined in value below these amounts)
Line 35f – Lump Sum Distribution
the pass-through entity's direct or indirect
related to such portion of the distribution
transactions with the pass-through entity's
must be included in Ohio adjusted gross
Enter any lump sum distribution amount
40% or more related members. This provi-
income to the extent that either the ac-
that you reported on federal form 4972.
sion does not apply to the pass-through
count owner or the benefi ciary has taken
For information about miscellaneous fed-
entity's sales of inventory to such related
an Ohio contribution deduction for such
eral tax adjustments, see our Web site at
members to the extent that those losses
contributions or purchases in this or a
tax.ohio.gov.
are calculated in accordance with Internal
prior taxable year. Add this adjustment
Revenue Code 482. See Ohio Revised
Line 35g – Accelerated Depreciation
to the total reported for line 35b.
Code section 5733.40(A).
3. Include on line 35b the earnings portion
Add 5/6 of Internal Revenue Code section
Line 35a – Federal Interest and
of the distribution reported to you on
168(k) bonus depreciation allowed under
Dividends
federal form 1099-Q to the extent that
the Internal Revenue Code in effect on Dec.
you have not otherwise included these
15, 2010. Also add 5/6 of the excess of the
Enter interest or dividends on obligations
earnings in Ohio adjusted gross income
Internal Revenue Code section 179 depre-
of the United States government that are
(line 3 on Ohio form IT 1040) for either
ciation expense allowed under the Internal
exempt from federal taxation but are not
the current taxable year or for any previ-
Revenue Code in effect on Dec. 15, 2010
exempt from state taxation.
ous taxable year or years.
over the amount of section 179 deprecia-
tion expense that would have been allowed
Line 35b – College Tuition Expenses
Contribution Carryovers: CollegeAd-
based upon Internal Revenue Code section
vantage account owners or benefi ciaries
179 in effect on Dec. 31, 2002. Replace “5/6”
Enter any reimbursement received during
should also reduce any contribution de-
with “2/3” for employers who increased their
the taxable year of any amount deducted
- 23 -
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