Instructions For Filing: Personal & School District Income Tax & Telefile - Department Of Taxation State Of Ohio - 2012 Page 23
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642012 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 or 13 of your Ohio form IT 1040?
YES
NO
STOP!
You only have to complete and fi le
Read the line instructions on pages 23-32.
pages 1 and 2 of Ohio form IT 1040.
Schedule A – Adjustments
Line 33c – Ohio Public Obligations
If you received a distribution during 2012
reported to you on a 2012 IRS form 1099-Q
from the CollegeAdvantage program and any
Line 31 – Non-Ohio State or Local
Enter any loss resulting from the sale/dispo-
portion of such distribution was not used to
sition of Ohio public obligations to the extent
Government Interest and Dividends
pay for qualifi ed higher-education expenses
that such losses have been deducted in
and was not due to the benefi ciary's death,
determining federal adjusted gross income.
Enter the total amount of interest and/or
disability or receipt of a scholarship, you
dividends you received from obligations or
Line 33d – Medical Savings Account
may be required to include an adjustment on
securities issued by non-Ohio state govern-
line 33b. Follow the instructions for items 1
ments, their local governments and/or their
Enter net withdrawals made from a medical
through 3 below for such distributions.
authorities if the interest and/or dividends
savings account (line 43b) for nonmedical
are not included in your federal adjusted
purposes if the amount of the withdrawal
1. You do not have to show on this line the
gross income. Also include on this line the
was deducted on a previous year's Ohio
amount of distributions relating to the
amortized portion of the original issue dis-
income tax return. See the medical savings
cost of tuition credits or units that you
count on such obligations and securities.
account worksheet on page 28.
purchased before Jan. 1, 2000.
Line 32 – Pass-Through Entity Add-Back
Line 33e – Deducted Expenses
2. If you are the CollegeAdvantage account
owner or benefi ciary and a portion of the
Enter Ohio form IT 1140 taxes and Ohio form
Enter reimbursements received in 2012
distribution reported to you on your Col-
IT 4708 taxes, which should be shown on
for any expenses that you deducted on a
legeAdvantage year 2012 form 1099-Q re-
your IRS K-1(s) to the extent that those taxes
previously fi led Ohio income tax return if
lates to original contributions or purchases
were deducted in arriving at your federal
the amount of the reimbursement was not
by the account owner (or benefi ciary) that
adjusted gross income.
included in federal adjusted gross income
are not excluded under item 1 above, then
for 2012.
the nonearnings portion (usually the origi-
In addition, each taxpayer having an interest
nal contribution or purchase price unless
in a qualifying pass-through entity must also
Line 33f – Lump Sum Distribution
the account has declined in value below
enter on this line the taxpayer's proportion-
these amounts) related to such portion of
ate share of expenses and losses that the
Enter any lump sum distribution amount that
the distribution must be included in Ohio
pass-through entity incurred with respect to
you reported on IRS form 4972. For informa-
adjusted gross income to the extent that
the pass-through entity's direct or indirect
tion about miscellaneous federal tax adjust-
either the account owner or the benefi ciary
transactions with the pass-through entity's
ments, see our Web site at tax.ohio.gov.
has taken an Ohio contribution deduction
40% or more related members. This provi-
Line 33g – Accelerated Depreciation
for such contributions or purchases in this
sion does not apply to the pass-through
or a prior taxable year. Add this adjustment
entity's sales of inventory to such related
to the total reported for line 33b.
For tax years 2012 and thereafter, add 2/3,
members to the extent that those losses
5/6 or 6/6 of the Internal Revenue Code
are calculated in accordance with Internal
3. Include on line 33b the earnings portion
section 168(k) bonus depreciation allowed
Revenue Code 482. See Ohio Revised
of the distribution reported to you on IRS
under the Internal Revenue Code in effect
Code section 5733.40(A).
form 1099-Q to the extent that you have
on Dec. 15, 2010. Also add 2/3, 5/6 or 6/6
not otherwise included these earnings
Line 33a – Federal Interest and
of the excess of the Internal Revenue Code
in Ohio adjusted gross income (line 3 on
Dividends
section 179 depreciation expense allowed
Ohio form IT 1040) for either the current
under the Internal Revenue Code in effect
taxable year or for any previous taxable
on Dec. 15, 2010 over the amount of sec-
Enter interest or dividends on obligations
year or years.
tion 179 depreciation expense that would
of the United States government that are
have been allowed based upon Internal
exempt from federal taxation but are not
Contribution Carryovers: CollegeAd-
Revenue Code section 179 in effect on
exempt from state taxation.
vantage account owners or benefi ciaries
Dec. 31, 2002. A line 33g add-back may
should also reduce any contribution deduc-
Line 33b – College Tuition Expenses
not be required for certain employers
tion carryovers to future years to the extent
whose increase in income tax withholding
that the nonearnings distributions in item
Enter any reimbursement received during
from the prior year is equal to or greater
2 above (i) exceed contribution deductions
the taxable year of any amount deducted
than the sum of sections 168(k) and 179
taken in this and prior years and (ii) are
for college tuition and fees in any previous
depreciation allowed. See Ohio Revised
refl ected in your contribution deduction
taxable year to the extent that the amount
Code section 5747.01(A)(20) as amended
carryover to future years' returns.
is not otherwise included in Ohio adjusted
by the 129th General assembly in HB 365
gross income.
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