Instructions For Filing: Personal & School District Income Tax & Telefile - Department Of Taxation State Of Ohio - 2012 Page 29
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642012 Ohio Forms IT 1040EZ / IT 1040 / Instructions
Line 43c – Qualifi ed Organ Donor
income from a certain transfer agreement or
retirement income included in Ohio adjusted
an enterprise transferred under that agree-
gross income on line 3. Sue has $2,000 in
Expenses
ment if the income was included in your
qualifying retirement income included in
federal adjusted income. See Ohio Revised
Ohio adjusted gross income on line 3. The
Deduct on this line up to $10,000 of
Code sections 126.60-126.605.
total of the two qualifying retirement incomes
qualifi ed organ donation expenses you
is $7,000. The table above shows a credit
incurred during the taxable year. If your
Schedule B –
of $130 for retirement income of more than
fi ling status is married fi ling jointly, each of
$5,000, but not more than $8,000. They are
Nonbusiness Credits
you can deduct on this line up to $10,000
entitled to claim on line 48 an Ohio retire-
of qualifi ed organ donation expenses you
Line 48 – Retirement Income Credit
ment income credit of $130.
each incurred during the taxable year.
"Qualified organ donation expenses"
Line 49 – Senior Citizen Credit
To qualify for the Ohio retirement income
means unreimbursed travel and lodging
credit, you must meet all of the following:
expenses that you incur in connection with
You can claim a $50 credit if you were 65
You received retirement benefits, an-
your donation, to another human being,
or older before Jan. 1, 2013. If you are fi ling
nuities or distributions that were made
of your human liver, pancreas, kidney,
a joint return, only one credit of $50 is
from a pension, retirement or profi t-sharing
intestine, lung or any portion of your hu-
allowed even if you and your spouse are
plan; AND
man bone marrow.
both 65 or older.
You received this income because you
have retired; AND
You can claim this deduction only once for
If you take or have previously taken the
all taxable years. If you claim the deduction
This income is included in your Ohio
lump sum distribution credit, you cannot
for this year, you cannot claim this deduction
adjusted gross income on line 3. Note:
take the $50 senior citizen credit on this
Social Security and certain railroad
in any subsequent year. If your fi ling status
year's return or any future year's return.
retirement benefits required to be
is married fi ling jointly and if you and your
shown on line 40 and military retire-
spouse both claim the deduction for this year,
Line 50 – Lump Sum Distribution Credit
both you and your spouse cannot claim this
ment income required to be shown on
line 37b do not qualify for this credit.
deduction in any subsequent year. However,
This credit is available only to individuals 65
if your fi ling status is married fi ling jointly but
or older before Jan. 1, 2013. If you received
only one spouse claims this deduction for this
The Amount of the Credit is as Follows:
a lump sum distribution from a pension,
year, the other spouse can claim the deduc-
retirement or profi t-sharing plan, whether
Amount of qualifying
Line 48
tion in a subsequent year, regardless of your
on account of retirement or separation from
retirement
retirement income
spouse's fi ling status in that subsequent year.
employment, and if you are 65 or older, you
during the taxable
income credit
may be able to take advantage of a special
year:
for taxable year:
You can also deduct matching contribu-
tax treatment that uses the $50 senior citi-
tions that you made to another person's
$500 or less................................... $
0
zen tax credit multiplied by your expected
Individual Development Account when the
remaining life years.
More than $500,
account has been established by a county
but not more than $1,500 .............. $ 25
department of human services. For further
If the answers to questions 1 through 6
More than $1,500,
information, contact your local county de-
below are all "Yes," you can claim the
but not more than $3,000 .............. $ 50
partment of human services.
lump sum distribution credit. If you an-
More than $3,000,
swer "No" to any of the questions, you
Line 44 – Wage Expense
but not more than $5,000 .............. $ 80
do not qualify for this credit.
More than $5,000,
Deduct the amount of employer wage and
1. Were you 65 or older before Jan. 1, 2013?
but not more than $8,000 .............. $130
salary expenses that you did not deduct
2. Was the lump sum distributed from a
More than $8,000 .......................... $200
for federal income tax purposes because
qualifi ed employee benefi t plan (pension,
you instead claimed the federal targeted
profit-sharing, stock bonus, Keogh,
jobs tax credit or the work opportunity tax
The Maximum Credit Per Return is $200.
Internal Revenue Code 401(k), STRS,
credits.
If you are fi ling a joint return, combine the
PERS, SERS, etc.)?
total qualifying retirement income for both
3. Was the distribution made from all of the
Line 45 – Interest Income from Ohio
spouses to determine the credit from the
employer's qualifi ed plans of one kind in
Public Obligations
table above.
which the employee had funds?
4. Was the distribution for the full amount
If the taxpayer has previously taken a
Deduct interest income earned from Ohio
credited to the employee?
public obligations and Ohio purchase obli-
lump sum retirement income credit, they
5. Was the distribution paid within a single
gations if the interest income was included
cannot take the retirement income credit
taxable year?
in your federal adjusted gross income. You
on this year's return or any future year's
6. Was the distribution made because the
return to which this taxpayer is a party.
can also deduct any gains resulting from the
employee died, quit, retired, or was laid
sale or disposition of Ohio public obligations
off or fi red?
Note: Retirement buy-out amounts, attrition
to the extent that the gain was included in
buy-out amounts and other similar amounts
your federal adjusted gross income.
If you take this credit, you cannot take the
reported on IRS form W-2 qualify for this
$50 senior citizen's credit on this year's
Deduct income from providing public ser-
credit only if the amounts are paid under a
return or on any future year's return. For
vices under a contract through an Ohio
retirement plan.
more information, see page 2 of Ohio form
state project (including highway services)
LS WKS, which is available on our Web site
Example: Bob and Sue are retired and fi le
if the income was included in your federal
at tax.ohio.gov.
a joint return. Bob has $5,000 in qualifying
adjusted gross income. You can also deduct
- 29 -
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