I'm preparing a return for a full year resident of Ohio. She took distributions from her IRAs. Do the IRAs qualify for the retirement credit? Not sure from what I've read.
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Retirement Credit
If it is a regular distribution, i.e., code 7, then, yes, it qualifies, as long as it is included in the federal AGI.
If it is not code 7, then it may or may not qualify, depending on other variables.
BMKBurton M. Koss
koss@usakoss.net
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The map is not the territory...
and the instruction book is not the process. -
Ok thanks so much. Both distributions are code 7. And they are in the Federal AGI.You have the right to remain silent. Anything you say will be misquoted, then used against you.Comment
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Ohio Retirement Income
I would like to disagree because the person must be retired. There are three conditions. They are:
The distributions were made from a pension, retirement or profit-sharing plan.
The person received the income because he/she has retired AND
The income is included in the persons's Ohio Adjusted Gross income on Line 3.
All three of these conditions must be met. If a person takes a distribution out of their retirement plan to cover bills and they are still working there, then the three conditions have not been met. The person could be over 59.5 and there could be a code 7 but they are still working and simply took a distribution because they had bills.
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