Questions & Answers

What is the Lump Sum Distribution Credit?

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, and are age 65 or older.

The credit replaces the Senior Citizen Credit that seniors can claim each year, and instead gives the entire benefit in one tax year.

If you claimed the Lump Sum Distribution Credit in a prior year you can't claim the credit again.

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