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Category: Ohio

Ohio Additions to Income

Interest/Dividend Income from Other States

Enter the total amount of interest and/or dividends you received from obligations or securities issued by non-Ohio state governments, their local governments and/or their authorities if the interest and/or dividends are not included in your federal adjusted gross income. Also include on this line the amortized portion of the original issue and discount on such obligations and securities.

Pass-Through Entity Addback

Enter Ohio form IT 1140 taxes and Ohio form IT 4708 taxes, which should be shown on your IRS K-1(s) to the extent that those taxes were deducted in arriving at your federal adjusted gross income. In addition, each taxpayer having an interest in a qualifying pass-through entity must also enter on this line the taxpayer’s proportionate share of expenses and losses that the pass-through entity incurred with respect to the pass-through entity’s 40% or more related members. This provision does not apply to the pass-through entity’s sales of inventory to such related members to the extent that those losses are calculated in accordance with IRS Code 482.

Federal Interest and Dividends Subject to State Taxation

Enter interest and dividends on obligations of the United States Government that are exempt from federal taxation but are not exempt from state taxation.

Losses from Sales of Public Obligations from this State

Enter any loss resulting from the sale/disposition of Ohio public obligations to the extent that such losses have been deducted in determining the federal adjust gross income.

Non-Medical Withdrawals from MSA of this State and Lump Sum Distribution Addback

Enter net withdrawals made from an Ohio medical savings account for nonmedical purposes if the amount of the withdrawal was deducted on a previous year’s Ohio income tax return. Also enter any lump sum distribution amount that you reported on IRS form 4972.

Reimbursements Deducted (Not Included in Federal AGI)

Enter any reimbursement received during the taxable year for any expenses that you deducted on a previously filed Ohio Income Tax Return if the amount of the reimbursement was not included in Federal Adjusted Gross income.

Non-Educational Expenditures from College Accounts

If you received a distribution during the taxable year reported to you on a form 1099Q from the CollegeAdvantage program and any portion of such distribution was NOT used to pay for qualified higher-education expenses and was NOT due to the beneficiary’s death, disability or receipt of scholarship, you may be required to include an adjustment on your return.

  1. You do not have to report the amount of distributions relating to the cost of tuition credits or units that you purchased before January 1, 2000.
  2. If you are the CollegeAdvantage account owner or beneficiary and a portion of the distribution reported to you on your CollegeAdvantage 1099Q relates to original contributions or purchases by the account owner (or beneficiary) that are not excluded under item 1, above, then the non-earnings portions (usually the original contribution or purchase price unless the account has declined in value below these amounts) related to such portion of the distribution must be included in Ohio AGI to the extent that either the account owner or the beneficiary has taken and Ohio contribution deductions for such contributions or purchases in this or a prior taxable year.
  3. Include the earnings portion of the distribution reported to you on IRS form 1099Q to the extent you have not otherwise included these earnings in Ohio adjusted gross income for either the current taxable year or for any previous taxable year or years.

Contribution Carryovers: CollegeAdvantage account owners or beneficiaries should also reduce any contribution or deduction carryovers to future years to the extent that the non-earnings distributions in item 2, above (i) exceed contribution deductions taken in this and prior years and (ii) are reflected in your contributions deduction carryover to future years’ returns.

Reimbursements of College Tuition Expenses and Fee Deducted in any Previous Years

Enter any reimbursement received during the taxable year of any amount deducted for college tuition and fees in any previous taxable year to the extent that the amount is not otherwise included in Ohio AGI.

Bonus Depreciation Expense Adjustment

Add 5/6th of the Internal Revenue Code Section 168(k) bonus depreciation allowed under the Internal Revenue Code in effect on December 15, 2010. Also, add 5/6th of the excess of the Internal Revenue Code section 179 depreciation expense allowed under the Internal Revenue Code in effect December 15, 2010 over the amount of section 179 depreciation expense that would have been allowed based upon Internal Revenue Code section 179 in effect on December 31, 2002.