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emc011075, Master Tax Adviser
Category: Capital Gains and Losses
Satisfied Customers: 3003
Experience:  Master Tax Adviser and Enrolled Agent
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I'm closing out an account COMP.The account balance is about

Customer Question

I'm closing out an account for DEFERRED COMP.The account balance is about $18,000.What will my state taxes be?
Submitted: 1 year ago.
Category: Capital Gains and Losses
Customer: replied 1 year ago.
This will be a "ONE TIME" transaction so I won't need these services after this.
Expert:  emc011075 replied 1 year ago.

Hi. My name is ***** ***** I will be happy to help you.

With deferred compensation you mean a retirement account, correct? What state do you live in? Also are you 59 1/2 or older?

Customer: replied 1 year ago.
I live in Ohio . My zip code is 44485.I'm 60 years old.
Expert:  emc011075 replied 1 year ago.

Pension distributions and other deferred compensation is subject to OH tax, but you will not have to pay local/city or school district taxes on that income as far as 2015 tax year. If you haven't take the distribution yet, the income will be reported on your 2016 tax return next year. There are no tax tables available available for 2016, but based on you 2015 tax tables, assuming this is your only income, you will owe about $230.

Expert:  emc011075 replied 1 year ago.

I see you read my respond. Do you have any questions? Is there anything else I can help you with today?

And if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. You find the rating bar on the top of the page – 5 stars. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.

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