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For Ohio residents, your SERS pension amount is subject to Ohio state income taxes. However, SERS is not required to withhold amounts for state tax unless you indicate the specific amount you wish to have withheld.
Two-thirds of your SERS pension is $800 which, when deducted from your Social Security benefit, leaves you with a $200 Social Security benefit plus your full $1,200 SERS pension. Depending on your gross SERS pension and/or Social Security benefit amount, the GPO could eliminate your Social Security spousal benefit entirely.
Do Ohio SERS Benefits Reduce Social Security Payments? They can, in one of two ways. While your SERS payments will not go down, you may receive less money from Social Security because you are subject to either the Government Pension Offset (GPO) or the Windfall Elimination Provision (WEP).
Is Social Security taxable in Ohio? Ohio does not tax Social Security retirement benefits, including those that are taxed federally. That, along with the state’s low cost of living, can make it possible for some to live off Social Security benefits alone in many Ohio counties.
• Applies when receiving own Social Security benefit • Exemption for those with 30 yrs. of substantial earnings under Social Security • Maximum reduction is 50% of SERS pension amount • SERS pension is NOT affected
Generally, retirement income included in federal adjusted gross income is subject to Ohio income tax. Ohio then provides a credit based on the taxpayer's retirement income. However, some types of retirement income are deductible in determining Ohio adjusted gross income, and thus are not subject to tax. See the FAQ "What types of retirement ...
Two-thirds of your SERS benefit is $800, and when deducted from your Social Security benefit, leaves you with $200 in a Social Security benefit and your full $1,200 SERS pension. Depending on your gross SERS pension amount, the GPO could eliminate your Social Security spousal benefit entirely.
