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SERS is required to withhold federal income tax from your monthly pension amount unless you elect in writing not to have any withholding. You need to complete and file an Internal Revenue Service (IRS) Form W-4P with SERS to instruct the retirement system on whether income tax should be 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).
Social Security retirement benefits are fully exempt from state income taxes in Ohio. Certain income from pensions or retirement accounts (like a 401(k) or an IRA) is taxed as regular income, but there are credits available.
26 Μαΐ 2021 · Thirteen states tax Social Security benefits, a matter of significant interest to retirees. Each of these states has its own approach to determining what share of benefits is subject to tax, though these provisions can be grouped together into a few broad categories.
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 return a form indicating the specific amount you wish to have withheld.
5. Can Ohio extend Social Security coverage to public employees? It is possible, but unlikely. The process is extremely difficult and cannot be done on an individual basis. Extending coverage also would be expensive, requiring employees and employers to pay Social Security taxes in addition to retirement system contributions.
