An analytical model has been developed to estimate the polarization effects, such as instrumental polarization (IP), crosstalk (CT), and depolarization, due to the optics of the Thirty Meter Telescope. These are estimated for the unvignetted field-of-view and the wavelengths of interest. The model estimates an IP of 1.26% and a CT of 44% at the Nasmyth focus of the telescope at the wavelength of
at field angle zero with the telescope pointing to zenith. Mueller matrices have been estimated for the primary, secondary, and Nasmyth mirrors. It is found that some of the Mueller matrix elements of the primary and secondary mirrors show a fourfold azimuthal antisymmetry, which indicates that the polarization at the Cassegrain focus is negligible. At the inclined Nasmyth mirror, there is no azimuthal antisymmetry in the matrix elements, and this results in nonzero values for IP and CT, which would negatively impact the polarization measurements at the telescope focus. The averaged Mueller matrix is estimated at the Nasmyth focus at different instrument ports and various zenith angles of the telescope. The variation in the Mueller matrix elements for different coatings is also estimated. The impact of this polarization effect on the science case requirements has been discussed. This analysis will help in achieving precise requirements for future instruments with polarimetric capability.