The qualified retirement plan contribution credits available only if a taxpayer lived in one or more other states that taxedcontributions into qualifed retirement plans at the time they were made. The taxpayer must be vested in the other state's retirement plan at the time of residing in the other state. Qualifed retirement plans are retirement plans defined in I.R.C. 401, 403, 408 and 457, and all public employe retirement plans of the federal, state and local governments, including military retirement.
The credits claimed each year in an amount based on the taxpayer's life expectancy at the time the taxpayer first claimsthe South Carolina retirement income deduction. The life expectancy table is available in Apendix C of Publication 590available at ww.irs.gov.
The total credits limited to the amount of contributions taxed each year multiplied by 7% (South Carolina’s highestmarginal rate for indivdual income tax).