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South Carolina Qualified Retirement Plan Contribution Credit

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South Carolina Qualified Retirement Plan Contribution Credit

Answer

CREDIT FOR NONRESIDENT RETIREMENT CONTRIBUTIONS

South Carolina Code §12-6-3500 provides a credit over the taxpayer’s lifetime for taxes paid on qualified retirement income contributions while residing in a state other than South Carolina. The Department will prescribe the amount of the annual credit based on the taxpayer’s life expectancy at the time the taxpayer is allowed the South Carolina retirement income deduction discussed above in Section 5. The total credit allowed may not exceed an amount determined by multiplying the contributions taxed in each year by the marginal South Carolina individual income tax rate for that year. The credit is claimed on Form TC-29, “Qualified Retirement Plan Contribution.”


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Views: 1455 Created on: Jun 15, 2013
Date updated: Jan 08, 2020

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