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South Carolina Qualified Retirement Plan Contribution Credit

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Question
South Carolina Qualified Retirement Plan Contribution Credit

Answer

A credit in an amount equal to taxes paid on qualified retirement plan contributions made by a taxpayer while residing in another state which did not exempt such contributions from its state income tax is allowed. The credit must be spread over the life expectancy of the taxpayer. Contact the Department of Revenue for more information concerning the computation of this credit.

The qualified retirement plan contribution credit is available only if a taxpayer lived in one or more other states that taxed contributions into qualified 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. Qualified retirement plans are retirement plans defined in I.R.C.
401, 403, 408 and 457, and all public employee retirement plans of the federal, state and local governments, including military retirement.


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Views: 740 Created on: Jun 15, 2013
Date updated: Aug 07, 2015

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