South Carolina allows for a deduction in retirement income based off of your age. If you are under 65, you can deduct up to $3,000 of qualified retirement income. If you are 65 or older, you can deduct up to $10,000 of qualified retirement income.
Qualified income includes plans defined in IRC:
- 401, 403, 408, 457
- Public Employee Retirement Plans of Federal, State and local governments
- Individual retirement plans
- Keogh Plans
- Military retirement
Surviving spouses may deduct up to $3,000 or $10,000 of survival benefits received based on the age of how old the deceased spouse would have been if they were alive.
To make these manual entries within the program, go to:
- State Section
- Subtractions to income
- Social Security and Retirement Deductions