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.
What is Qualified Retirement Income?
Qualified retirement income includes:
- 401, 403, 408, 457
- Public Employee Retirement Plans of Federal, State and local governments
- Individual retirement plans
- Keogh Plans
- Military retirement
Where do I enter the subtraction?
To subtract this income from your South Carolina return, please go to:
- State Section
- Subtractions to income
- Social Security and Retirement Deductions
What else do I need to know?
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.