I turned 65 and want to know what tax break I get in South Carolina?

Forum|Forum|2 years ago
July 26, 2023
2 replies
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What further deductions do I get at 65 in South Carolina?

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LoriC17

Hello,

Per the South Carolina Tax Website, Resident individuals who are 65 or older by the end of the tax year are allowed an Income Tax deduction of up to $15,000 against any South Carolina taxable income. Amounts deducted as retirement income reduce this $15,000 deduction. Retirement income is partially taxed in South Carolina. However, individuals aged 65 and older can claim up to $10,000 in retirement income deductions from pensions, 401(k)s, IRAs and other retirement accounts.

Also on your federal standard deduction , if you are 65 or older or blind, you can claim an additional standard deduction. For 2023, that additional standard deduction is $1,850 if you are single or file as head of household. If you're married filing jointly or separately, the extra standard deduction amount is $1,500 per qualifying individual.

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reneemc

Hi,

Is the $10,000 per individual filing or per individual? My husband and I both are 69 - is $10,000 the maximum we can deduct?

Thank you,

MayaD

It is per Individual.

Retirement Income Tax Deduction: An individual taxpayer receiving income from a qualifying retirement account may deduct up to $3,000 of qualifying retirement income annually until reaching age 65, and up to $10,000 annually after reaching age 65.

For all 5 South Carolina Individual Income Tax deductions and exemptions, check : SC Department of revenue

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