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Retirement tax questions
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.
I hope it helps, please let us know if you have any additional questions.
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Enjoy your day!!
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎July 26, 2023
3:04 PM