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

[Phil won 2]

What further deductions do I get at 65 in South Carolina?

[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.

[rschule1]

Hi There

Here a good link from the South Carolina DOR, outlining tax tips for retirees.

Tax Tips for Retirees

[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

[xmasbaby0]

And...SC does not tax Social Security benefits.