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