In South Carolina, can you deduct army reserve ret...
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jackbrown
Level 1

In South Carolina, can you deduct army reserve retirement on the SC 1040 on ‘line v”?

 
5 Replies
AmyC
Employee Tax Expert

In South Carolina, can you deduct army reserve retirement on the SC 1040 on ‘line v”?

Yes, SC 1040 instructions, top of page 18 says the deduction is for retirement income from the Reserves or National Guard.

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jackbrown
Level 1

In South Carolina, can you deduct army reserve retirement on the SC 1040 on ‘line v”?

How do you get it on to Turbo tax?

DaveF1006
Employee Tax Expert

In South Carolina, can you deduct army reserve retirement on the SC 1040 on ‘line v”?

Actually when you do your federal return, in the 1099R section, you will indicate this is military income. If you are 65 or older, you are eligible for this SC deduction.  it will appear on your SC-1040 in line P-4 and Line V as a subtraction..  if you qualify and answer the questions correctly when you entered your 1099R, this will flow into your SC return.

[Edited 02-02--2021|04:15 PST]

 

 

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tammystedman
New Member

In South Carolina, can you deduct army reserve retirement on the SC 1040 on ‘line v”?

So are you saying you are only eligible to deduct SC retirement for reservists if over 65?  I do not see where it says that on SC1040 and I used turbotax, you have to deduct on line v manually.

ThomasM125
Employee Tax Expert

In South Carolina, can you deduct army reserve retirement on the SC 1040 on ‘line v”?

You can exempt up to $17,500 of military pension if under age 65 and up to $30,000 age 65 and older.

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