529 Rollover to SC Future Scholar Deduction

[trishbal]

Making numbers simple, last year I rolled over $40k total (30K contributions plus 10K earnings) of PA 529 funds into the SC Future Scholar program. I know this rollover can be deducted from SC income, but is the full amount deductible 40k (contribution portion plus earnings) or only the contribution portion 30k? The instructions for line k are unclear:

Line k: Contributions to the SC College Investment Program (Future Scholar) or to the SC Tuition
Prepayment Program
You may deduct 100% of any contributions to the SC College Investment Program made between
January 1, 2023 and April 15, 2024.
You may deduct 100% of any contributions to the SC Tuition Prepayment Program made between
January 1, 2023 and December 31, 2023.

[AmyC]

Yes, the full amount was rolled over and eligible. See SC1040 Instructions which state: 

Line k: Contributions to the SC College Investment Program (Future Scholar) or to the SC Tuition Prepayment Program You may deduct 100% of any contributions to the SC College Investment Program made between January 1, 2023 and April 15, 2024.

[trishbal]

Thank you for the response. But technically, the "full amount" you mention is only $30k in contributions. The other $10k is (unrealized) earnings. That $10k is the amount I question adding in as a contribution. Looking to get clarification on that amount.

[AmyC · Accepted solution]

The full amount is rolled over and eligible. Perhaps a different link will soothe your mind. See South Carolina 529 Plan Rules And College Savings Options