TurboTax FAQ
TurboTax FAQ
1 person found this useful

2016 South Carolina Inherited Retirement Deduction.

Certain taxpayers who received a South Carolina Retirement Deduction for an inherited IRA may need to amend their South Carolina tax return. Although we fixed the issue in TurboTax, we want to make sure your return is complete and accurate. 

You may be affected if all of the following apply to you:

  • You received a withdrawal from an inherited IRA reported on form 1099-R AND
  •  You filed your state tax return prior to April 28, 2017 AND
  • Your South Carolina return includes a retirement deduction (Form SC1040, Line P).
If you are affected, you may have underpaid your state tax.  You may need to amend your state tax return.

What you need to do:

Remember to keep a copy of your amended state return in your tax files.

Filing an amended return is free.  In addition, as a part of our Accurate Calculation Guarantee, TurboTax will reimburse you for any penalties or interest you are assessed as result of this error. You can find additional information about our Accurate Calculation Guarantee by clicking on this link: TurboTax Accurate Calculation GuaranteeIf for any reason you are not satisfied with TurboTax as a result of this issue, we will refund your purchase price.

We apologize if this situation applies to you.  If you have additional questions, please contact us at 1-877-216-2138.