What is the income tax deduction available to all taxpayers age 65 and older?
A. An income tax deduction of up to $15,000 is allowed against any South Carolina taxable income of a resident individual who is 65 or older by the end of the tax year. The following requirements apply to this deduction: a. Amounts deducted as retirement income (see above discussion) reduce this $15,000 deduction. b. Amounts deducted as a surviving spouse (see above discussion) do not reduce this $15,000 deduction. c. Taxpayer’s filing a joint return are allowed a deduction of up to $15,000 when only one spouse is 65 or older and up to $30,000 when both spouses are 65 or older by the end of the tax year. See Code Section 12-6-1170(B).
An income tax deduction of up to $15,000 is allowed against any South Carolina taxable income of a resident individual who is 65 or older by the end of the tax year. The following requirements apply to this deduction: a. Amounts deducted as retirement income (see above discussion) reduce this $15,000 deduction. b. Amounts deducted as a surviving spouse (see above discussion) do not reduce this $15,000 deduction. c. Taxpayer’s filing a joint return are allowed a deduction of up to $15,000 when only one spouse is 65 or older and up to $30,000 when both spouses are 65 or older by the end of the tax year. See Code Section 12-6-1170(B). I am considering moving to South Carolina. Is pension income taxable? Pension income received while a resident of South Carolina is taxable to South Carolina. However, South Carolina allows a retirement deduction and an age 65 and over deduction.Code Section 12-6-1170 Is all military retirement pay taxable to South Carolina? South Carolina does not tax retir
Related Questions
- The federal government allows for an increased standard deduction for taxpayers age 65 or older. Does Wisconsin allow for any type of benefit for older or retired taxpayers?
- What is the income tax deduction available to all taxpayers age 65 and older?
- Do some taxpayers age 65 and older not have to file an SC income tax return?
