Instructions For Schedule Nr - 2012 Page 3
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5Instructions - South Carolina Form Schedule NR
Line 26 - IRA DEDUCTION
SOUTH CAROLINA ADJUSTMENTS
To compute the IRA adjustment for Column B you must use the
percent that your South Carolina compensation bears to your
federal compensation. Use the formula below:
Line 33 - SOUTH CAROLINA ADDITIONS TO INCOME
SC Compensation
Line 26
Attach an explanation of your entry for this line. Taxpayers that
SC Adjustment
X
Federal Compensation
Column A
=
claim bonus depreciation under federal law must add back the
in Column B
difference between the bonus depreciation taken and the
depreciation which would have been allowed without bonus
depreciation. A charitable contribution deduction under IRC
Compensation is defined in the instructions to line 19.
Section 170 for a gift of land must be added back unless the
contribution also meets the requirements of S.C. Code Section
12-6-5590. Withdrawals from Catastrophe Savings Accounts
Line 27 - STUDENT LOAN INTEREST DEDUCTION
are taxable in the amount by which they exceed qualified
catastrophe expenses.
If you qualify for a student loan interest deduction for federal
purposes, you are allowed a deduction in Column B. Use the
SOUTH CAROLINA SUBTRACTIONS
following formula:
SC Total Income
Line 34 - NET CAPITAL GAIN DEDUCTION
(line 16, Column B)
Line 27
SC Adjustment
X
=
Column A
in Column B
Federal Total Income
Net capital gains which have been held for a period of more
(line 16, Column A)
than one year and have been included in the SC taxable
income are reduced by 44% for SC income tax purposes.
The term "net capital gain" means the excess of the net
long-term capital gain for the taxable year over the net
Line 28 - TUITION AND FEES DEDUCTION
short-term capital loss for such year. Income received from
installment sales as well as capital gain distribution qualifies for
this deduction provided the more than one year holding
If you qualify for tuition and fees deduction for federal purposes,
period has been met. South Carolina Capital Gains holding
you are allowed a deduction in Column B. Use the following
period is the same as the federal holding period. Multiply the
formula:
net gain which meets the above guidelines by 44% (.44) and
enter the results on this line.
SC Total Income
Example: Taxpayer's gain on stock (held more than one year)
(line 16, Column B)
Line 28
SC Adjustment
X
is $10,000. Also reported is a short term (ST) loss on stock
=
Column A
in Column B
Federal Total Income
held for six months of $5,000 and a long term (LT) loss on
(line 16, Column A)
stock which amounts to $3,000.
SC Net LT Capital Gain
$ 7,000
Line 29 - DOMESTIC PRODUCTION ACTIVITIES
(more than one year)
(10,000 gain - 3,000 loss)
DEDUCTION
5,000 (one year or less)
SC Net ST Capital Loss
SC Net Capital Gain
$2,000
Domestic Production Activities are not deductible under South
Net LT Capital
Carolina Law. Enter the amount from your federal form in
Gain Deduction
X
X
44%
Column A. Do not enter an amount in Column B.
Amount to be deducted
$880
Line 30 - OTHER ADJUSTMENTS TO INCOME
Line 35 - RETIREMENT DEDUCTION FOR SOUTH
CAROLINA RESIDENTS
Enter in Column B any federal adjustment to income for which
there is no line provided.
South Carolina taxes retirement received during the time you
were a resident of this state.
Line 32 - ADJUSTED GROSS INCOME
Up to $3,000 of qualified taxable retirement income is
deductible for resident taxpayers under age 65. Up to $10,000
To determine your federal adjusted gross income, subtract the
of qualified taxable retirement income is deductible for resident
figure on line 31, Column A, from the amount on line 16,
taxpayers age 65 and older.
Column A. Enter this figure on line 32, Column A. This amount
should be the same as the adjusted gross income amount on
Line 35a applies to the taxpayer whose name appears first on
your federal tax return.
the return. Line 35b applies to the spouse whose name
appears second on the return.
To determine your South Carolina adjusted gross income,
subtract the amount on line 31, Column B, from the amount on
To claim the deduction on line 35c, a surviving spouse must
line 16, Column B. Enter this figure on line 32, Column B.
receive the deceased spouse's qualified taxable retirement
income as a surviving spouse. The surviving spouse retirement
deduction is in addition to the individual retirement deduction
from his or her own plan. Enter the date of birth of the
deceased spouse. See next page for retirement worksheets.
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