Sc Sch.tc-44 - Excess Insurance Premium Credit

ADVERTISEMENT

1350
1350
STATE OF SOUTH CAROLINA
SC SCH.TC-44
DEPARTMENT OF REVENUE
EXCESS INSURANCE
(Rev. 3/15/12)
PREMIUM CREDIT
3438
Attach to your Income Tax Return
20
Name As Shown On Tax Return
SS No.
Credit Computation
1.
1. Premium paid during the tax year for property and casualty insurance for your legal residence...
$
2.
$
2. Your federal Adjusted Gross Income (AGI) ……………………….…….….……………………........
3.
3. Multiply line 2 by 5% (0.05) ….……………………………………………..……………………………
$
4.
4. Line 1 minus line 3 …………………………..……………………………………………………...........
$
5.
5. Maximum allowable credit for any one year.…………………………..……………….......................
$
1,250
6.
6. Lesser of lines 4 and 5...................................................................................................................
$
7.
7. Enter the amount carried forward from previous years..................................................................
$
Unused credits can be carried forward for 5 years.
8.
8. Add lines 6 and 7...........................................................................................................................
$
9.
9. Current tax year liability after applying all other credits ..…………………………..………………....
$
10. Enter the smaller of lines 8 and 9 here and on the applicable line of SC1040TC. This is the
10.
amount of credit you can use this year ….………………………………………………….................
$
11.
11. Line 8 minus line 10. Unused credits can be carried forward for 5 years …………………………..
$
General Information
For tax years beginning after December 31, 2006, an income tax credit is available for an individual’s property and
casualty insurance premiums paid during the tax year in excess of 5% of the taxpayer's adjusted gross income (AGI). The
property or casualty insurance must be for the taxpayer's legal residence. The allowable credit for any tax year may not
exceed $1,250. Any unused credit may be carried forward for 5 tax years.
Social Security Privacy Act Disclosure
It is mandatory that you provide your social security number on this tax form if you are an individual taxpayer. 42 U.S.C
405(c)(2)(C)(i) permits a state to use an individual's social security number as means of identification in administration of
any tax. SC Regulation 117-201 mandates that any person required to make a return to the SC Department of Revenue
shall provide identifying numbers, as prescribed, for securing proper identification. Your social security number is used for
identification purposes.
The Family Privacy Protection Act
Under the Family Privacy Protection Act, the collection of personal information from citizens by the Department of
Revenue is limited to the information necessary for the Department to fulfill its statutory duties. In most instances, once
this information is collected by the Department, it is protected by law from public disclosure. In those situations where
public disclosure is not prohibited, the Family Privacy Protection Act prevents such information from being used by third
parties for commercial solicitation purposes.
34381012

ADVERTISEMENT

00 votes

Related Articles

Related forms

Related Categories

Parent category: Financial
Go