Instructions For Form Sc1040 - 2011 Page 4
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9Instructions - South Carolina Form SC1040
A surviving spouse receiving qualified retirement income
Interest income from the following obligations are taxable for
attributable to the deceased spouse may deduct up to $3,000 or
state purposes:
$10,000 of the qualified retirement income, based on the age the
Federal Home Loan Mortgage Corporation (Freddie Mac)
deceased spouse would have been had he or she lived. To claim
Federal National Mortgage Association (Fannie Mae)
the deduction on line p-3 and p-4 (if needed), a surviving spouse
Government National Mortgage Association (Ginnie Mae)
must receive the decedent's qualified retirement income as a
Line n - CERTAIN NONTAXABLE NATIONAL GUARD
surviving spouse. The surviving spouse retirement deduction is in
OR RESERVE PAY
addition to the individual retirement deduction from his or her
own plan.
Income received from National Guard or Reserve members for
customary annual training, weekend drills, and other inactive duty
Worksheet for Taxpayer line p-1:
training is generally exempt from South Carolina income tax.
Members of the National Guard or Reserves may deduct all
1.
Maximum deduction allowed for taxpayer
inactive duty pay from the United States or any state for
based on age ($3,000 or $10,000).
1.
weekend drills and other inactive duty training actually
attended.
2.
Taxpayer's individual qualified retirement
income included in federal form. (Taxable IRA
Members of the National Guard and active duty Reserve
Distributions, Pensions, and Annuities)
2.
members may also deduct up to 15 days of customary annual
training pay, also referred to as “active duty training” or “ADT”.
3.
Amount on line 1 or 2, whichever is smaller.
Enter on line p-1.
3.
Inactive duty Reserve members may also deduct up to 14
days of customary annual training pay, also referred to as
“active duty training” or “ADT” plus up to 2 days of travel time
Worksheet for Spouse line p-2:
listed on official orders.
1.
Maximum deduction allowed for spouse
Full-time Active Guard and Reserve (AGR) employees may
based on age ($3,000 or $10,000).
1.
deduct up to 15 days of annual training actually attended and
up to 24 days of weekend drills (a maximum of 39 days) at the
2.
Spouse's individual qualified retirement
daily rate of pay.
income included in federal form. (Taxable IRA
Distributions, Pensions, and Annuities)
2.
For additional information see SC Revenue Ruling #09-16 on
our website under Law and Policy, Advisory
3.
Amount on line 1 or 2, whichever is smaller.
Opinions. Do not include Military Reserve and National Guard
Enter on line p-2.
3.
pay which is included in retirement income on this line. See line
u instructions for other subtractions.
Worksheet for Surviving Spouse, #1 line p-3:
Line o - SOCIAL SECURITY AND/OR RAILROAD
RETIREMENT AMOUNT IF TAXED BY FEDERAL
NOTE: Calculate separately for each deceased spouse.
If you are taxed on any Social Security under Title 2 of the Social
1.
Maximum deduction allowed for surviving
Security Act or railroad retirement income on your federal return,
spouse based on age of deceased spouse
enter the amount that was taxed on your federal return.
had he/she lived ($3,000 or $10,000 per
deceased spouse).
1.
Line p - RETIREMENT DEDUCTION
2.
Qualified retirement income received as
An individual who is under age 65 may claim a retirement
surviving spouse included in federal form.
deduction up to $3,000 of qualified retirement income from his or
(Taxable IRA Distributions, Pensions, and
her own plan.
Annuities)
2.
An individual who is age 65 or older during the tax year may
3.
Amount on line 1 or 2, whichever is smaller.
claim a retirement deduction up to $10,000 of qualified retirement
Enter on line p-3.
3.
income from his or her own plan.
On line p-1, include only qualified withdrawals from the
Worksheet for Surviving Spouse, #2 line p-4:
taxpayer’s own qualified retirement plan. On line p-2, include only
qualified withdrawals from the spouse’s own qualified retirement
NOTE: Calculate separately for each deceased spouse.
plan.
1.
Maximum deduction allowed for surviving
"QUALIFIED RETIREMENT INCOME" is income from plans
spouse based on age of deceased spouse
defined in I.R.C. 401, 403, 408 and 457, and all public employee
had he/she lived ($3,000 or $10,000 per
retirement plans of the federal, state and local governments,
deceased spouse).
1.
including individual retirement plans, Keogh plans, and military
retirement.
2.
Qualified retirement income received as
surviving spouse included in federal form.
Social Security income, railroad retirement income, and
(Taxable IRA Distributions, Pensions, and
disability retirement income due to permanent and total
Annuities)
2.
disability do NOT qualify because these items are not taxed by
South Carolina. See lines g and o.
3.
Amount on line 1 or 2, whichever is smaller.
3.
Enter on line p-4.
Any portion of qualified retirement income received this tax year
that resulted in a federal premature withdrawal penalty does
NOT qualify for a retirement deduction.
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