Form Sc Sch.tc-27 - Health Insurance Pool Credit

ADVERTISEMENT

STATE OF SOUTH CAROLINA
1350
1350
SC SCH.TC-27
DEPARTMENT OF REVENUE
HEALTH INSURANCE
(Rev. 7/23/07)
POOL CREDIT
3405
20
Attach to your Income Tax Return
Name As Shown On Tax Return
SS No. or Fed. EI No.
1. Premiums paid this year for replacement health insurance coverage. . . . . . . . . . . . . . . 1.
$
2. Multiply line 1 by 50% (.50). Do not exceed $3,000 for each qualifying person covered
$
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.
3. Schedule NR filers only, enter percentage from Schedule NR, line 43. . . . . . . . . . . . . . 3.
$
4. Multiply Line 2 by Line 3. If Line 3 does not apply, enter amount from Line 2. . . . . . . . 4.
$
5. Enter current year’s tax liability. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.
$
6. Enter the smaller of line 4 or 5. This is your total credit. . . . . . . . . . . . . . . . . . . . . . . . . 6.
$
Information and Instructions
General Instructions:
For taxable years beginning after 2004, a nonrefundable credit covers replacement health insurance coverage.
In order to qualify:
You must be an individual taxpayer
who held a health insurance policy covering you, your spouse and/or a person you were eligible
to claim as a dependent on your federal income tax return
from an insurance company that has withdrawn from writing health insurance policies in South Carolina.
Also:
As a result of seeking replacement coverage,
you must have been assigned to the South Carolina Health Insurance Pool,
and you must have received a replacement insurance policy
having substantially the same coverage,
but with a higher premium than the former policy.
The credit amount is 50% of the premium costs you pay during the taxable year for health insurance coverage as defined
in Section 38-74-10(5). The credit may not exceed $3,000 for each qualifying person covered. A qualifying person is the
taxpayer, the taxpayer's spouse or a person the taxpayer was eligible to claim as a dependent on his federal income tax
return. Nonresidents must multiply the credit by the percentage shown on line 43 of Schedule NR.
The credit is not allowed for premiums deducted or excluded on the South Carolina or federal income tax return.
The credit may not be carried forward.
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.
34051023

ADVERTISEMENT

00 votes

Related Articles

Related forms

Related Categories

Parent category: Financial
Go