Looking for a Sc Tax Forms And Templates? Download it for free!

Credits

Listed below are some of the individual income tax credits which may lower your South Carolina tax liability.

A refundable tuition tax credit of up to 25% for tuition paid to South Carolina public and private colleges may be

available for qualifying individuals. The maximum credit is $850 per year for four-year schools and $350 per year for

two-year schools.

A two-wage earner credit allows married couples to take a maximum credit of $210 if both spouses work.

A maximum credit of $300 is available for payments made for nursing home care or intermediate nursing care

provided in the home for yourself or another individual.

A credit is allowed for income taxes paid to another state on income which is taxable in both states.

A child and dependent care credit allows you to claim 7% of your federal allowable expenses for the care.

Additions to Income

Certain items of income must be added back to your federal taxable income.

If any out-of-state losses were subtracted on your federal income tax return, they must be added back to your

taxable income on your state return.

The deduction on your federal return for state income tax paid must be added back to your taxable income on your

state income tax return. However, it is offset by your state refund amount if you claimed it as income on your federal

return.

Part-Year Residents

If you moved to South Carolina during the year you are considered a part-year resident. As a part-year resident, you may

file as a full-year resident or a non-resident. If you file as a full-year resident, claim all of your income as though you were

a resident for the entire year and take a credit for any taxes paid in another state. As a non-resident, you should report

only the income you earned in South Carolina. Your deductions and exemptions will be prorated by the same percentage

as your South Carolina income compares to your total income. You may choose the method which benefits you the most.

You may need to complete your return both ways to determine which option is best for you.

Estimated Tax

Estimated tax is the method used to pay tax on income that is not subject to withholding. This income includes income

from self-employment, interest, dividends, alimony, rent, capital gains and prizes. You also may have to pay estimated tax

if there was not enough tax withheld from your salary, pension or other income. Estimated tax is paid in quarterly

installments on April 15, June 15, September 15 and January 15.

Filing Your Tax Return

Generally speaking, you are required to file a South Carolina income tax return if you are required to file a federal return,

or if you are a non-resident with South Carolina gross income of more than the federal personal exemption amounts.

Individual income tax returns are due April 15 of each year. However, if you file your South Carolina return electronically,

you have until May 1 of each year to file and pay without incurring a penalty. The May 1 deadline does not apply to

federal income tax returns or to taxpayers filing paper returns.

You can file your South Carolina tax return in several ways:

Electronic filing using a professional tax preparer

Online filing over the Internet using available commercial software

DOR website using participating vendors

Paper return

Estate Tax

South Carolina does not impose an estate tax or a gift tax.

Property Taxes

Counties, cities and school districts are authorized to impose ad valorem taxes on real and personal property. Local

governments assess and collect most property taxes. Property tax dollars support public schools and the services

provided by local governments.

52292018

Instructions For Form St-500 5182 - Moving To South Carolina A Tax Guide For New Residents Page 2

Related Articles

Related forms

Related Categories