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Answers:
1. Yes, depends on amount earned and SC filing limits.
2. Yes to Georgia income and yes to SC income too. Doesn't mean not taxable. Does mean you can get a credit for amount of taxes paid to Georgia.
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1. Q. What is the income tax deduction available to all taxpayers age 65 and older?
A. An income tax deduction of up to $15,000 is allowed against any South Carolina taxable income of a resident individual who is 65 or older by the end of the tax year. The following requirements apply to this deduction:
a. Amounts deducted as retirement income (see above discussion) reduce this $15,000 deduction.
b. Amounts deducted as a surviving spouse (see above discussion) do not reduce this $15,000 deduction.
c. Taxpayer's filing a joint return are allowed a deduction of up to $15,000 when only one spouse is 65 or older and up to $30,000 when both spouses are 65 or older by the end of the tax year. See Code Section 12-6-1170(B).
2. Q. Does South Carolina allow a credit for taxes paid to another country?
A. South Carolina allows a credit against taxes paid to another state on income that is taxed in South Carolina and another state. Since the credit is not specifically limited to a tax paid to a state of the United States, the credit is allowed for taxes paid to political entities equivalent to a state which are located outside the borders of the United States. An example of tax paid to a political entity equivalent to a state is a Canadian province. A tax paid to another country, such as Italy, would be equivalent to a tax paid to the United States, not a state, and would not be allowed the credit.
See Code Section 12-6-3400, Commission Decision I-D-288, and Opinion No. 3804. (Last revised 12/31/03)
*Source: State of South Carolina, Dept. of Revenue |
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