South Carolina Qualified Retirement Plan Contribution Credit
South Carolina Qualified Retirement Plan Contribution Credit
CREDIT FOR NONRESIDENT RETIREMENT CONTRIBUTIONS
South Carolina Code §12-6-3500 provides a credit over the taxpayer’s lifetime for taxes paid on qualified retirement income contributions while residing in a state other than South Carolina. The Department will prescribe the amount of the annual credit based on the taxpayer’s life expectancy at the time the taxpayer is allowed the South Carolina retirement income deduction discussed above in Section 5. The total credit allowed may not exceed an amount determined by multiplying the contributions taxed in each year by the marginal South Carolina individual income tax rate for that year. The credit is claimed on Form TC-29, “Qualified Retirement Plan Contribution.”
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