Get SC DoR SCH.TC-57A 2015

Parental Refundable Tax Credits for Tuition Payments: Parents or guardians make their payment to an eligible school for their qualifying student's tuition. Parents complete and submit Form TC-57A to request the parental refundable credit.

Exceptional SC is South Carolina's first private education choice program, formerly called the Educational Credit for Exceptional Needs Children (ECENC). ... Donors to Exceptional SC are eligible for South Carolina income tax credits of up to 60% of their total income tax liability.

Personal income tax South Carolina collects taxes from its residents at the following rates over 6 income brackets: There is no tax assessed on the first $2,970 of taxable income. 3 percent on taxable income between $2,971 and $5,940. 4 percent on taxable income between $5,941 and $8,910.

South Carolina income tax rate In 2018, income tax rates in South Carolina range from zero to 7%. The state tweaks its tax brackets annually to adjust for inflation.

Personal income tax South Carolina collects taxes from its residents at the following rates over 6 income brackets: There is no tax assessed on the first $2,970 of taxable income. 3 percent on taxable income between $2,971 and $5,940. 4 percent on taxable income between $5,941 and $8,910.

The truth is that South Carolina is a low income state but a high tax state. Consider: At 7.22 percent combined state and local sales tax, South Carolina has the 18th highest sales tax rate in the nation. ... And all five of those states' individual income tax rates is lower than South Carolina's.

Nonresidents who earn income in South Carolina and that income is greater than their federal personal exemption, are required to pay South Carolina state income taxes on that income. File Form-1040 and attach Schedule NR to file your nonresident return on income you earned in South Carolina.

The truth is that South Carolina is a low income state but a high tax state. Consider: At 7.22 percent combined state and local sales tax, South Carolina has the 18th highest sales tax rate in the nation. ... South Carolina exempts more in sales tax than it collects.

Sales taxes in South Carolina are somewhat higher than the national average. They range from 6% (the state rate) to a maximum of 8.5% in Charleston County. In most of the state, the rate is either 7% or 8%. Unlike most other states, South Carolina does not fully exempt groceries from sales tax.

South Carolina accepts the adjustments, exemptions and deductions allowed on your federal tax return with few modifications. Your federal taxable income is the starting point in determining your state income tax liability. Individual income tax rates range from 3% to a top rate of 7% on taxable income.

North Carolina's income tax is much lower, as it was recently lowered to a flat 5.499%. Although South Carolina has much higher tax rates, its high exemption levels are more tax-friendly. ... Social Security is still exempt, as is NC pension income under the Bailey Settlement if you had 5 years of service by 1989.

South Carolina is very tax-friendly toward retirees When it comes to where you're going to retire, taxes are an important part of the equation. South Carolina's tax code is great for retirees; not only is Social Security not taxable, but there's a sizable deduction for other kinds of retirement income.

Is South Carolina tax-friendly for retirees? Yes. South Carolina does not tax Social Security retirement benefits whatsoever. It provides a substantial deduction on all other types of retirement income, including income from retirement accounts.

Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming don't charge any state income tax, so you won't be taxed on distributions from retirement accounts if you live in these locales. The absence of a state income tax also explains why pension and Social Security benefits aren't taxed in these states.

To compare South Carolina's tax rates with other states, look at each state's total tax package, not just the tax rates. ... South Carolina does not tax Social Security benefits or railroad retirement income. South Carolina also allows special deductions for retirees and senior adults.