SC DoR SC1040 Instructions 2020 (2024)

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Underpayment FAQ

• An individual who is a South Carolina resident for only a portion of the tax year may choose the filing method below that is the most beneficial: ... File the SC1040 including all federal taxable income and use the SC1040TC to claim a credit for Income Tax paid to another state.

• Updated for Tax Year 2018. The most common use of the 1099-G is to report unemployment compensation as well as any state or local income tax refunds you received that year. If you received a 1099-G Form this year from a government agency, you may need to report some of the information it contains on your tax return.

• Form 1099-INT is the IRS tax form used to report interest income. The form is issued by all payers of interest income to investors at year end and includes a breakdown of all types of interest income and related expenses.

• Generally, you must include in taxable income any unemployment compensation from a state government. Box 1 of the 1099-G Form shows your total unemployment compensation payments for the year. ... The amount from box 1 needs to be included in your income, but it is not necessary to attach the 1099-G to your tax return.

• The 1099-INT form is used to report interest income. Your bank or other financial institution might issue a 1099-INT form if you received interest income from a CD, or from a deposit account. ... If you work as a freelancer, you will receive a 1099-MISC form showing what you were paid.

• Failing to report taxable income could mean you end up owing more federal income tax, as well as penalties and interest on the tax you didn't pay. Once you file your return, just keep the 1099-G form with your tax records. You don't need to send a copy of the form to the IRS or your state taxing authority.

• $12,000 for single filers and those married filing separately. $18,000 for those filing as head of household. $24,000 for married couples filing jointly and qualifying widow(er)s.

• For single dependents who are under the age of 65 and not blind, you generally must file a federal income tax return if your unearned income (such as from ordinary dividends or taxable interest) was more than $1,050 or if your earned income (such as from wages or salary) was more than $12,000.

• Filing Requirements for Dependents You must file a 2018 tax return in any of the following circ*mstances if you're single, if someone else can claim you as a dependent, and if you're not age 65 or older or blind: Your unearned income was more than $1,050. Your earned income was more than $12,000.

• Do I need to file a South Carolina return? If you are a South Carolina resident, you are generally required to file a South Carolina Income Tax return if you are required to file a federal return. ... Individual Income Tax returns are due April 15 of each year.

• If you're a single filer who was under the age of 65 at the end of 2017, and you earned less than $10,400, you generally do not have to file taxes this year.

• Income Tax Credit: South Carolina will allow a $15,000 deduction from taxable income for taxpayers 65 years of age and older. Taxpayers under age 65 may exclude from taxes $3,000 of their qualified retirement income annually.

• South Carolina does not tax Social Security benefits or railroad retirement income. ... At age 65, the deduction increases to a maximum of $15,000 on any source of income. Each spouse receiving income from a qualified retirement plan may claim the retirement deduction.

• South Carolina does not tax Social Security retirement benefits and has a $15,000 deduction for seniors receiving any other type of retirement income. The state has some of the lowest property taxes in the country.

• 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.

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