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 SC Revenue Ruling #09 13 South Carolina Department of Revenue 2020

Sc Revenue Ruling 09 13 2020-2025 Form

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Instructions and help about SC Revenue Ruling #09 13 South Carolina Department Of Revenue

Paying your taxes when you’re working a regular job is usually pretty straightforward. But, have you wondered how retirement affects your taxes? Unlike working income, retirement income can include social security benefits as well as any benefits from annuities, retirement or profit sharing plans, insurance contracts, and IRAs. Your retirement income is based on your state of residency when you receive the income, not based on the location of your place of employment. That means, if you are a South Carolina resident, all retirement income you receive is included in your South Carolina taxable income. Don’t fret! There are still tax deductions that can lower your tax bill, even in retirement. Let’s go over a few of them. The general retirement deduction is for retirement income received by the original owner of a qualified retirement plan. Qualified retirement income is income from plans defined in Internal Revenue Code Sections 401, 403, 408, and 457, such as pensions, 401ks, and

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