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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 13143
Experience:  15years with H & R Block. Divisional leader, Instructor
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Is interest income Taxed in SC paid on securities issued by

Customer Question

Is interest income Taxed in SC paid on securities issued by firms like MFS SC?
Submitted: 7 months ago.
Category: Tax
Expert:  Robin D. replied 7 months ago.


The federal taxable income is the starting point in determining the state income tax liability for SC.

Any interest taxable on the federal return is taxable on the SC return.

Interest income on obligation of states and political subdivisions other than South Carolina are taxable to South Carolina. In the case of a mutual fund, the percentage of exempt interest income attributable to out-of-state non-federal obligations is also taxable to South Carolina.

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