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If you are a South Carolina permanent resident over 65, do

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you have to pay taxes...
If you are a South Carolina permanent resident over 65, do you have to pay taxes on your IRA withdrawal??
Submitted: 1 year ago.Category: Tax
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7/29/2016
Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,888
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Hello

South Carolina does not tax Social Security retirement benefits and has a $15,000 deduction for seniors receiving any other type of retirement income.

Beginning the first year you receive qualified retirement income and until you reach age 65, you can take an annual deduction from your qualified retirement income of up to $3,000. You can claim this deduction for income received from any qualified retirement plan, including IRAs, government pension plans, Keogh plans and private sector pensions. 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.

Amounts distributed over the limit would be taxable.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago

Checking to see how you responded after you read my post

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