Not all of these tax deductions and exemptions apply to every taxpayer. But if you’ve retired or reached age 65, here are 5 South Carolina Individual Income Tax deductions and exemptions you should learn more about:

📝 ​Military Retirement Income Tax Deduction: In the spirit of Veterans Day, remember – All military retirement pay included as taxable income is exempt from South Carolina Individual Income Tax, regardless of the recipient’s age. A surviving spouse receiving military retirement income for their deceased spouse can also claim this deduction.

📝 Retirement Income Tax Deduction: An individual taxpayer receiving income from a qualifying retirement account may deduct up to $3,000 of qualifying retirement income annually until age 65 and up to $10,000 annually after age 65.

📝 Age 65 and Older Income Tax Deduction: Beginning in the tax year, a resident taxpayer reaches age 65, and they may claim a deduction of $15,000 against any South Carolina income. Suppose you claim the Retirement Deduction or the Military Retirement Deduction mentioned earlier. In that case, you must subtract those amounts from this deduction unless you are claiming those deductions as a surviving spouse.

📝 Social Security benefits and railroad retirement taxed for federal purposes are exempt from Individual Income Tax in South Carolina.

📝 Retirement income paid by the U.S. government for service in the reserves or National Guard is exempt from Individual Income Tax in South Carolina.

📝If you’re 65 or older and have resided in South Carolina for a full calendar year, here’s a bonus tip to help you save money on your next Property Tax bill.​

📝 A  Homestead  Exemption is an exemption on Property Tax on the first $50,000 in Fair Market Value of your legal residence if you are over age 65, totally and permanently disabled, or legally blind. To apply, contact the County Auditor’s Office in your home county.