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Form 1040 (Schedule Eic) for North Charleston South Carolina: What You Should Know
South Carolina's Earned Income Tax Credit is more than a rebate; it's a credit. A credit is a cash payment made to you. South Carolina tax rules are very similar to those for Federal Tax purposes. The earned income and credit amounts are taxable. You can claim a credit or a refund only once every two years. There is no annual limit; you make the maximum amount of credits and refunds each year. When you file your SC income tax return, you are entitled to the same credits, cash and interest you get from the Federal, state and local governments on your income taxes. State and local governments provide benefits directly or indirectly to employees, including public employees, and pension funds. Those benefits are not taxes or assessments. Most employees receive taxable benefits from state and local governments. These benefits include unemployment insurance, workers' compensation, pensions and sick and vacation pay. These benefits are taxable in the same way as income or wages. Employees who provide services to the state may also receive taxable benefits from state and local governments. Examples include parks or transportation services. These services are not taxable and have no taxable equivalent. You may have to file your SC tax return if it has to do with receiving a paycheck, pension or public or retirement benefits. The Earned Income Credit is an extra deduction that taxpayers may claim for the federal tax year in which they make the most qualifying contributions to tax-exempt retirement plans, or to deferred arrangements under which they have a financial interest (such as a defined contribution plan). Many tax-exempt plans have limits on the amount of the credits that may be claimed. See the Internal Revenue Code and Publication 590, Qualified Plans, for your personal circumstances. Earned Income Credit for 2016 The earned income credit (EIC) will not be available this year. It expires December 31, 2017. For 2016, the credit is available for Qualifying Child, Up to 5 Individuals and Up to 5 Households with Additional Children The EIC is a credit that you can claim against your Federal income tax, regardless of whether you are married or single. It is available only in the year in which it is claimed on your tax return. There is no annual limit.
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