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South Carolina Free Printable SC4972_3107.pdf for 2024 South Carolina Tax on Lump Sum Distributions

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Tax on Lump Sum Distributions
SC4972_3107.pdf

1350 STATE OF SOUTH CAROLINA DEPARTMENT OF REVENUE SC4972 From Qualified Retirement Plans (Rev. 4/18/23) 3107 TAX ON LUMP-SUM DISTRIBUTIONS dor.sc.gov Attach to your SC1040 or SC1041 Name 2023 SSN or FEIN Part I Complete this part to choose capital gain election (see federal instructions) 1. Capital gain reported in Box 3 of your 1099-R................................................................................ 1. 2. Multiply line 1 by 3.92% If you choose to use Part II, continue to line 3. Otherwise, enter this amount on your SC1040, line 7 or SC1041, line 9........................................................................................................................... 2. Part II Complete this part to choose the 10-year tax option (see federal instructions) 3. Amount from line 10 of your federal 4972 ...................................................................................... 3. 4. Retirement deduction (see instructions) a) Taxpayer (date of birth: )................................................................................ 4a. b) Spouse (date of birth: ) ................................................................................ 4b. c) Surviving spouse (date of birth of deceased spouse: ) ........................................ 4c. 5. Age 65 and older deduction (see instructions) a) Taxpayer (date of birth: b) Spouse (date of birth: )................................................................................ 5a. ) ................................................................................. 5b. 6. Add line 4 and line 5................................................................................................................... 6. 7. Total taxable amount (subtract line 6 from line 3) ........................................................................... 7. 8. Current actuarial value of annuity from Box 8 of your 1099-R ........................................................... 8. 9. Adjusted total taxable amount (add line 7 and line 8). If this amount is $70,000 or more, skip line 10 through line 13, enter this amount on line 14, then go to line 15 ....................................................... 9. 10. Multiply line 9 by 50%. If greater than $10,000, enter $10,000....................................................... 10. 11. Subtract $20,000 from line 9. If less than zero, enter 0.................................................................... 11. 12. Multiply line 11 by 20% ............................................................................................................... 12. 13. Minimum distribution allowance (subtract line 12 from line 10) ......................................................... 13. 14. Subtract line 13 from line 9 or enter the amount from line 9 if the amount is $70,000 or more. If line 8 is blank, skip line 15 through line 17, then go to line 18 ................................................................... 14. 15. Divide line 8 by line 9 and enter the result as a decimal (round to at least four places) ........................ 15. 16. Multiply line 13 by line 15 ............................................................................................................ 16. 17. Subtract line 16 from line 8.......................................................................................................... 17. 18. Multiply line 14 by 10% ............................................................................................................... 18. 19. Tax on amount from line 18 (use the Tax Computation Schedule on page 2) ..................................... 19. 20. Multiply line 19 by 10. If line 8 is blank, skip line 21 through line 23 and enter this amount on line 24, then go to line 25 ....................................................................................................................... 20. 31071236 21. Multiply line 17 by 10% ............................................................................................................... 21. 22. Tax on amount from line 21 (use the Tax Computation Schedule below) ........................................... 22. 23. Multiply line 22 by 10.................................................................................................................. 23. 24. Subtract line 23 from line 20 (multiple recipients, see federal instructions) ......................................... 24. 25. Tax on lump-sum distribution (add line 2 and line 24)...................................................................... 25. Enter this amount on SC1040, line 7 or SC1041, line 9. INSTRUCTIONS South Carolina's provisions for lump-sum distributions are the same as the federal provisions. If you used the federal 4972 for a lump-sum distribution, you must use the SC4972 to compute the South Carolina tax. Line 4: Retirement deduction An individual under the age of 65 may deduct up to $3,000 of qualified retirement income. An individual age 65 or older may deduct up to $10,000 of qualified retirement income. A surviving spouse receiving qualified retirement income from a deceased spouse may deduct up to $3,000 or $10,000, whichever would apply if the deceased spouse were alive. The surviving spouse retirement deduction is in addition to the individual's retirement deduction from their own plan. The retirement deduction can be claimed on this form to the extent it is not claimed on the SC1040 or the Schedule NR. If an age 65 and older deduction has been claimed on the SC1040 or the Schedule NR, do not include any individual retirement deduction on line 4. Line 5: Age 65 and older deduction Beginning in the tax year that a resident individual reaches age 65, a deduction of $15,000 can be claimed against any South Carolina income. This deduction is reduced by the amount of any individual retirement deduction. The age 65 and older deduction is not reduced by any surviving spouse retirement deduction. The age 65 and older deduction can be claimed on line 5 to the extent it is not claimed on the SC1040 or the Schedule NR. For additional information on the retirement deduction and age 65 and older deduction, see the SC1040 instructions, available at dor.sc.gov/forms. 2023 Tax Computation Schedule for Line 19 and Line 22 If the amount on line 18 or line 21 is: At least But less than $0 3,330 16,680 $3,330 16,680 or more Compute the tax as follows: 0% times the amount 3% times the amount minus $100 6.4% times the amount minus $670 Social Security Privacy Act Disclosure It is mandatory that you provide your Social Security Number on this tax form if you are an individual taxpayer. 42 U.S.C. 405(c)(2)(C)(i) permits a state to use an individual's Social Security Number as means of identification in administration of any tax. SC Regulation 117-201 mandates that any person required to make a return to the SCDOR must provide identifying numbers, as prescribed, for securing proper identification. Your Social Security Number is used for identification purposes. 31072234
Extracted from PDF file 2023-south-carolina-form-sc4972.pdf, last modified April 2023

More about the South Carolina Form SC4972 Individual Income Tax TY 2023

We last updated the Tax on Lump Sum Distributions in January 2024, so this is the latest version of Form SC4972, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form SC4972 directly from TaxFormFinder. You can print other South Carolina tax forms here.


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Other South Carolina Individual Income Tax Forms:

TaxFormFinder has an additional 68 South Carolina income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form SC1040 Individual Income Tax Return
Form SC1040TT SC1040 Tax Tables
Form SCH-NR Schedule NR: Nonresident Schedule
Income Tax Instructions Form SC1040 Instructional Booklet
Form SC1040ES Individual Declaration of Estimated Tax with Instructions

Download all SC tax forms View all 69 South Carolina Income Tax Forms


Form Sources:

South Carolina usually releases forms for the current tax year between January and April. We last updated South Carolina Form SC4972 from the Department of Revenue in January 2024.

Show Sources >

About the Individual Income Tax

The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.

Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!

Historical Past-Year Versions of South Carolina Form SC4972

We have a total of twelve past-year versions of Form SC4972 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2023 Form SC4972

SC4972_3107.pdf

2022 Form SC4972

SC4972_DRAFT_03112021.pdf

2021 Form SC4972

SC4972_FINALDRAFT.pdf


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