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How to find out if you’re eligible for a one-time SC income tax credit

COLUMBIA, SC (WSPA) β€” This week, the South Carolina Department of Revenue began issuing one-time tax credits to some South Carolinians.

Here are a few ways to check if you’re eligible.

You can use the Department of Revenue discount status tracker. DOR spokesman Rob Walden said you’ll need your Social Security number or taxpayer identification number and a copy of your 2021 Form SC1040.

You can also calculate your discount yourself.

β€œStart on line 10, if there is nothing on line 10, you are not eligible for the discount. If there is an amount on line 10, we suggest going to lines 21 and 22,” Walden said. “These are tax benefits for the year. Add the two and subtract the total from line 15. If that amount is more than $1, you qualify for a discount. If it’s 0, you’re not.”

The discount limit is $800, which means you will receive the amount you calculated between $1 and $799. Anything greater than or equal to $800, you get $800.​

You will receive your discount in much the same way as this year:

​If you received your refund in 2021 via direct deposit, the US Civil Service will use the same bank account to issue your rebate via direct deposit.

Paper checks will be issued when:​​

  • You notified us of the change in bank information by November 1.
  • ​You received your refund in 2021 via debit card or paper check.
  • You received your refund in 2021 by direct deposit to a prepaid or checking debit card.​
  • You had a debt, but you did not receive compensation.
  • You received a refund in 2021 using a taxman’s account.

Married couples filing joint tax returns for 2021 will receive only one discount.

State lawmakers agreed to use about $1 billion for those rebates. It was part of a $2 billion package of income tax cuts and rebates.

Walden said they estimate about 1.3 million discount or deposit checks will be issued by the end of the year. They will come in groups so as not to send everything out at once.

To receive the discount by December 31, you must submit your 2021 personal income tax return by October 17.

Walden said anyone who qualifies and files their state taxes after Oct. 17 will receive a discount next year.



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How to find out if you’re eligible for a one-time SC income tax credit

COLUMBIA, SC (WSPA) β€” This week, the South Carolina Department of Revenue began issuing one-time tax credits to some South Carolinians.

Here are a few ways to check if you’re eligible.

You can use the Department of Revenue discount status tracker. DOR spokesman Rob Walden said you’ll need your Social Security number or taxpayer identification number and a copy of your 2021 Form SC1040.

You can also calculate your discount yourself.

β€œStart on line 10, if there is nothing on line 10, you are not eligible for the discount. If there is an amount on line 10, we suggest going to lines 21 and 22,” Walden said. “These are tax benefits for the year. Add the two and subtract the total from line 15. If that amount is more than $1, you qualify for a discount. If it’s 0, you’re not.”

The discount limit is $800, which means you will receive the amount you calculated between $1 and $799. Anything greater than or equal to $800, you get $800.​

You will receive your discount in much the same way as this year:

​If you received your refund in 2021 via direct deposit, the US Civil Service will use the same bank account to issue your rebate via direct deposit.

Paper checks will be issued when:​​

  • You notified us of the change in bank information by November 1.
  • ​You received your refund in 2021 via debit card or paper check.
  • You received your refund in 2021 by direct deposit to a prepaid or checking debit card.​
  • You had a debt, but you did not receive compensation.
  • You received a refund in 2021 using a taxman’s account.

Married couples filing joint tax returns for 2021 will receive only one discount.

State lawmakers agreed to use about $1 billion for those rebates. It was part of a $2 billion package of income tax cuts and rebates.

Walden said they estimate about 1.3 million discount or deposit checks will be issued by the end of the year. They will come in groups so as not to send everything out at once.

To receive the discount by December 31, you must submit your 2021 personal income tax return by October 17.

Walden said anyone who qualifies and files their state taxes after Oct. 17 will receive a discount next year.



Reported by Source link

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Most Popular