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Form SC4972 Fillable SC4972: Tax on Lump Sum Distributions
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0 $ 2 880 $0 $ 2 880 5 760 3% less $86 $10 000 whichever would have applied based on age had the deceased spouse lived The surviving spouse retirement (Rev 7/14/14) 10 through 13 and enter this amount on line 14 and go to line 15 10 year tax option 11 520 14 400 6% less $346 14 400 + or more 7% less $490 15 South Carolina estate tax attributable to lump sum distribution 2014 SOUTH CAROLINA TAX RATE SCHEDULE FOR LINES 21 AND 24 ONLY 24 Tax on amount on line 23 Use the Tax Rate Schedule below 25 Multiply line 24 by (10) 26 Subtract line 25 from line 22 (Multiple recipients see federal instructions) 27 Tax on lump sum distribution Add line 2 and line 26 Also enter this amount on 31071020 31072028 5 760 8 640 4% less $144 8 640 11 520 5% less $231 A surviving spouse receiving qualified retirement income attributable to a deceased spouse may deduct up to $3 000 or a) Taxpayer: Date of Birth Add lines 4 and 5 Adjusted total taxable amount Add lines 7 and 8 If this amount is $70 000 or more skip lines Age 65 and older deduction (See instructions ) age 65 and older deduction has been claimed on SC1040 or Schedule NR do not include any individual retirement Amount from line 10 of federal Form 4972 An individual may deduct up to $3 000 of qualified retirement income and beginning in the tax year in which the individual any person required to make a return to the SC Department of Revenue shall provide identifying numbers as prescribed for Attach to form SC1040 or form SC1041 See federal instructions 2014 b) Spouse: Date of Birth Beginning in the tax year in which a resident reaches age 65 a deduction of $15 000 can be claimed against any South c) Surviving Spouse: Date of Birth of Deceased Spouse Capital gain part from Box 3 of Form 1099 R Carolina income However it is reduced by the amount of any individual retirement deduction The age 65 and older Caution: Retirement Deduction (See instructions) Complete this part to choose capital gain election (See federal instructions ) Complete this part to choose the 10 year tax option (See federal instructions ) Current actuarial value of annuity (from Form 1099 R box 8) deduction is in addition to the individual retirement deduction from his or her own plan deduction is not reduced by any surviving spouse retirement deduction deduction on line 4 DEPARTMENT OF REVENUE SC4972 Divide line 8 by line 9 and enter the results as a decimal (round to at least four places) for a lump sum distribution you must use the South Carolina SC4972 to compute the South Carolina tax form on SC1040 line 7; or SC1041 line 9 From Qualified Retirement Plans Identifying number If line 8 is blank skip lines 17 through 19 and go to line 20 If the amount But not Compute the tax as follows: If you choose to use Part II go to line 3 Otherwise enter the amount from line 2 of this individual's social security number as means of identification in administration of any tax SC Regulation 117 201 mandates that Instructions: is Over Over It is mandatory that you provide your social security number on this tax form 42 U S C 405(c)(2)(C)(i) permits a state to use an Line 4 Retirement Deduction: Line 5 Age 65 and older deduction: Minimum distribution allowance Subtract line 12 from line 10 Multiply line 1 by 3 92% ( 0392) Multiply line 11 by 20% ( 20) Multiply line 13 by the decimal on line 17 Multiply line 16 by 10% ( 10) Multiply line 19 by 10% ( 10) Multiply line 21 by ten (10) If line 8 is blank skip lines 23 through 25 and enter this amount Multiply line 9 by 50% ( 50) but do not enter more than $10 000 Name of recipient of distribution on line 26 and go to line 27 Part I Part II Part II 10 year tax option CONTINUED reaches age 65 up to $10 000 of qualified retirement income result is less than zero enter 0 SC1040 line 7; or SC1041 line 9 whichever applies SC4972 (2014) Page 2 securing proper identification Your social security number is used for identification purposes See SC1040 instructions for additional information Social Security Privacy Act Disclosure South Carolina provisions for lump sum distributions are the same as the federal provisions If you used federal Form 4972 STATE OF SOUTH CAROLINA Subtract $20 000 from line 9 If the Subtract line 13 from line 9 or enter the amount from line 9 if the amount is $70 000 or more Subtract line 15 from line 14 Subtract line 18 from line 8 Tax on amount on line 20 Use the Tax Rate Schedule on back TAX ON LUMP SUM DISTRIBUTIONS The age 65 and older deduction can be claimed on line 5 to the extent it is not claimed on SC1040 or Schedule NR The retirement deduction can be claimed here to the extent it is not claimed on SC1040 or Schedule NR If an Total taxable amount (subtract line 6 from line 3)