An Income Tax deduction of up to $15,000 is allowed against any South Carolina taxable income of a resident individual who is 65 or older by the end of the tax year. The following requirements apply to this deduction:
a. Amounts deducted as retirement income (see above discussion) reduce this $15,000 deduction.
b. Amounts deducted as a surviving spouse (see above discussion) do not reduce this $15,000 deduction.
c. Taxpayers filing a joint return are allowed a deduction of up to $15,000 when only one spouse is 65 or older and up to $30,000 when both spouses are 65 or older by the end of the tax year.
Note: For taxpayers age 65 and older, the total of the retirement deduction and age 65 and older deduction cannot exceed $15,000 per taxpayer. (Ex. If a taxpayer claims the $10,000 retirement deduction, they would only be eligible for $5,000 as the age 65 and older deduction.)
SC1040 instructions for more information.