Sc Form Tc 44 PDF Details

In the intricate world of tax forms and credits, the State of South Carolina offers a unique opportunity for individuals to reduce their tax liabilities through the SC SCH.TC-44, Excess Insurance Premium Credit form. This form, revised last on July 31, 2019, serves as a beacon for taxpayers seeking to claim credits for property and casualty insurance premiums exceeding 5% of their federal Adjusted Gross Income (AGI). Tailored specifically for one's legal residence, this provision not only aids in easing the financial burden associated with maintaining property and casualty insurance but also promotes a layer of financial resilience against potential property damages. The form meticulously outlines the calculation process for the credit, starting with the insurance premium paid during the tax year and juxtaposing it against the taxpayer's AGI to determine eligibility. With a cap on the credit set at $1,250 for any given tax year, it meticulously navigates taxpayers through steps to ascertain the applicable credit amount, while factoring in any carry-forward amounts from previous years to optimize the benefit. Additionally, it provides clear directives for individuals with unused credits, allowing for a carry-forward of these amounts for up to five years, thus supporting taxpayers in managing their fiscal health over an extended period. The importance of accurate information, especially the provision of one's Social Security Number, is emphasized to comply with identification and verification requirements, ensuring a seamless administrative process while safeguarding personal data in line with the Social Security Privacy Act and the Family Privacy Protection Act.

QuestionAnswer
Form NameSc Form Tc 44
Form Length1 pages
Fillable?No
Fillable fields0
Avg. time to fill out15 sec
Other namessc tc 44, south department excess online, sc form tc, sch tc 44 sc

Form Preview Example

1350

STATE OF SOUTH CAROLINA

SC SCH.TC-44

 

 

DEPARTMENT OF REVENUE

 

 

EXCESS INSURANCE

(Rev. 7/31/19)

 

 

3438

 

 

dor.sc.gov

PREMIUM CREDIT

20

 

 

 

 

 

 

 

 

 

 

 

 

Name

 

SSN

 

 

 

 

 

 

1.

Premium paid during the tax year for property and casualty insurance for your legal residence ..

1.

$

 

2.

Your federal Adjusted Gross Income (AGI)

2.

$

 

3.

Multiply line 2 by 5%

3.

$

 

4.

Subtract line 3 from line 1

4.

$

 

5.

Maximum allowable credit for any one tax year

5.

$

1,250

6.

Lesser of line 4 and line 5

6.

$

 

7.

Enter the amount carried forward from previous tax years

7.

$

 

8.

Add lines 6 and 7

8.

$

 

9.

Current tax year liability after applying all other credits

9.

$

 

10.

Enter the lesser of lines 8 and 9 here and on the applicable line of SC1040TC. This is the

 

 

 

10. $

 

 

amount of credit you can use on this year's tax return

 

11.

Subtract line 10 from line 8. Unused credits can be carried forward for five years

11. $

 

An Income Tax credit is available for an individual’s property and casualty insurance premiums paid during the tax year in excess of 5% of the taxpayer's federal AGI. The property or casualty insurance must be for the taxpayer's legal residence. Any unused credit may be carried forward for five tax years.

If you file by paper, attach to your Income Tax return. If you file electronically, keep a copy with your tax records.

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.

The Family Privacy Protection Act

Under the Family Privacy Protection Act, the collection of personal information from citizens by the SCDOR is limited to the information necessary for the SCDOR to fulfill its statutory duties. In most instances, once this information is collected by the SCDOR, it is protected by law from public disclosure. In those situations where public disclosure is not prohibited, the Family Privacy Protection Act prevents such information from being used by third parties for commercial solicitation purposes.

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How to Edit Sc Form Tc 44 Online for Free

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south department excess online writing process described (stage 2)

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