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Click ‘Get Form’ to open the SC Form Credit 2007 in the editor.
Begin by entering your name as shown on your income tax return in the designated field.
Input your Social Security Number (SS No.) in the appropriate section, ensuring accuracy for identification purposes.
For line 1, enter the total premium paid during the tax year for property and casualty insurance for your legal residence.
Next, provide your federal Adjusted Gross Income (AGI) on line 2.
Calculate 5% of your AGI and enter this value on line 3.
Subtract line 3 from line 1 and record the result on line 4.
Refer to line 5 for the maximum allowable credit of $1,250 and determine which is lesser between lines 4 and 5; enter this amount on line 6.
Complete lines 7 and 8 based on your current tax year liability after applying all other credits, ensuring you follow the instructions carefully.
Finally, calculate any remaining credit that may be carried forward for up to five years by completing line 9.

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