Sc form credit 2007-2025

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The document outlines the SC SCH.TC-44 form for claiming an Excess Insurance Premium Credit in South Carolina. It details the computation of the credit based on property and casualty insurance premiums paid, adjusted gross income, and specifies that the maximum allowable credit is $1,250. Additionally, it provides information on social security number requirements and privacy protections under state law.

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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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Versions	Form popularity	Fillable & printable
2019	4.7 Satisfied (164 Votes)
2012	4.1 Satisfied (50 Votes)
2007	4.1 Satisfied (67 Votes)

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What is the SC homeowners insurance tax credit?

Insurance Premium Tax Credit -Homeowners who pay more than 5% of their incomes towards insurance coverage on their legal residences can receive a tax credit of up to $1,250 on their state income taxes.

Who qualifies for refundable credit?

To qualify, you must have under $11,600 in investment income and earn less than a specific income level from working. The income level ranges from: $18,591 if youre single with no children to $66,819 if youre married filing jointly with 3 or more children.

Do you get a tax deduction for homeowners insurance?

Some taxpayers have asked if homeowners insurance is tax deductible. Heres the skinny: You can only deduct homeowners insurance premiums paid on rental properties. Homeowners insurance is never tax deductible your main home.

How do you qualify for the SC tuition tax credit?

The student must be enrolled in an eligible institution within 12 months of graduating high school. The credit is available for four consecutive years from the date of enrollment, whether the student takes a break or not. A nonresident taxpayer may claim the credit, as long as the qualifying student is a resident.

How to claim $3600 child tax credit?

You can claim the Child Tax Credit by entering your children and other dependents on Form 1040, U.S. Individual Income Tax Return, and attaching a completed Schedule 8812, Credits for Qualifying Children and Other Dependents.

What is the SC home buyer tax credit?

The SC Housing Mortgage Tax Credit Program provides an eligible homebuyer a Mortgage Credit Certificate (MCC) which allows a Federal tax credit that may reduce their income tax liability. The homebuyers tax liability may be reduced each year by an amount equal to 30% of the mortgage interest paid, up to $2,000.00.

Who qualifies for insurance tax credit?

To be eligible for the premium tax credit, your household income must be at least 100 percent and, for years other than 2021 and 2022, no more than 400 percent of the federal poverty line for your family size, although there are two exceptions for individuals with household income below 100 percent of the applicable

Sc form credit 2007-2025

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