Thursday, November 24, 2016

SC Military Retirement Deduction

Military retirees under age 65 in the state of SC will get an extra deduction this year of $2900.  Those over 65 will get an extra $3000.    This results in up to $210 extra in your refund.  This comes off of military retirement, and can't reduce your retirement income below zero, so some, especially those over 65, or with significant reserve time, might not see the full benefit.

Over the next five years, this will increase each year by $2900 for those under 65 and $3000 for those over 65.  Make sure you review your tax return to make sure you get the benefit!

Enjoy the extra money!

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