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Income tax returns now being accepted

Staff Report //January 27, 2020//

Income tax returns now being accepted

Staff Report //January 27, 2020//

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Individual income tax returns are now being accepted by the IRS and the S.C. Department of Revenue.

Among the changes for the 2020 tax filing season in South Carolina: The Motor Fuel Income Tax Credit increased from 3 cents per gallon to 5 cents per gallon, and the state Earned Income Tax Credit increased to 41.67% of the federal credit.

Taxpayers claiming the Earned Income Tax Credit must be eligible for the federal credit and be a full-year resident of South Carolina, according to a news release from the state revenue department.

Also new for 2020, the maximum credit available for the Two Wage Earner Credit increased to 0.7%, or the lesser of $36,667 or the state-qualified earned income of the taxpayer with the lower-qualified income for the taxable year. In addition, the state dependent exemption amount increased to $4,190 for each eligible dependent.

The S.C. Department of Revenue suggests filing online and selecting direct deposit refunds for faster and more accurate processing of returns. Also, the department advises using W-2 and 1099 forms to file income tax returns as the information on a year-end pay stub may not match what is sent to the department and may slow down processing.

Taxpayers should check that a current mailing address is included on tax returns, even if a refund will be received via direct deposit.

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