South Carolina taxpayers who want a tax refund of up to $800 have a deadline to apply before February 15, 2023
Some taxpayers have just a few weeks to claim tax refunds that are intended to help them with their expenses amid high inflation that, while falling, remains high in the United States. So you have to keep the deadlines to make the claim on your radar, before you miss it.
Tax Refund in South Carolina
One of them is for South Carolinians. Those residents who have submitted an income tax return before October 17, 2022, will have already received their respective refund. However, a second round is coming for those who submit their tax forms after that date and before February 15, 2023. These refunds will be paid no later than March of the current year.
The amount eligible taxpayers will receive is based on their 2021 tax liability.
“When referring to the SC 2022 refund, you are considered to have tax liability if you owe state personal income tax for tax year 2021. The amount of your tax liability is determined by the amount of Individual Income Tax you owe, minus any credits,” the South Carolina Department of Revenue explains on its website.
There is a limit: the maximum amount of refund that a taxpayer can receive is $800 dollars. If your tax liability is less than $800, your refund will be the same amount as your tax liability. If your tax liability exceeds the $800 limit, you will receive a refund of $800.
How to calculate your refund amount
According to the South Carolina Department of Revenue, you must do the following:
1.- Determine your tax obligation
You need to check your 2021 personal income tax return (SC1040) and see if you have an amount on line 10:
-If you do not have an amount, then you will not receive a tax refund
-If line 10 is $1 or more, then you must add your refundable credits found on lines 21 and 22. If you have these credits, you must subtract them on line 15.
That is, the formula to follow is line 15 – (line 21 + line 22).
2.- Your refund will be:
-Less than $800 dollars if the amount calculated is less than this amount.
-You will receive $800 dollars if the amount calculated is equal to or greater than this amount.