More money for you

Posted 1/22/20

Those filing tax returns this year may be in for more money.

South Carolina's Earned Income Tax Credit goes up to 41.67% from 20.83%.

The EITC will return more money for low- to …

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More money for you

Posted

Those filing tax returns this year may be in for more money.

South Carolina's Earned Income Tax Credit goes up to 41.67% from 20.83%.

The EITC will return more money for low- to moderate-income working individuals or couples, particularly those who have children.

If your 2019 federal EITC is $1,000, your South Carolina EITC will total $416.70 this year.

South Carolina's version of the federal EITC was adopted in 2018 and is being phased in over 6 years.

By tax year 2023, South Carolina taxpayers will be able to claim 125% of the federal EITC.

For more information, visit https://dor.sc.gov/communications/sc-earned-income-tax-credit-increases-in-2020 .

Lexington County, tax returns, tax season

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