Contributions to a South Carolina Future Scholar 529 plan may be eligible for a subtraction from income on the South Carolina individual tax return.
The allowable subtraction is as follows:
- SC College Investment Program - The taxpayer may deduct 100% of their contributions made between January 1 of the tax year and the April 15 filing deadline the following year.
- SC Tuition Prepayment Program - The taxpayer may deduct 100% of their contributions made between January 1 and December 31 of the tax year.
To enter Future Scholar 529 contributions in the South Carolina individual tax return in TaxSlayer ProWeb, from the South Carolina Return menu select:
- Subtractions from Income
- Contributions to South Carolina Tuition Prepayment Program or South Carolina College Investment Program - Enter the amount contributed.
Additional Information:
South Carolina State Tax Information
South Carolina 529 College Savings Plan
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