I-361: Parental Refundable Credit (2024)
South Carolina · South Carolina DOR · Used for tax years 2024
South Carolina Form I-361 calculates the 2024 Parental Refundable Credit for a qualifying student. It reports tuition paid, Exceptional SC grants, and the credit amount pre-approved by the SCDOR to determine the credit claimed on your SC1040.
Who files this form
File the 2024 I-361 to claim the 2024 South Carolina Parental Refundable Credit. You may claim the credit only after receiving an SCDOR Parental Refundable Credit Approval Notice for the qualifying student for this tax year.
The credit is for tuition payments to an eligible school for an exceptional needs child in your custody. For the 2024 credit, payments must have been made between January 1, 2024 and December 31, 2024.
Complete a separate I-361 for each qualifying student.
What you'll need
Have these documents and details ready:
- Exceptional SC grant award letters for the Spring 2024 and Fall 2024 semesters.
- Your SCDOR Parental Refundable Credit pre-approval notice or revised notice for the 2024 tax year. The tax year appears on the notice.
- Tuition amounts paid for the qualifying student during 2024, including Spring, Summer, and Fall, and any credits, discounts, or non-Exceptional SC scholarships that reduce tuition costs.
- Your name and Social Security number, the qualifying student's name and Social Security number, and your spouse's name and Social Security number if married filing jointly.
How to file
Complete one I-361 for each qualifying student:
- Enter 2024 tuition paid on line 1, reduced by credits, discounts, and non-Exceptional SC scholarships.
- On line 3, enter the smaller of line 1 and the $11,000 maximum on line 2.
- Enter the student's 2024 Exceptional SC grants on line 4. Subtract line 4 from line 3 and enter the result on line 5.
- Enter the student's SCDOR pre-approved credit amount on line 6.
- On line 7, enter the smaller of lines 5 and 6. If negative, enter zero. Report the credit on line 22d of your SC1040. For multiple students, add the allowable credits from all I-361 forms and report the total there.
Paper filing: Attach I-361 to your SC1040, Individual Income Tax Return.
Electronic filing: I-361 should be part of your filing software's workflow. If it is not supported, log in to MyDORWAY, select the More tab, then Send the SCDOR a Message, and attach your I-361 to the web message.
Common mistakes
- Claiming before approval: You may not claim the credit until you receive the SCDOR pre-approval notice.
- Using one form for multiple students: Complete a separate I-361 for each qualifying student.
- Using the full school year's tuition without separating semesters: Include only tuition for Spring 2024, Summer 2024, and Fall 2024. Reduce tuition costs by credits, discounts, and non-Exceptional SC scholarships.
- Ignoring Exceptional SC grants: These grants reduce the available credit.
- Treating pre-approval as a guaranteed final amount: The credit is subject to audit. Changes to application information can change the allowable amount. Report any reduced credit on I-361 and SC1040 line 22d. An increase is not available.
- Entering a negative credit: If the line 7 amount is negative, enter zero.
Questions people ask
What is the maximum credit for each student?
The maximum for the 2024 calendar year is $11,000 per qualifying student. Your allowable credit may be lower based on tuition paid, Exceptional SC grants, and your SCDOR pre-approved amount.
Do Exceptional SC grants reduce my credit?
Yes. Subtract the student's Exceptional SC grants from the smaller of tuition paid or $11,000 to calculate the available credit. The final credit cannot exceed the pre-approved amount, and a negative result is entered as zero.
Can I claim the credit for more than one student?
Yes. Complete a separate I-361 for each qualifying student, add the allowable credits, and enter the total on SC1040 line 22d.
How will I receive my approval notice?
If you are pre-approved, SCDOR will mail a Parental Refundable Credit Approval Notice showing your tentatively approved credit amount.
Can my credit be increased after pre-approval?
No. The form states that an increase is not available because all available funds are allocated during the original application review.