Catastrophe Savings Accounts

Show All Answers

1. Why open a catastrophe savings account?
2. What are qualified catastrophe expenses?
3. What are the requirements of a catastrophe savings account?
4. Who can contribute to a catastrophe savings account?
5. Where can I establish a catastrophe savings account?
6. Can I invest my catastrophe savings account in stocks and bonds?
7. How much can be deposited in a catastrophe savings account?
8. How do I report contributions to a catastrophe savings account on my South Carolina income tax return?
9. How much will I save on state income taxes?
10. Can I transfer money from my regular savings account into a catastrophe savings account?
11. How are interest earnings from my catastrophe savings account reported on my tax returns?
12. What records do I need to keep regarding withdrawals from my catastrophe savings account to pay for qualified catastrophe expenses?
13. What if I withdraw the money in my account for purposes other than qualified catastrophe expenses?