South Carolina Department of Revenue Form Instructions
SC1120S — 'S' Corporation Income Tax Return
preamble
1. Total of line 1 through 12, Schedule K of the federal 1120S ............................ 1. 00 2. Net adjustment from Schedule A and B, line 15 ........................................ 2 . 00 3. Total net income as reconciled (add line 1 and line 2) ................................... 3. 00 4. If multi-state corporation, enter amount from Schedule G, line 6; otherwise, enter amount from line 3. 4. 00 5. Active Trade or Business Income (from I-435, line 14) ................................... 5. 00 6. Active Trade or Business Tax (from I-435, line 17) ..................................... 6. 00 7. Income taxed to shareholders ..................................................... 7 . 00 8. South Carolina net taxable income (subtract line 5 and line 7 from line 4) ................... 8. 00 9. Tax (multiply line 8 by 5%) ........................................................ 9. 00 10. Total Income Tax (add line 6 and line 9) .............................................. 10. 00 11. Nonrefundable credits (enter amount from SC1120TC) .................................. 11. 00 12. Balance of tax (subtract line 11 from line 10) .......................................... 12. 00 13. Payments: (a) Tax withheld (attach 1099s or I-290s, don't claim here if claimed on SC1120S-WH) 13a. 00 (b) Paid by declaration ................................................. 13b. 00 (c) Paid with extension ................................................. 13c. 00 (d) Credit from line 28b ................................................. 13d. 00 Refundable Credits: (e) Ammonia Additive ........................................... 13e. 00 (f) Milk Credit ................................................. 13f. 00 ( g ) R e s e r v e d f o r f u t u r e u s e....................................... 13g. 00 14. Total payments and refundable credits (add line 13a through line 13f) ...................... 1 4 . 00 15. Balance of tax (subtract line 14 from line 12) .......................................... 15. 00 16. ( a ) I n t e r e s t .................................................................... 16a. 00 (b) Late file/pay penalty .......................................................... 1 6 b . 00 (c) Declaration penalty (attach SC2220) ............................................. 16c. 00 Total (add line 16a through line 16c) See penalty and interest in SC1120 Instructions. ......... 16. 00 17. Total Income Tax, interest, and penalty (add line 15 and line 16) ............ BALANCE DUE 17. 00 18. Overpayment (subtract line 12 from line 14) .......................................... 18. 00 To be applied as follows: (a) Estimated Tax ......................................... 18a. 00 (b) License Fee .......................................... 18b. 00 (c) REFUND ............................................. 18c. 00 Merged Reorganized Final
PART I
3095Due by the 15th day of the third month following the close of the taxable year.
STATE OF SOUTH CAROLINA DEPARTMENT OF REVENUE S CORPORATION INCOME TAX RETURN
Change of Address Accounting Period Officers Includes QSSSs and/or Disregarded LLCs (See Schedule L) Check for Active Trade or Business election Check if: Total cost of depreciable personal property in SC Check if you filed a federal or state extension Number of nonresident shareholders Total gross receipts Initial Return - - - - Amended Return Check if: Attach complete copy of federal return Number of nonresident shareholders included in a composite return Number of nonresident shareholders with an I-309 affidavit
COMPUTATION OF INCOME TAX LIABILITY
County or counties in SC where property is located Audit contact Phone number Audit location: Street address City State ZIP Does the corporation have any shareholders who are nonresidents of South Carolina? Yes No PART II COMPUTATION OF LICENSE FEE AND SCHEDULES A AND B PAGE 2 Income Tax period ending License Fee period ending FEIN Name Mailing address City ZIP State
19. Total capital and paid in surplus (multi-state corporations see Schedule E) ................... 20. License Fee: multiply line 19 by .001, then add $15 (Fee cannot be less than $25) ............ 21. Credits taken this year against License Fee from SC1120TC, Part II, Column C (attach SC1120TC). 22. Balance (subtract line 21 from line 20) ................................................ 23. Payments: (a) Paid with extension ................................................. (b) Credit from line 18b ................................................. 24. Total payments (add line 23a and line 23b) ............................................ 25. Balance of License Fee (subtract line 24 from line 22) ................................... 26. (a) Interest (b) Late file/pay penalty Total (add line 26a and line 26b) See penalty and interest in SC1120 Instructions............... 27. Total License Fee, interest, and penalty (add line 25 and line 26) ............. BALANCE DUE 28. Overpayment (subtract line 22 from line 24) To be applied as follows: (a) Estimated Tax (b) Income Tax (c) REFUND 29. GRAND TOTAL: INCOME TAX and LICENSE FEE DUE (add line 17 and line 27) ........... 1 . T a x e s o n o r m e a s u r e d b y i n c o m e ................................... 1 . 2. Excess net passive income subject to federal tax ....................... 2 . 3. Taxable portion of certain built-in gains subject to federal tax ............... 3 . 4. 4. 5. 5. 6. Other additions (attach schedule) ................................... 6 . 7. Total additions (add line 1 through line 6) .................................................. 7 .
DEDUCTIONS FROM FEDERAL TAXABLE INCOME
8 . 8 . 9 . 9 . 10. 10. 1 1 . 11. 1 2 . 12. 13. Other deductions (attach schedule) ................................. 13. 14. Total deductions (add line 8 through line 13) . . . ........................................... 1 4 . 15. Net adjustment (subtract line 14 from line 7) Also enter on SC1120S, Part I, line 2 .................. 1 5 .
SCHEDULE A AND B ADDITIONS TO FEDERAL TAXABLE INCOME SCHEDULE C RESERVED
Under penalty of law, I certify that I have examined this return, including accompanying annual report, statements, and schedul es, and it is true and complete to the best of my knowledge. Signature of officer
Sign Here Paid Preparer's Use Only Preparer's signature Firm's name (or yours if self-employed) and address Date Check if self-employed Preparer's phone number PTIN or FEIN ZIP I authorize the Director of the SCDOR or delegate to discuss this return, attachments, and related tax matters with the preparer. No Print preparer's name Yes If this is a corporation's final return, signing here authorizes the SCDOR to disclose that information to the South Carolina S ecretary of State (SCSOS). You must close your account with the SCSOS and the SCDOR. Taxpayer's signature Date Print officer's name Officer's title Date Phone number Email 19. 20. 21. 22. 23a. 23b. 24. 25.
26. 27.
29.
PART II COMPUTATION OF LICENSE FEE
< > If you select Direct Deposit, choose the account type (US accounts only) Getting a refund? Select direct deposit. It's fast, accurate, and secure! Account information: 1-17 digits Bank Account Number (BAN) Routing Number (RTN) Must be 9 digits. First two numbers of the RTN must be 01 - 12 or 21 - 32 Savings Direct Deposit Checking
1. Name 2. Incorporated under the laws of the state of 3. Location of the registered office of the corporation in South Carolina In the city of Registered agent at this address 4. Principal office address Nature of principal business in South Carolina 5. Total number of authorized shares of capital stock, itemized by class and series, if any, within each class: Number of shares Class Series
6. Total number of issued and outstanding shares of capital stock itemized by class and series, if any, within each class: Number of shares Class Series
7. Names and business addresses of the directors (or individuals functioning as directors) and principal officers in the corporation: Attach separate schedules if you need more space. Name Title Business address
SCHEDULE D ANNUAL REPORT TO BE COMPLETED BY ALL CORPORATIONS
8. Date incorporated Date commenced business in South Carolina 9. Date of this report FEIN 10. If foreign corporation, the date qualified to do business in South Carolina 11. Was the name of the corporation changed during the year? Previous name 12. The corporation's books are in the care of Located at (street address) 13. The total amount of stated capital per balance sheet: A. Total paid in capital stock (cannot be a negative amount) . . . . . . . . . . . . $ B. Total paid in capital surplus (cannot be a negative amount) . . . . . . . . . . $ C. Total amount of stated capital (cannot be a negative amount). . . . . . . . . $ Page 3SC1120S Attach a complete copy of your federal return. File electronically using Modernized Electronic Filing (MeF). It's the fastest and easiest way to complete your return! Learn more at dor.sc.gov/biz-services. Getting a refund? Choose Direct Deposit! It's fast, accurate, and secure! Have a balance due? Pay electronically! It's quick and easy! Use our free online tax portal, MyDORWAY, at dor.sc.gov/pay. Select Business Income Tax Payment to get started. If you pay by check, make your check payable to SCDOR. Include your name, FEIN, tax year, and SC1120S in the memo. Do not send cash. Mail Refund or Zero Tax returns to: SCDOR Corporate Refund PO Box 125 Columbia, SC 29214-0032 Mail Balance Due returns to: SCDOR Corporate Taxable PO Box 100151 Columbia, SC 29202
1. Total sales within South Carolina (see SC1120 instructions) 2. Total sales everywhere (see SC1120 instructions) 3. Sales ratio (line 1 divided by line 2) If there are no sales anywhere: Enter 100% on line 3 if South Carolina is the principal place of business Enter 0% on line 3 if principal place of business is outside South Carolina. Only multi-state corporations must complete Schedules E, F, G, AND H
SCHEDULE G COMPUTATION OF TAXABLE INCOME OF MULTI-STATE CORPORATIONS
SCHEDULE E COMPUTATION OF LICENSE FEE OF MULTI-STATE CORPORATIONS
Attach an explanation of each type of income listed above that is not allocated to South Carolina. 1. Total capital and paid in surplus at end of year ................................................ $ 2. SC proportion (multiply line 1 by ratio from Schedule H-1, H-2 or H-3, as appropriate) Also enter on SC1120S, line 19 $ 1. Total net income as reconciled from SC1120S, page 1, line 3 ................................. 2. Income subject to direct allocation to SC and other states from Schedule F, line 1 .................. 3. Total net income subject to apportionment (subtract line 2 from line 1) .......................... 4. Multiply line 3 by appropriate ratio from Schedule H-1, H-2, or H-3 ............................. 5. Income subject to direct allocation to SC from Schedule F, line 2 .............................. 6. Total SC net income (add line 4 and line 5). Also enter on SC1120S, page 1, line 4 ................. 1. 2. 3. 4. 5. 6. COMPUTATION OF SALES RATIOSCHEDULE H-1 RatioAmount % < > < > Ratio
COMPUTATION OF GROSS RECEIPTS RATIO
Amount 1. South Carolina gross receipts 2. Amounts allocated to South Carolina on Schedule F 3. South Carolina adjusted gross receipts (subtract line 2 from line 1) 4. Total gross receipts 5. 6. 7. SCHEDULE H-2 Total amounts allocated on Schedule F Gross receipts ratio (line 3 divided by line 6) Total adjusted gross receipts (subtract line 5 from line 4) COMPUTATION OF RATIO FOR SECTION 12-6-2310 COMPANIESSCHEDULE H-3 RatioAmount 1. Total within South Carolina (see SC1120 instructions) 2. Total everywhere 3. Taxable ratio (line 1 divided by line 2) % %
SCHEDULE F INCOME SUBJECT TO DIRECT ALLOCATION
Gross Amounts Less: Related Expenses Net Amounts Allocated Directly to SC and Other States Net Amounts Allocated Directly to SC 1. Total income directly allocated 2. Income directly allocated to SC Allocated Income
SCHEDULE SC-K WORKSHEET
Nonrefundable Tax Credits: Enter total credits from SC1120TC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . You must attach your SC1120TC to this return. Investment interest expense
12a
12b
12c
12d Section 59(e)(2) expenditures
Other deductions
F
Amounts Allocated or Apportioned to
SC E
Amounts Not Allocated or Apportioned to SC
D
Federal Schedule K Amounts After SC Adjustments
C
Plus or Minus
South Carolina Adjustments
B
Amounts From Federal Schedule K
A
Description Ordinary business income (loss)
Dividends Net rental real estate income (loss) Other net rental income (loss)
Interest income
Royalties Net short-term capital gain (loss) Net long-term capital gain (loss) Net section 1231 gain (loss)
Other income (loss)
Section 179 deduction
Contributions
SCHEDULE L QSSSs AND DISREGARDED LLCs INCLUDED IN RETURN List each Qualified Subchapter S Subsidiary (QSSS) doing business in South Carolina or registered with the SCSOS. List each disregarded Limited Liability Company (LLC) doing business in South Carolina or registered with the SCSOS. Name FEIN/SC File #Name FEIN/SC File #
SCHEDULE N PROPERTY INFORMATION
Property within South Carolina (b) Ending Period(a) Beginning Period 1. Land 2. Buildings 3. Machinery and equipment 4. Construction in progress 5. Other property* Total Total *Provide an explanation or listing of property from line 5 above. (b) Ending Period(a) Beginning PeriodDescription of Property
Source: official text