Get Sc Sch.tc-18

The SC SCH.TC-18 form is essential for taxpayers in South Carolina looking to claim a credit for qualified research expenses. This guide provides clear, step-by-step instructions to help users complete the form accurately and efficiently online.

Follow the steps to fill out the SC SCH.TC-18 form seamlessly.

1. Click the ‘Get Form’ button to access the form and open it in the designated editor.
2. In the first section, enter the name as shown on your tax return; this ensures that your submission aligns with official records.
3. Provide your Social Security Number (SSN) or Federal Employer Identification Number (FEIN) in the designated field. Remember, including this information is mandatory for identification purposes.
4. List the qualified research expenses made in South Carolina on line 1. This figure represents the total expenses incurred during the tax year.
5. Calculate 5% of line 1 and enter this amount on line 2. This represents your current year credit.
6. If applicable, enter any research expenses credit carried forward from previous years on line 3. Attach a schedule for any previous credit amounts you're carrying forward.
7. On line 4, add the amounts from line 2 and line 3. This is your total research expenses credit before any limitations.
8. State your tax liability before claiming credits on line 5. This is the total tax owed before applying any credits.
9. Enter the total of all credits, excluding the research expenses credit, on line 6. This helps in determining your final available credit.
10. Subtract the amount on line 6 from line 5 on line 7. If the result is less than zero, enter zero. This represents your remaining tax liability.
11. Multiply the amount on line 7 by 50% and enter this value on line 8. This calculates the maximum credit you can apply this year.
12. Enter the lesser of line 4 or line 8 on line 9. This is the amount of research expenses credit you can use this year.
13. Finally, on line 10, subtract the credit on line 9 from the total on line 4. This shows any unused research expenses credit that can be carried forward.
14. Review all entered information for accuracy. Once confirmed, you can save your changes, download, print, or share the completed form.

Complete your SC SCH.TC-18 form online today to ensure you claim your eligible research expenses credit efficiently.