Get Sc1120-tc - Sctax

The SC1120-TC is an essential form used for claiming corporate tax credits in South Carolina. This guide provides detailed, step-by-step instructions to help users fill out the form accurately and efficiently online.

Follow the steps to complete your SC1120-TC - Sctax online.

1. Press the ‘Get Form’ button to access the SC1120-TC form and open it in your chosen editor.
2. Begin by entering the name of the corporation in the designated field at the top of the form.
3. Provide the Federal Employer Identification Number (FEIN) in the appropriate space.
4. Enter the South Carolina file number (SC FILE #) where indicated.
5. In Part I, start with Column A, entering previously accrued corporate income tax credits as applicable.
6. Next, fill in Column B with the tax credits earned for the current year.
7. Input the amount of tax credits taken this year into Column C.
8. If any credits were lost due to statute limits, record these amounts in Column D.
9. Lastly, in Column E, note any credits that are being carried forward for future use.
10. Continue through the remaining lines (5-15) to enter credit descriptions and associated codes along with the dollar amounts applicable.
11. At the end of Part I, calculate the totals for all columns (A through E) and enter these amounts as directed in the instructions.
12. Proceed to Part II and repeat similar steps for corporate license fee credits, including detailed descriptions and codes.
13. Once all sections are completed, review the form for accuracy, then save your changes.
14. You can now download, print, or share the completed SC1120-TC form as necessary.

Complete your SC1120-TC form online today to ensure you maximize your corporate tax credits.