1350STATE OF SOUTH CAROLINADEPARTMENT OF REVENUERESEARCH EXPENSES CREDIT Attach to your Income Tax or Corporate License Fee Return Name As Shown On Tax Returns SCH.TC18 (Rev. 1/12/16) 336820 SSN or.
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How to fill out the SC SCH.TC-18 online
The SC SCH.TC-18 form is used to claim a credit for qualified research expenses incurred in South Carolina. This guide will provide clear, step-by-step instructions to assist you in filling out the form accurately and efficiently online.
Follow the steps to complete your SC SCH.TC-18 form online.
- Click ‘Get Form’ button to obtain the SC SCH.TC-18 form and open it in your preferred editor.
- Start by entering your name and either your Social Security Number (SSN) or Federal Employer Identification Number (FEIN) at the top of the form.
- If you received the credit from a Partnership or S Corporation, provide the name and FEIN of the pass-through entity responsible for the research expenses.
- Enter the total amount of qualified research expenses you incurred in South Carolina on line 1.
- On line 2, calculate your credit earned this year by multiplying the amount reported on line 1 by 5% (0.05).
- If applicable, enter any research expenses credit that you are carrying forward from previous years on line 3.
- Add the amounts from line 2 and line 3 together to get your total research expenses credit before any limitations on line 4.
- Input your tax liability before claiming any credits on line 5.
- On line 6, report the total amount of all credits you are claiming, excluding the research expenses credit.
- Subtract the amount on line 6 from the amount on line 5 on line 7. If this result is less than zero, enter zero.
- Calculate 50% of the amount on line 7 and enter this figure on line 8.
- On line 9, enter the lesser amount between line 4 and line 8. This is the research expenses credit you may apply this year.
- Finally, subtract the amount from line 9 from the total on line 4 and enter this figure on line 10. This is your unused research expenses credit, which can be carried forward for up to 10 years.
- Review all entered information for accuracy, then save your changes. You can choose to download, print, or share the completed form as needed.
Complete your SC SCH.TC-18 form online today!
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