Get Sc Dor Sc Sch. Tc-56 2024-2025

This guide provides step-by-step instructions on how to accurately complete the SC DoR SC SCH. TC-56 form online. Designed for individual taxpayers, this form allows you to claim the Angel Investor Credit, which encourages investments in qualified businesses in South Carolina.

Follow the steps to fill out the SC DoR SC SCH. TC-56 form online.

1. Use the ‘Get Form’ button to access the SC DoR SC SCH. TC-56 form and open it in the designated editor.
2. Fill in your Social Security Number (SSN) or Federal Employer Identification Number (FEIN) in the designated field at the top of the form.
3. Enter your name as required in the specified field to identify yourself on the form.
4. Only individual taxpayers should complete lines 1 through 8. Begin with line 1 and provide the total credit tentatively approved for the current tax year.
5. On line 2, indicate the maximum credit you can earn in a tax year, which is capped at $100,000 for individual taxpayers.
6. For line 3, enter the lesser amount between the total credit approved in line 1 and the maximum credit from line 2.
7. Calculate line 4 by multiplying the credit earned this tax year (line 3) by 50%. This represents the amount applicable for reduction of your Income Tax liability this year.
8. On line 5, subtract the amount from line 4 from line 3 to find the credit that is earned but not available this year.
9. In line 6, input any unused credit from prior years that you are carrying forward.
10. Line 7 is for any credit amount that you have transferred to another taxpayer. Include anything transferred on your behalf.
11. Calculate line 8 by subtracting the amount from line 7 from line 6 to determine the available unused credit.
12. All taxpayers should complete lines 9 through 17. Start line 9 by entering any credit amounts transferred to you from another taxpayer.
13. For line 10, add the amounts from line 8 and line 9 together to find the total credit available before considering expired credits.
14. Complete line 11 by entering the amount of available credits that have expired this year.
15. Subtract the expired credit amount (line 11) from the total available credits (line 10) to find the remaining credits on line 12.
16. On line 13, add the amount from line 4 and line 12 to find the total credit available for the current year.
17. In line 14, enter your total current year Income Tax liability.
18. For line 15, write the lesser amount between line 13 and line 14, which is the current year credit you can claim.
19. Subtract the current year credit (line 15) from the total credits available (line 13) to find the unused credit for this year on line 16.
20. Finally, add the amount of credit earned but not available (line 5) to the unused credit (line 16) to complete line 17, which shows your carryforward credit for future use.
21. Once you have completed the form, ensure all information is accurate before saving your changes. You can download, print, or share the filled form as needed.

Complete your documents online today to ensure a hassle-free filing experience.