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Get Sc Dor I-290 2017
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How to fill out the SC DoR I-290 online
This guide provides clear and concise instructions on filling out the SC DoR I-290 form online. Whether you are a first-time user or have experience with similar forms, these steps will support you in completing the form accurately.
Follow the steps to successfully complete the form
- Press the ‘Get Form’ button to access the SC DoR I-290 and open it for editing.
- Enter the date of withholding. Specify the month, date, and year when the payment is being made for the sale.
- Provide the location of the property by entering the tax map number and the county in which it is located.
- Fill in the seller's first name, last name, address, and their Social Security Number (SSN) or Federal Employer Identification Number (FEIN).
- Indicate any third-party withholding by selecting the appropriate option from Lending Institution, Real Estate Agent, Closing Attorney, or Other.
- Complete line 1 by checking the appropriate box regarding the basis for the withholding, either gain or amount realized.
- On line 2, choose the applicable percentage based on whether the seller is an individual (7%) or a corporation (5%). Multiply this percentage by the amount from line 1.
- Next, compute the total payment to the seller by filling out line 3, factoring in gross sales price, selling expenses, and mortgages.
- On line 4, compare the amounts from lines 2 and 3 and enter the smaller amount, which indicates the total tax due.
- If any late payments are being calculated, complete lines 5a and 5b for penalty and interest due respectively.
- Conclude by entering the total tax, penalty, and interest due on line 6.
- Select if the seller has elected out of installment sales treatment, and specify the due date for the first installment, if applicable.
- Once all sections are filled correctly, you can save your changes, download the completed form, print it, or share it as necessary.
Complete your documents online to ensure a smooth filing process.
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A state tax addback refers to specific deductions that you need to add back to your taxable income when filing your South Carolina taxes. This can include deductions not recognized by the state but allowed on the federal level. Understanding this process through the SC DoR I-290 helps ensure accurate returns and compliance with state laws.
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