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South Carolina Fiduciary Declaration of Estimated Tax
Extracted from PDF file 2024-south-carolina-form-sc1041-es.pdf, last modified February 2024Fiduciary Declaration of Estimated Tax
1350 dor.sc.gov 2024 STATE OF SOUTH CAROLINA DEPARTMENT OF REVENUE SC1041ES FIDUCIARY DECLARATION OF ESTIMATED TAX (Rev. 2/21/24) 3085 Pay online using our free tax portal, MyDORWAY, at dor.sc.gov/pay. Select Business Income Tax Payment to get started. Do not mail a paper copy of the SC1041ES if you pay online. • If you owe $15,000 or more in connection with any SCDOR return, you must file and pay electronically according to SC Code Section 12-54-250. • If you file by paper, use only black ink on the SC1041ES form and on your check. • Enter your Federal Employer Identification Number (FEIN). • Mark the box for the quarter the payment is being made. • Enter your name and address. • Enter your payment amount in whole dollars without a dollar sign (for example: 154.00). • Your payment amount should match the amount on line 13 of your 2024 Estimated Tax Worksheet. • If no payment is due, do not mail the SC1041ES. • Make your check payable to SCDOR. Include your name, FEIN, and 2024 SC1041ES in the memo. Do not send cash. • Mail your SC1041ES and payment in one envelope. Mail your SC1041ES and payment to: SCDOR, Fiduciary Income Tax Payment, PO Box 125, Columbia, SC 29214-0038 cut along dotted line SC1041ES 1350 (Rev. 2/21/24) SC DEPARTMENT OF REVENUE 2024 3085 dor.sc.gov FIDUCIARY DECLARATION OF ESTIMATED TAX Pay online! It's quick and easy! Use our free online tax portal, MyDORWAY, at dor.sc.gov/pay. FEIN Name and address Mark quarter with X (required) 1st Qtr 2nd Qtr Jan, Feb, Mar Apr, May, Jun 3rd Qtr 4th Qtr Jul, Aug, Sep Oct, Nov, Dec Payment amount Do not send cash. Make your check payable to SCDOR and include your name, FEIN, and 2024 SC1041ES in the memo. 30851240 . 00 SC1041ES 1350 (Rev. 2/21/24) SC DEPARTMENT OF REVENUE 2024 3085 dor.sc.gov FIDUCIARY DECLARATION OF ESTIMATED TAX Pay online! It's quick and easy! Use our free online tax portal, MyDORWAY, at dor.sc.gov/pay. FEIN Mark quarter with X (required) 1st Qtr 2nd Qtr Jan, Feb, Mar Apr, May, Jun 3rd Qtr 4th Qtr Jul, Aug, Sep Oct, Nov, Dec Name and address Payment amount . 00 Do not send cash. Make your check payable to SCDOR and include your name, FEIN, and 2024 SC1041ES in the memo. 30851240 cut along dotted line SC1041ES 1350 (Rev. 2/21/24) SC DEPARTMENT OF REVENUE 2024 3085 dor.sc.gov FIDUCIARY DECLARATION OF ESTIMATED TAX Pay online! It's quick and easy! Use our free online tax portal, MyDORWAY, at dor.sc.gov/pay. FEIN Mark quarter with X (required) 1st Qtr 2nd Qtr Jan, Feb, Mar Apr, May, Jun 3rd Qtr 4th Qtr Jul, Aug, Sep Oct, Nov, Dec Name and address Payment amount . 00 Do not send cash. Make your check payable to SCDOR and include your name, FEIN, and 2024 SC1041ES in the memo. 30851240 cut along dotted line SC1041ES 1350 (Rev. 2/21/24) SC DEPARTMENT OF REVENUE 2024 3085 dor.sc.gov FIDUCIARY DECLARATION OF ESTIMATED TAX Pay online! It's quick and easy! Use our free online tax portal, MyDORWAY, at dor.sc.gov/pay. FEIN Name and address Mark quarter with X (required) 1st Qtr 2nd Qtr Jan, Feb, Mar Apr, May, Jun 3rd Qtr 4th Qtr Jul, Aug, Sep Oct, Nov, Dec Payment amount Do not send cash. Make your check payable to SCDOR and include your name, FEIN, and 2024 SC1041ES in the memo. 30851240 . 00 SC1041ES INSTRUCTIONS 2024 Filing requirements Resident and nonresident Fiduciaries must file a Declaration of Estimated Tax if they expect to owe an Income Tax liability of $100 or more with the filing of their SC1041, Fiduciary Income Tax Return. This expected total tax includes Income Tax withheld on distributions of South Carolina income to nonresident beneficiaries. Use the Estimated Tax Worksheet to compute your Estimated Tax: • If you are a resident of South Carolina, use your 2023 SC1041 as a basis to calculate your Estimated Tax. • If you are a nonresident of South Carolina, use your 2023 SC1041, Part III as a basis to calculate the South Carolina taxable income to enter on line 3 of the Worksheet. o Enter the Estimated Tax on line 4 of the Worksheet. o Enter on line 9 of the Worksheet 6.3% withholding of South Carolina taxable income that is payable to nonresident beneficiaries. Do not withhold on nonresident beneficiaries whose income is exempt from withholding based on the I-41 affidavit. Exceptions to filing a Declaration of Estimated Tax: • Estates for the first two tax years after the decedent's death • Fiduciaries whose prior year tax liability was $0 for a full 12 months Declaration adjustment If your Estimated Tax substantially increases or decreases, file the adjusted Declaration by the next payment due date. Use the SC1041ES to make the adjusted payment. Complete the Adjusted Declaration Schedule, found on page 4 of these instructions, to determine the amount to be paid. Payment due dates 1. If you file using a calendar year end of December 31, your Estimated Tax payments are due in four equal installments as follows: • 1st quarter: due April 15, 2024 • 2nd quarter: due June 17, 2024 • 3rd quarter: due September 16, 2024 • 4th quarter: due January 15, 2025 You can choose to pay all of your Estimated Tax on April 15, the due date of the first installment. Instead of making your last payment on January 15, you can choose to file your SC1041 by February 3 and pay in full the balance of Income Tax due. 2. If you are not required to file on April 15: • Your first Estimated Tax payment is due on June 17, 2024 if you meet your Estimated Tax filing requirement after April 1 and before June 1. • Your first Estimated Tax payment is due on September 16, 2024 if you meet your Estimated Tax filing requirement after June 1 and before September 1. • Your first Estimated Tax payment is due on January 15, 2025 if you meet your Estimated Tax filing requirement after September 1. 3. If you file on a fiscal tax year, your Estimated Tax payments are due on the 15th day of the fourth, sixth, and ninth months of the fiscal year and the first month of the following fiscal year. Penalty for failure to file and pay Estimated Tax You may be charged a penalty if: • you do not pay enough Estimated Tax. • you do not make your payments by the due date and for the required amount. • you do not pay at least 90% of the total tax due. Generally, you can avoid a penalty if you make timely Estimated Tax payments equal to 100% of the tax shown due on your SC1041 for the prior tax year. You must have filed a SC1041 for the prior tax year, and it must have covered a 12-month year. If the adjusted gross income on your prior year SC1041 was more than $150,000, the 100% rule is adjusted to 110% of last year's tax liability. Calculate adjusted gross income by using federal guidelines and making South Carolina adjustments. Refer to the SC2210, Underpayment of Estimated Tax By Individuals, Estates, and Trusts, available at dor.sc.gov/forms for more information on computing the underpayment penalty. 2024 Estimated Tax Worksheet 1. Enter the federal taxable income from your 2024 federal 1041ES, line 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. $ 2. South Carolina state adjustments (positive or negative) For purposes of the 110% rule, include Active Trade or Business Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. $ 3. South Carolina taxable income (add line 1 and line 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3. $ 4. Tax (calculate the tax on line 3 income using the Tax Computation Schedule in these instructions) . . . . . . . . . . . . 4. $ 5. Enter any additional tax (from your SC4972 or I-335) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5. $ 6. Add line 4 and line 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6. $ 7. Nonrefundable credits from your SC1040TC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7. $ 8. Subtract line 7 from line 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9. Enter 6.3% of the estimated South Carolina income payable to nonresident beneficiaries. . . . . . . . . . . . . . . . . . . . 8. $ 9. $ 10. Estimated Tax (add line 8 and line 9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10. $ 11. State Income Tax estimated to be withheld during year 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11. $ 12. Balance of Estimated Tax (subtract line 11 from line 10) If $100 or more, you must make Estimated Tax payments. If less than $100, no payment is required. Round to the nearest dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12. $ 13. If the first payment you are required to file is: due April 15, 2024, enter 1/4 due June 17, 2024, enter 1/2 due September 16, 2024, enter 3/4 due January 15, 2025, enter amount } of line 12, minus any 2023 overpayment applied to 2024 Estimated Tax. Enter here and as the payment amount on your voucher. . . . . . . . . . . . 13. $ 2024 Tax Computation Schedule for South Carolina Residents and Nonresidents Tax Computation Schedule Example of computation If the amount on line 3 of worksheet is: At least $0 3,460 17,330 But less than $3,460 17,330 or more Compute the tax as follows: South Carolina income subject to tax on line 3 of worksheet is $17,550. The tax is calculated as follows: 0% times the amount 3% times the amount minus $104 6.3% times the amount minus $678 $17,550 X .063 1,106 678 $ 428 income from line 3 of worksheet percent from tax computation schedule (1,105.65 rounded to the nearest dollar) amount from tax computation schedule tax to be entered on line 4 of worksheet 2024 Adjusted Declaration Schedule 1. Adjusted Estimated Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. 2. Subtract: a. Amount of 2023 overpayment applied to Estimated Tax for 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . 2a. b. Total Estimated Tax payments made. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2b. c. Total (add line 2a and line 2b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2c. 3. Unpaid balance (subtract line 2c from line 1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3. 4. Amount to be paid (line 3 divided by number of remaining payments) Enter here and as the payment amount on the SC1041ES voucher . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4. Record of Estimated Tax Payment The SCDOR does not mail a statement of the amount of Estimated Tax paid during the year. Complete this section for your records. Overpayment credit on 2023 return Amount Date Voucher 1 Voucher 2 Voucher 3 Voucher 4 Total
SC1041ES_3085.pdf
More about the South Carolina Form SC1041-ES Corporate Income Tax Estimated TY 2024
We last updated the Fiduciary Declaration of Estimated Tax in March 2024, so this is the latest version of Form SC1041-ES, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form SC1041-ES directly from TaxFormFinder. You can print other South Carolina tax forms here.
Other South Carolina Corporate Income Tax Forms:
TaxFormFinder has an additional 68 South Carolina income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| Form WH-1612 | Transmittal Form for W2s or 1099s Submitted by CD-ROM or Paper |
| Form CL-1 | Initial Annual Report of Corporations |
| Form I-349 | Schedule for Business Closure or Organizational Change |
| Form SC1120I | Information and Instructions for C and S Corporation Tax Returns |
| Form I-309 | Nonresident Shareholder or Partner Affidavit and Agreement Income Tax Withholding |
View all 69 South Carolina Income Tax Forms
Form Sources:
South Carolina usually releases forms for the current tax year between January and April. We last updated South Carolina Form SC1041-ES from the Department of Revenue in March 2024.
Form SC1041-ES is a South Carolina Corporate Income Tax form. While most taxpayers have income taxes automatically withheld every pay period by their employer, taxpayers who earn money that is not subject to withholding (such as self employed income, investment returns, etc) are often required to make estimated tax payments on a quarterly basis. Failure to make correct estimated payments can result in interest or penalties.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of South Carolina Form SC1041-ES
We have a total of ten past-year versions of Form SC1041-ES in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
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