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South Carolina Underpayment of Estimated Tax by Corporations
Extracted from PDF file 2023-south-carolina-form-sc2220.pdf, last modified December 2022Underpayment of Estimated Tax by Corporations
1350 STATE OF SOUTH CAROLINA SC2220 DEPARTMENT OF REVENUE dor.sc.gov Name 2. 3. 2022 FEIN Part I 1. (Rev. 12/07/22) 3099 UNDERPAYMENT OF ESTIMATED TAX BY CORPORATIONS Required annual payment Total tax (line 11 of the SC1120; or comparable line for other Income Tax returns) If the result is less than $100, do not complete this form. You do not owe a penalty . . . . . . . . . . . . . 1 Enter the tax from the corporation's 2021 Income Tax return (see instructions) If the tax is zero or the tax year was for less than 12 months, skip this line . . . . . . . . . . . . . . . . 2 Enter the lesser of line 1 or line 2. If the corporation is required to skip line 2, enter the amount from line 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Part II Reasons for filing Check the boxes below that apply. If any box is checked, the corporation must file the SC2220 with the corporation's tax return, even if no penalty is due. If the box on line 4 or line 5 applies, the corporation may be able to lower or eliminate the penalty. 4. 5. 6. The corporation is using the adjusted seasonal installment method. The corporation is using the annualized income installment method. The corporation is a large corporation calculating its first required installment based on the prior year's tax. Part III Calculating your underpayment A 7. Installment due dates: Enter in columns A through D the 15th day of the 4th, 6th, 9th, and 12th months of the corporation's tax year ................................................ 7 8. Required installments: If you checked the boxes on line 4, line 5, or line 6, see the instructions for the amount to enter in each column. If none of these boxes are checked, enter 25% of line 3 in each column.................. 8 B 9. Estimated Tax paid or credited for each period: For column A only, enter the amount from line 9 on line 13.. 9 Complete line 10 through line 16 of one column before going to line 10 of the next column. 10. Enter amount from line 16 of the previous column ........... 10 11. Add line 9 and line 10 ............................................... 11 12. Add amounts on line 14 and line 15 of the previous column................................................................... 12 13. Subtract line 12 from line 11. If zero or less, enter 0 ........ 13 14. If the amount on line 13 is zero, subtract line 11 from line 12. Otherwise, enter 0................................................ 14 15. Underpayment: If line 13 is less than or equal to line 8, subtract line 13 from line 8 ......................................... 15 16. Overpayment: If line 8 is less than line 13, subtract line 8 from line 13. Enter here and on line 10 of the next column.. 16 If there are amounts on line 15 in any column, go to Part IV on page 2 to calculate the penalty. 30991228 C D SC2220 (2022) Part IV Page 2 Calculating the penalty (a) 17. 18. Enter the date of payment or the 15th day of the 4th month after the close of the tax year, whichever is earlier. (SC1120S filers: use the 3rd month. SC 990-T filers: use the 5th month.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Number of days from due date of installment on line 7 to the date on line 17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 20. Underpayment on line 15 x Number of days on line 19 x 20 $ 21. Number of days on line 18 after 6/30/22 and before 10/1/22 . . . . 21 22. Underpayment on line 15 x Number of days on line 21 x 22 $ 23. Number of days on line 18 after 9/30/22 and before 1/1/23 . . . . . 23 24. Underpayment on line 15 x Number of days on line 23 x 24 $ 25. Number of days on line 18 after 12/31/22 and before 4/1/23 . . . . 25 26. Underpayment on line 15 x Number of days on line 25 x 26 $ 27. Number of days on line 18 after 3/31/23 and before 7/1/23 . . . . . 27 28. Underpayment on line 15 x Number of days on line 27 x 28 $ 365 365 365 5% 6% 7% *% 365 (d) 18 Number of days on line 18 after 4/15/22 and before 7/1/22 . . . . . 4% (c) 17 19. 365 (b) $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 29. Number of days on line 18 after 6/30/23 and before 10/1/23 . . . . 29 30. Underpayment on line 15 x Number of days on line 29 x 30 $ 31. Number of days on line 18 after 9/30/23 and before 1/1/24 . . . . . 31 32. Underpayment on line 15 x Number of days on line 31 x 32 $ 33. Number of days on line 18 after 12/31/23 and before 3/16/24 . . . 33 34. Underpayment on line 15 x Number of days on line 33 x 34 $ $ $ $ 35. Add lines 20, 22, 24, 26, 28, 30, 32, and 34 . . . . . . . . . . . . . . . . . 35 $ $ $ $ .36. Penalty: Add columns (a) through (d), of line 35. Enter the total here and on line 17 of the SC1120; or the comparable line for other Income Tax returns . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 365 365 366 *% *% *% 36 $ * Use the penalty interest rate for each calendar quarter. The SCDOR will determine these rates during the first month in the preceding quarter. These rates are published quarterly in Information Letters, available at dor.sc.gov/policy. 30992226 Instructions Filing requirements If you are a corporation who owes an Income Tax liability of $100 or more on your Corporate Tax Return, you must prepay your tax through withholdings or with Estimated Tax payments. This requirement includes S Corporations, Limited Liability Companies (LLCs) taxed as corporations, and tax-exempt organizations subject to the unrelated business Income Tax. Use this form to determine if you paid enough Income Tax during the year. If you did not pay enough, you may owe a penalty based on the amount of your underpayment. Part I: Required annual payment Line 1: If your total tax is $100 or greater, complete the remainder of Part I to determine the required annual payment. For your total tax amount, refer to: SC1120, line 11 SC1120S, line 12 SC1120U, line 9 SC1104, line 9 SC1101B, line 7 SC990T, line 9 Line 2: Enter the tax, after any tax credits, as calculated on your 2021 Income Tax return. If you did not file a return showing a tax amount for the 2021 tax year, or if your 2021 tax year was for less than 12 months, do not complete this line. Instead, enter the amount from line 1 on line 3. Large corporations, as defined in IRC Section 6655, should refer to the federal 2220 instructions, available at irs.gov, to determine the amount to enter on line 2. Line 3: Enter the lesser of line 1 or line 2. If you did not have an amount on line 2, enter the amount from line 1. S Corporations should refer to the federal 2220 instructions for the amount to enter on line 3. The federal 2220 and instructions are available at irs.gov. Part II: Reasons for filing Check the appropriate box in Part II if you are: using the adjusted seasonal installment method using the annualized income installment method a large corporation calculating your first required installment based on the prior year's tax If you check a box in Part II, you must file the SC2220 with your tax return even if no penalty is due. If you checked the box on line 4 or line 5, your penalty may be lowered or eliminated. Part III: Calculating your underpayment Complete line 7 through line 16 of Part III to determine if you have an underpayment for any of the four installment due dates. Line 8: If your corporation's income varied during the year, (for example, it operated its business on a seasonal basis), it may be able to lower the amount of one or more required installments by using the annualized income installment method or the adjusted seasonal installment method. To use either of these methods to calculate your required installments, use the federal forms, worksheets, and instructions with the necessary South Carolina adjustments. Write adjusted or annualized to the left of line 8 to indicate use of either of these methods. Attach a copy of the worksheet to the SC2220. If you are a large corporation as defined in the IRC Section 6655, refer to the federal 2220 instructions for the amounts to enter in columns A through D of line 8. The federal 2220 and instructions are available at irs.gov. Line 9: Complete as follows: Column A: Enter Estimated Tax payments you made by the 15th day of the 4th month of your tax year. Column B: Enter Estimated Tax payments you made after the 15th day of the 4th month through the 15th day of the 6th month of your tax year. Column C: Enter Estimated Tax payments you made after the 15th day of the 6th month through the 15th day of the 9th month of your tax year. Column D: Enter Estimated Tax payments you made after the 15th day of the 9th month through the 15th day of the 12th month of your tax year. Include in your Estimated Tax payments any overpayment of tax from your 2021 tax return that you elected to apply to your 2022 Estimated Tax. Line 15: If any column shows an underpayment on line 15, complete Part IV to calculate the penalty. Part IV: Calculating the penalty Complete line 17 through line 36 to determine the amount of the penalty. The penalty for the period of underpayment is determined under IRC Section 6655 at a rate determined under IRC Section 6621. For more information, refer to SC Code Section 12-54-25(D), available at dor.sc.gov/policy. Attach this form to your Income Tax return.
SC2220_3099
More about the South Carolina Form SC2220 Corporate Income Tax Estimated TY 2023
We last updated the Underpayment of Estimated Tax by Corporations in March 2023, so this is the latest version of Form SC2220, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form SC2220 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 SC2220 from the Department of Revenue in March 2023.
Form SC2220 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 SC2220
We have a total of eleven past-year versions of Form SC2220 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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