Utah Utah S Corporation Income Tax Return

Utah S Corporation Income Tax Return
2023 TC-20S Utah S Corporation Tax Return
Clear form

2023

Utah S Corporation Return

20321
9998

TC-20S

For calendar year 2023 or fiscal year (mm/dd/yyyy):

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beginning -

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and ending -

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USTC ORIGINAL FORM

•

Amended Return (code 1-4)

•

Mark “X” if you filed federal form 8886

Corporation name
Address

Employer Identification Number

City

State

ZIP + 4

UT Incorporation/Qualification No.

Foreign country (if not U.S.)

Telephone number

Attach a copy of your federal 1120S, pages 1 through 5 (and Schedules M-3 and/or form 1125-A, if applicable). Utah TC-20S Schedules A, H, J and N
are not required if all shareholders are Utah resident individuals.
1

2

If this is the first S corporation return, enter the effective date (mm/dd/yyyy) on the IRS approval letter
Nonresident Individuals
Resident
IRC 501 and
and Other Pass-through
Individuals
Other Exempt
Entity Taxpayers
a. Number of shares
•
•
•
b. Percentage of shares

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• 1

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Total
2a
2b

3

If this corporation conducted any Utah business activity during the taxable year, enter “X”

• 3

4

If this corporation elected to treat any subsidiary as a Qualified Subchapter S Subsidiary, enter “X”
Enter on Sch. M each Qualified Subchapter S Subsidiary doing business, incorporated or qualified in Utah.

• 4

5

Total tax - enter the amount from Schedule A, line 17. If Schedule A is not required, enter zero.

• 5

6

Total payments - enter the amount from Schedule A, line 20. If Schedule A is not required, enter zero.

• 6

7

Tax Due - subtract line 6 from line 5 (not less than zero)

• 7

8

Penalties and interest (see instructions)

9

Total Due - Pay this amount - add line 7 and line 8

100%

8
• 9

10 Overpayment - subtract the sum of line 5 and line 8 from line 6 (not less than zero)

10

11 Amount of overpayment on line 10 to be applied to next taxable year

• 11

12 Refund - subtract line 11 from line 10

• 12
USTC USE ONLY

Under penalties of perjury, I declare to the best of my knowledge and belief,
this return and accompanying schedules are true, correct and complete.
SIGN

Signature of officer

Date

Title

HERE
Preparer’s signature
Paid
Preparer’s
Section

“X” if USTC may discuss
this return with preparer below:

Date

Preparer’s telephone number

Preparer’s PTIN
•

Firm’s name and address

Preparer’s EIN
•

Supplemental information to be Supplied by All S Corporations

20322

TC-20S
2023

EIN

Pg. 2

USTC ORIGINAL FORM

1

If this S corporation owns more than 50 percent of the voting stock of another corporation, provide the following for each
corporation so owned. Attach additional pages if necessary.
Ź
EIN

% of stock owned

/

/

/

Corporation name

/

End date (if diff from S corp.)

Merge date

Yes
No
Is this corporation doing business in Utah?

EIN

% of stock owned

Corporation name

Ź

/

/

/

/

End date (if diff from S corp.)

Merge date

Yes
No
Is this corporation doing business in Utah?

EIN

% of stock owned

Corporation name

Ź

/

/

/

/

End date (if diff from S corp.)

Merge date

Yes
No
Is this corporation doing business in Utah?

EIN

% of stock owned

Corporation name

Ź

/

/

/

End date (if diff from S corp.)

•

/

Yes
No
Is this corporation doing business in Utah?

Merge date

2

Enter the location where the corporate books and records are maintained:

3

Enter the state or country of commercial domicile:

4

Enter the year-end date of the last year for which a federal examination has been completed:

/

/

mm/dd/yyyy

Under separate cover, send a summary and supporting schedules for all federal adjustments and the federal tax
liability for each year for which federal exam adjustments have not been reported to the Tax Commission. Include the
date of final determination. Send the information to:
Business Taxes and Discovery Division, Utah State Tax Commission, 210 North 1950 West, Salt Lake City, UT 84134-2000
•

5

Enter the year-end dates of years with federal examinations now in progress, and/or final determination of past examinations still pending.

/

/

mm/dd/yyyy

•

6

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/

mm/dd/yyyy

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/

mm/dd/yyyy

/

/

mm/dd/yyyy

Enter the year-end dates of years in which extensions for proposing additional assessments of federal tax were agreed to with the
Internal Revenue Service.

/

/

mm/dd/yyyy

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mm/dd/yyyy

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/

mm/dd/yyyy

/

/

mm/dd/yyyy

Note: Utah Code §59-7-519 extends the Statute of Limitations for tax assessment if federal exam adjustments are not fully reported.

20323

Schedule A - Utah Taxable Income for Pass-through Entity Taxpayers TC-20S, Sch. A
EIN
2023

USTC ORIGINAL FORM

1

Federal income/loss reconciliation from federal form 1120S, Schedule K, line 18

• 1

2

Contributions from federal form 1120S, Schedule K, line 12a

• 2

3

Foreign taxes from federal form 1120S, Schedule K, line 16f

• 3

4

Recapture of Section 179 deduction from all federal Schedules K-1, box 17, code L

• 4

5

Payroll Protection Program grant or loan addback (see instructions)

• 5

6

(Reserved, see instructions)

• 6

7

Total income/loss - add lines 1 through 6

• 7

8

Utah net nonbusiness income from TC-20, Schedule H, line 14

• 8

9

Non-Utah net nonbusiness income from TC-20, Schedule H, line 28

• 9

10 Add lines 8 and 9
11 Apportionable income/loss - subtract line 10 from line 7
12 Apportionment fraction - enter 1.000000, or TC-20, Schedule J, line 9 or 10, if applicable

10
• 11
12

13 Utah apportioned business income/loss - multiply line 11 by line 12

• 13

14 Total Utah income/loss allocated to pass-through entity taxpayers - add line 8 and line 13

• 14

15 Total pass-through withholding tax - enter the total amount from Schedule N, column J
Note: This amount must be paid by the due date of the return, without extensions.

• 15

16 Utah use tax

• 16

17 Total tax - add line 15 and line 16
Enter here and on TC-20S, line 5

• 17

18 Prepayments from Schedule E, line 4 (do not include any pass-through withholding tax - see instructions)

• 18

19 Amended returns only (see instructions)

• 19

20 Total payments - add line 18 and line 19
Enter here and on TC-20S, line 6

• 20

20324

Schedule E - Prepayments of Any Type

TC-20S, Sch. E
2023

EIN

Do not include any pass-through withholding or refundable credits on this schedule.
1

Overpayment applied from prior year

1

2

/
/
Extension prepayment
Date:
Check no.:
Enter the date and amount of any extension prepayment. If paid by check, enter the check number.

2

3

Other prepayments (attach additional pages if necessary)
Enter the date and amount of any prepayment for the filing period. If paid by check, enter the check number.

4

a Date:

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/

Check no.:

3a

b Date:

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/

Check no.:

3b

c Date:

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/

Check no.:

3c

d Date:

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/

Check no.:

3d

Total of all prepayments - add lines 3a through 3d

3

Total prepayments - add lines 1 through 3
Enter here and on TC-20S, Schedule A, line 18

4

20361

Schedule H - Utah Nonbusiness Income Net of Expenses
EIN

USTC ORIGINAL FORM

TC-20, Sch. H
2023

Pg. 1

(use with TC-20,
TC-20S and TC-65)

Note: Failure to complete this form may result in disallowance of the nonbusiness income.
Part 1 - Utah Nonbusiness Income (nonbusiness income allocated to Utah)
A
B
C
Acquisition Date of

Beginning Value of Investment Ending Value of Investment

Nonbusiness Income

Utah Nonbusiness

Used to Produce Utah

Used to Produce Utah

Asset(s)

Nonbusiness Income

Nonbusiness Income

1a

/

/

1b

/

/

1c

/

/

1d

/

/

1e

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/

2

Total of column C and column D

3

Total Utah nonbusiness income - add column E for lines 1a through 1e

4a

Description of direct expenses related to:
Line 1a above

4b

Line 1b above

4c

Line 1c above

4d

Line 1d above

4e

Line 1e above

5

D

Type of Utah

E
Utah Nonbusiness Income

Amount of Direct Expense

Total direct related expenses - add lines 4a through 4e

6

Utah nonbusiness income net of direct related expenses - subtract line 5 from line 3
Column A
Indirect Related Expenses for
Total Assets Used to Produce
Utah Nonbusiness Income
Utah Nonbusiness Income
7 Beginning-of-year assets
(enter in Column A the amount from line 2, col. C)
8 End-of-year assets
(enter in Column A the amount from line 2, col. D)
9 Sum of beginning and ending asset values
(add line 7 and line 8)
10 Average asset value - divide line 9 by 2

•
Column B
Total Assets

11 Utah nonbusiness assets ratio - line 10, Column A, divided by line 10, Column B (to four decimal places)
12 Interest expense deducted in computing Utah taxable income (see instructions)
13 Indirect related expenses for Utah nonbusiness income - multiply line 11 by line 12
14 Total Utah nonbusiness income net of expenses - subtract line 13 from line 6
Enter on:
TC-20, Schedule A, line 6;
TC-20S, Schedule A, line 8; or
TC-65, Schedule A, line 11

•

20362

Schedule H - Non-Utah Nonbusiness Income Net of Expenses
EIN

USTC ORIGINAL FORM

TC-20, Sch. H
2023

Pg. 2

(use with TC-20,
TC-20S and TC-65)

Part 2 - Non-Utah Nonbusiness Income (nonbusiness income allocated outside Utah)
A
B
C
D

E

Type of Non-Utah

Acquisition Date of

Beginning Value of Investment Ending Value of Investment

Non-Utah Nonbusiness

Nonbusiness Income

Non-Utah

Used to Produce Non-Utah

Used to Produce Non-Utah

Income

Nonbusiness Income

Nonbusiness Income

Nonbusiness Asset(s)

15a

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15b

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/

15c

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/

15d

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/

15e

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/

16 Total of column C and column D
17 Total non-Utah nonbusiness income - add column E for lines 15a through 15e
Description of direct expenses related to:
18a

Line 15a above

18b

Line 15b above

18c

Line 15c above

18d

Line 15d above

18e

Line 15e above

Amount of Direct Expense

19 Total direct related expenses - add lines 18a through 18e
20 Non-Utah nonbusiness income net of direct related expenses - subtract line 19 from line 17
Column A
Column B
Indirect Related Expenses for
Total Assets Used to Produce Total Assets
Non-Utah Nonbusiness Income
Non-Utah Nonbusiness Income
21 Beginning-of-year assets
(enter in Column A the amount from line 16, col. C)
22 End-of-year assets
(enter in Column A the amount from line 16, col. D)
23 Sum of beginning and ending asset values
(add line 21 and line 22)
24 Average asset value - divide line 23 by 2

•

25 Non-Utah nonbusiness assets ratio - line 24, Column A, divided by line 24, Column B (to four decimal places)
26 Interest expense deducted in computing non-Utah taxable income (see instructions)
27 Indirect related expenses for non-Utah nonbusiness income - multiply line 25 by line 26
28 Total non-Utah nonbusiness income net of expenses - subtract line 27 from line 20
Enter on:
TC-20, Schedule A, line 7;
TC-20S, Schedule A, line 9; or
TC-65, Schedule A, line 12

•

20363

Schedule J - Apportionment Schedule

TC-20, Sch. J
2023

EIN

USTC ORIGINAL FORM

Pg. 1

(use with TC-20, TC-20S,
TC-20MC and TC-65)

Note: Use this schedule only if the entity does business in Utah and one or more other states and income must be apportioned to Utah.
Briefly describe the nature and location(s) of your Utah business activities:

Apportionable Income Factors
Column A
Inside Utah

1 Property Factor

2

Column B
Inside and Outside Utah

a

Land

• 1a

•

b

Depreciable assets

• 1b

•

c

Inventory and supplies

• 1c

•

d

Rented property

• 1d

•

e

Other allowable property (see instructions)

• 1e

•

f

Total tangible property - add lines 1a through 1e

• 1f

•

Property factor - divide line 1f, Column A, by line 1f, Column B (to six decimal places)

• 2

3 Payroll Factor
a
4

Total wages, salaries, commissions and other compensation

• 3a

Payroll factor - divide line 3a, Column A, by line 3a, Column B (to six decimal places)

•
• 4

5 Sales Factor

6

a

Total sales (gross receipts less returns and allowances)

• 5a

b

Sales delivered or shipped to Utah buyers from outside Utah

• 5b

c

Sales delivered or shipped to Utah buyers from within Utah

• 5c

d

Sales shipped from Utah to the United States government

• 5d

e

Sales shipped from Utah to buyers in states where the corp.
has no nexus (corporation not taxable in buyer’s state)

• 5e

f

Rent and royalty income

• 5f

•

g

Services and other allowable sales (see instructions)

• 5g

•

h

Total sales (add lines 5a through 5g)

• 5h

•

Sales factor - line 5h, Column A, divided by line 5h, Column B (to six decimals)
Continued on page 2

• 6

20364

Schedule J - Apportionment Schedule
EIN

USTC ORIGINAL FORM

TC-20, Sch. J
2023
(use with TC-20, TC-20S,
TC-20MC and TC-65)

Ź

7

All entities - enter your NAICS code here (see instructions)

• 7

Apportionment Fraction
Optional apportionment taxpayers (see instructions) complete Part 1 or Part 2.
Sales factor weighted taxpayers (see instructions) complete Part 2.

Part 1: Equally-Weighted Three Factor Formula (see instructions for those who qualify)
8

Total factors - add lines 2, 4 and 6

9

Calculate the Apportionment Fraction to SIX DECIMALS
Divide line 8 by 3 (or the number of factors present)

8
• 9

Part 2: Sales Factor Formula (see instructions for those who qualify)
10 Apportionment Fraction - enter the six-decimal sales factor from line 6

Enter the fraction from line 9 or line 10, above, as follows:
TC-20 filers: Enter on TC-20, Schedule A, line 12
TC-20S filers: Enter on TC-20S, Schedule A, line 12
TC-20MC filers: Enter on TC-20MC, Schedule A, where indicated
TC-65 filers: Enter on TC-65, Schedule A, line 15

• 10

Pg. 2

20325

Schedule K - Shareholders’ Pro Rata Share Items

TC-20S, Sch. K
2023

EIN

USTC ORIGINAL FORM

Ź Number of Schedules K-1 attached to this return

•

Federal Amount
1

Ordinary business income/loss

2

Net rental real estate income/loss

3

Other net rental income/loss

Utah Amount

Income/Loss

4a U.S. government interest income
4b Municipal bond interest income
4c Other interest income
5

Ordinary dividends

6

Royalties

7

Net short-term capital gain/loss

8

Net long-term capital gain/loss

9

Net Section 1231 gain/loss

10 Recapture of Section 179 deduction
11 Other income/loss (describe)

12 Section 179 deduction
13 Contributions

Deductions

14 Investment interest expense
15 Section 59(e)(2) expenditures
16 Foreign taxes paid or accrued

Utah Credits

17 Other deductions (describe)

18 Utah nonrefundable credits - enter the name of the Utah credit

Code

Credit Amount

19 Utah refundable credits - enter the name of the Utah credit

Code

Credit Amount

20 Total Utah tax withheld on behalf of all shareholders from Schedule N, column J

20326

Schedule K-1 - Shareholder’s Share
of Utah Income, Deductions and Credits

TC-20S, Sch. K-1
2023

USTC ORIGINAL FORM

S Corporation Information

Shareholder’s Share of Utah Income, Deductions and Credits

A

S-corporation’s EIN:

1

Utah ordinary business income/loss

B

S-corporation’s name, address, city, state, and ZIP code:

2

Utah net rental real estate income/loss

3

Utah other net rental income/loss

Shareholder Information

4a
4b
4c

Utah U.S. government interest income
Utah municipal bond interest income
Utah other interest income

C

Shareholder’s SSN or EIN:

5

Utah ordinary dividends

D

Shareholder’s name, address, city, state, and ZIP code:

6

Utah royalties

7

Utah net short-term capital gain/loss

8

Utah net long-term capital gain/loss

9

Utah net Section 1231 gain/loss

10

Utah recapture of Section 179 deduction

11

Utah other income/loss (describe)

12

Utah Section 179 deduction

13

Utah contributions

14

Utah investment interest expense

15

Utah Section 59(e)(2) expenditures

16

Foreign taxes paid or accrued

17

Utah other deductions (describe)

18

Utah nonrefundable credits - enter name

Code

Credit Amount

19

Utah refundable credits - enter name

Code

Credit Amount

20

Utah tax withheld on behalf of shareholder
“X” if withholding waiver applied for

E

Percent of ownership:

Shareholder’s Share of Apportionment Factors
Utah

Total

F

Property

$

$

G

Payroll

$

$

H

Sales

$

$

Other Information

Note: To complete lines 1 through 17:
* Utah residents, enter the amounts from federal Schedule K-1.
* Utah nonresidents, see instructions to calculate amounts.
All filers complete lines 18 through 20, if applicable.

20327

Schedule M - Qualified Subchapter S Subsidiaries
Incorporated, Qualified & Doing Business in Utah

TC-20S, Sch. M
2023

EIN
USTC ORIGINAL FORM

Instructions
*
•
*

List ONLY qualified subchapter S subsidiaries incorporated, qualified or doing business in Utah. Attach additional Schedules M if needed.
Federal schedules may not be substituted, since they may include corporations excluded from Utah reporting.
Corporations required to file in Utah but not listed on this form will not be considered to have met the Utah filing requirement.

Subsidiary Corporations
• EIN

Utah Incorporation/
Qualification Number

Name

Acquisition Date
(mm/dd/yyyy)

1

/

/

2

/

/

3

/

/

4

/

/

5

/

/

6

/

/

7

/

/

8

/

/

9

/

/

10

/

/

11

/

/

12

/

/

13

/

/

14

/

/

15

/

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16

/

/

17

/

/

18

/

/

19

/

/

20

/

/

21

/

/

22

/

/

23

/

/

20328

Schedule N - Pass-through Entity Withholding Tax

TC-20S, Sch. N
2023

EIN

An S corporation with nonresident individual shareholders, resident/nonresident business shareholders, or resident/nonresident trust or estate shareholders must complete the info below to calculate Utah withholding tax for these shareholders. See instructions for column G, column H and column I.
WITHHOLDING WAIVER CLAIMED under §59-10-1403.2(5): If shareholders will pay the Utah tax on their own returns:
•
Enter "1" to claim a waiver for ALL shareholders (enter "X" in column B and "0" in column F for all shareholders)
Enter "2" to claim a waiver for SOME shareholders (enter "X" in column B and "0" in column F for those shareholders claimed)
See Schedule N instructions for liability responsibilities when claiming a waiver.
A Name of shareholder
E Income/loss
F 4.65% of income - G Mineral production J
B Withholding waiver for this shareholder
attributable
E times .0465
withholding credit
(enter “X” in column B and “0” in column F)
to Utah
(not less than zero) H Upper-tier passC SSN or EIN of shareholder
through withholding
D % of ownership in S Corp. by shareholder
I
Tax paid by PTE

#1 A

E

F

• B
• C

D

I
E

F

• B
D
E

F

D
E

F

G

J

H
D

#5 A

I
E

F

• B

G

J

H
D

#6 A

I
E

F

• B

G

J

H
D

#7 A

I
E

• B
• C

J

I

• B

• C

G
H

#4 A

• C

J

I

• B

• C

G
H

#3 A

• C

J

H

#2 A

• C

G

F

G
H

D

Report the shareholder’s pass-through withholding
tax from column J on Schedule K-1, line 20

I
Total Utah withholding tax to be paid by this corporation:
Enter on TC-20S, Sch. A, line 15 and on Sch. K, line 20.

J

Withholding tax
to be paid by
this corporation F less G, H and I
(not less than 0)

25301

Credits Received from Upper-tier Pass-through Entities
and Mineral Production Withholding Tax Credit on TC-675R

TC-250
2023

EIN

(use with TC-20S, TC-41 and TC-65)

USTC ORIGINAL FORM

Part 1 - Utah Nonrefundable Credits Received from Upper-tier Pass-through Entities
Upper-tier pass-through
entity EIN from Utah
Sch. K-1, box “A”

Name of upper-tier pass-through entity
from Utah Schedule K-1, box “B”

Credit
Code

UT nonrefundable
credit from
Utah Sch. K-1

1
2
3
4
5
6
Enter these credits on Utah TC-20S Sch. K, line 18, or TC-41 Sch. A, Part 3 or 4, or TC-65 Sch. K, line 17, using the credit code above.
Combine amounts for the same codes.

Part 2 - Utah Refundable Credits Received from Upper-tier Pass-through Entities
Upper-tier pass-through
entity EIN from Utah
Sch. K-1, box “A”

Name of upper-tier pass-through entity
from Utah Schedule K-1, box “B”

Credit
Code

UT refundable credit
from Utah Sch. K-1

1
2
3
4
5
6
7
8
9
10
11
12
13
14
Enter these credits on Utah TC-20S Sch. K, line 19, or TC-41 Sch. A, Part 5, or TC-65 Sch. K, line 18, using the credit code above.
Combine amounts for the same codes.

Part 3 - Utah Mineral Production Withholding Tax Credit Received on TC-675R
Producer EIN from
TC-675R, box “2”

Producer’s name from TC-675R, box “1”

Mineral production
withholding from
TC-675R, box “6”

1
2
3
4
5
6
7
8
9
10
Total Utah mineral production withholding tax credit received on TC-675R
Enter total credit on Utah TC-20S Sch. K, line 19, or TC-41 Sch. A, Part 5, or TC-65 Sch. K, line 18, using credit code 46.