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South Carolina Individual Declaration of Estimated Tax with Instructions
Extracted from PDF file 2024-south-carolina-form-sc1040es.pdf, last modified February 2024Individual Declaration of Estimated Tax with Instructions
1350 2024 dor.sc.gov STATE OF SOUTH CAROLINA DEPARTMENT OF REVENUE SC1040ES INDIVIDUAL DECLARATION OF ESTIMATED TAX (Rev. 2/21/24) 3080 INSTRUCTIONS Pay online using our free tax portal, MyDORWAY, at dor.sc.gov/pay. Select Individual Income Tax Payment to get started. Do not mail a paper copy of the SC1040ES 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 SC1040ES form and on your check. • Enter your Social Security Number (SSN) and your spouse's SSN (if filing jointly). • Check the Composite Filer box if this payment will be claimed on a SC1040, Individual Income Tax Return, filed for nonresident partners or shareholders of a Partnership or S Corporation. • Mark the box for the quarter the payment is being made. • Enter your name and address, including apartment number and ZIP. • Enter your payment amount in whole dollars without a dollar sign (for example: 154.00). • Your payment amount should match the amount on line 11 of your 2024 Estimated Tax Worksheet. • If no payment is due, do not mail the SC1040ES. • Make your check payable to SCDOR. Include your name, SSN, and 2024 SC1040ES in the memo. Do not send cash. • Mail your SC1040ES and payment in one envelope. Mail your SC1040ES and payment to: SCDOR, IIT Voucher, PO Box 100123, Columbia, SC 29202 cut along dotted line SC1040ES 1350 dor.sc.gov 2024 SC DEPARTMENT OF REVENUE INDIVIDUAL DECLARATION OF ESTIMATED TAX (Rev. 2/21/24) 3080 Pay online! It's quick and easy! Use our free online tax portal, MyDORWAY, at dor.sc.gov/pay. Your SSN Spouse's SSN (if filing jointly) Composite Filer 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 (include spouse's name if filing jointly) Payment amount Do not send cash. Make your check payable to SCDOR and include your name, SSN, and 2024 SC1040ES in the memo. 30801245 . 00 SC1040ES 1350 2024 dor.sc.gov SC DEPARTMENT OF REVENUE INDIVIDUAL DECLARATION OF ESTIMATED TAX (Rev. 2/21/24) 3080 Pay online! It's quick and easy! Use our free online tax portal, MyDORWAY, at dor.sc.gov/pay. Your SSN Spouse's SSN (if filing jointly) Composite Filer 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 (include spouse's name if filing jointly) Payment amount . 00 Do not send cash. Make your check payable to SCDOR and include your name, SSN, and 2024 SC1040ES in the memo. 30801245 cut along dotted line SC1040ES 1350 2024 dor.sc.gov SC DEPARTMENT OF REVENUE INDIVIDUAL DECLARATION OF ESTIMATED TAX (Rev. 2/21/24) 3080 Pay online! It's quick and easy! Use our free online tax portal, MyDORWAY, at dor.sc.gov/pay. Your SSN Spouse's SSN (if filing jointly) Composite Filer 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 (include spouse's name if filing jointly) Payment amount . 00 Do not send cash. Make your check payable to SCDOR and include your name, SSN, and 2024 SC1040ES in the memo. 30801245 cut along dotted line SC1040ES 1350 2024 dor.sc.gov SC DEPARTMENT OF REVENUE INDIVIDUAL DECLARATION OF ESTIMATED TAX (Rev. 2/21/24) 3080 Pay online! It's quick and easy! Use our free online tax portal, MyDORWAY, at dor.sc.gov/pay. Your SSN Spouse's SSN (if filing jointly) Composite Filer 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 (include spouse's name if filing jointly) Payment amount Do not send cash. Make your check payable to SCDOR and include your name, SSN, and 2024 SC1040ES in the memo. 30801245 . 00 SC1040ES INSTRUCTIONS 2024 Filing requirements You must file a Declaration of Estimated Tax if you expect to owe an Income Tax liability of $100 or more with the filing of your SC1040, Individual Income Tax Return. Use the Estimated Tax Worksheet to compute your Estimated Tax: • If you are a resident of South Carolina, use your 2023 SC1040 as a basis for figuring your Estimated Tax. • If you are a nonresident of South Carolina, use your 2023 SC1040 and Schedule NR as a basis to calculate the modified South Carolina taxable income to enter on line 3 of the Worksheet. Exceptions to filing a Declaration of Estimated Tax: • Farmers and commercial fishermen whose gross income from farming or fishing for 2023 or 2024 is at least two-thirds (66.67%) of their total gross income from all sources. Instead of making four quarterly Estimated Tax payments, farmers and commercial fishermen may choose to pay all of their Estimated Tax by January 15, 2025 or file their 2024 SC1040 and pay the total tax due by March 3, 2025 • Individuals whose prior year tax liability was $0 for a full 12 months • Nonresidents of South Carolina doing business in this state on a contract basis where the contract is more than $10,000 and tax is withheld at 2% from each contract payment Declaration adjustment If your Estimated Tax has substantially increased or decreased due to a change in income, dependents, or Income Tax withholding, file the adjusted Declaration by the next payment due date. Use the SC1040ES to make the adjusted payment. Complete the Adjusted Declaration Schedule, found on page 4 of these instructions, to determine the amount to be paid. Use the corrected amounts of income and deductions from your federal information. 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: • 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 SC1040 by February 3 and pay the full 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. A penalty will not be charged if your underpayment results from personal service income earned in another state and tax was withheld to the other state. Generally, you can avoid a penalty if you make timely Estimated Tax payments equal to 100% of the tax shown due on your SC1040 for the prior tax year. You must have filed a SC1040 for the prior tax year, and it must have covered a 12-month year. If the adjusted gross income on your prior year SC1040 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 1040ES, line 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 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 (Child and Dependent Care Credit, Two Wage Earner Credit, and credits from your SC1040TC) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7. $ 8. Subtract line 7 from line 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8. $ 9. State Income Tax withheld and estimated to be withheld during year 2024 Include withholding from wages, pension, and annuities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9. $ 10. Balance of Estimated Tax (subtract line 9 from line 8) If $100 or more, you must make Estimated Tax payments. If less than $100, no payment is required. Round to the nearest dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10. $ 11. 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 10, minus any 2023 overpayment applied to 2024 Estimated Tax. Enter here and as the payment amount on your voucher . . . . . . . 11. $ 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 .063 1,106 678 $ 428 X 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 (line 11 of Estimated Tax Worksheet) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 SC1040ES 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 Social Security Privacy Act Disclosure It is mandatory that you provide your Social Security Number on this tax form if you are an individual taxpayer. 42 U.S.C. 405(c)(2)(C)(i) permits a state to use an individual's Social Security Number as means of identification in administration of any tax. SC Regulation 117-201 mandates that any person required to make a return to the SCDOR must provide identifying numbers, as prescribed, for securing proper identification. Your Social Security Number is used for identification purposes. The Family Privacy Protection Act Under the Family Privacy Protection Act, the collection of personal information from citizens by the SCDOR is limited to the information necessary for the SCDOR to fulfill its statutory duties. In most instances, once this information is collected by the SCDOR, it is protected by law from public disclosure. In those situations where public disclosure is not prohibited, the Family Privacy Protection Act prevents such information from being used by third parties for commercial solicitation purposes.
Form SC1040ES
More about the South Carolina Form SC1040ES Individual Income Tax Estimated TY 2024
You must pay estimated income tax if you are self employed or do not pay sufficient tax withholding. Estimated tax payments must be sent to the South Carolina Department of Revenue on a quarterly basis.
We last updated the Individual Declaration of Estimated Tax with Instructions in March 2024, so this is the latest version of Form SC1040ES, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form SC1040ES directly from TaxFormFinder. You can print other South Carolina tax forms here.
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File Now with TurboTaxOther South Carolina Individual 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 SC1040 | Individual Income Tax Return |
| Form SC1040TT | SC1040 Tax Tables |
| Form SCH-NR | Schedule NR: Nonresident Schedule |
| Form SC1040ES | Individual Declaration of Estimated Tax with Instructions |
| Income Tax Instructions | Form SC1040 Instructional Booklet |
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 SC1040ES from the Department of Revenue in March 2024.
Form SC1040ES is a South Carolina Individual 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 Individual Income Tax
The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.
Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!
Historical Past-Year Versions of South Carolina Form SC1040ES
We have a total of eleven past-year versions of Form SC1040ES in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2014 Form SC1040ES
SC1040ES
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