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South Carolina Free Printable  for 2024 South Carolina Exempt Organization Business Income Tax Return

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Exempt Organization Business Income Tax Return
Form SC990T

1350 SC 990-T STATE OF SOUTH CAROLINA EXEMPT ORGANIZATION BUSINESS TAX RETURN dor.sc.gov (Rev. 6/6/23) 3315 Due by the 15th day of the fifth month following the close of the taxable year. County or counties in SC where property is located - Income Tax period ending - FEIN Audit location: Street address Name City State ZIP Mailing address City State Change of Address ZIP Accounting Period Check if you filed a federal or state extension. Attach complete copy of federal return. Audit contact Check if: Phone number Initial Return Amended Return Check if: Merged Reorganized Final 1. Federal unrelated business taxable income from federal tax returns ................................................... 1. 2. Net adjustment from Schedule A and B, line 12 ............................................................................ 2. 3. Total net income as reconciled (add line 1 and line 2)..................................................................... 3. 4. If multi-state organization, enter amount from Schedule G, line 6; otherwise, enter amount from line 3 ......... 4. 5. South Carolina net operating loss carryover, if applicable ................................................................ 5. 6. South Carolina net income subject to tax (subtract line 5 from line 4) .................................................. 6. 7. Tax (multiply line 6 by 5%) ...................................................................................................... 7. 8. Nonrefundable credits from Schedule C, line 5 (attach SC1120TC) .................................................... 8. 9. Balance of tax (subtract line 8 from line 7) ................................................................................... 9 10. Payments: (a) Tax withheld (attach 1099s or I-290s) .................................................................. 10a. (b) Paid by declaration......................................................................................... 10b. (c) Paid with extension......................................................................................... 10c. (d) Reserved for future use ................................................................................... 10d. 11. Total payments (add line 10a through line 10c)........................................................................... 11. 12. Balance of tax (subtract line 11 from line 9) ............................................................................... 12. 13. (a) Interest ...................................................................................................................... 13a. (b) Late file/pay penalty....................................................................................................... 13b. (c) Declaration penalty (attach SC2220) .................................................................................. 13c. Total (add line 13a through line 13c) See penalty and interest instructions ......................................... 13. 14. Total Income Tax, interest, and penalty (add line 12 and line 13) ...................... BALANCE DUE 00 To be applied as follows: 15. Overpayment (subtract line 9 from line 11) (a) Estimated Tax 33151069 14. < 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 (b) REFUND 00 > SC990-T Page 2 SCHEDULE A AND B 1. 2. 3. 4. 5. 6. ADDITIONS TO FEDERAL TAXABLE INCOME Taxes on or measured by income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. Federal net operating loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. 3. 4. Other additions (attach schedule) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5. Total additions (add line 1 through line 5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6. DEDUCTIONS FROM FEDERAL TAXABLE INCOME 7. 8. 9. 10. 11. 12. Interest on US obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7. 8. 9. Other deductions (attach schedule) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10. Total deductions (add line 7 through line 10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11. Net adjustment (subtract line 11 from line 6) Also enter on SC990-T, page 1, line 2 . . . . . . . . . . . . . . . . . . . . 12. SCHEDULE C 1. 2. 3. 4. 5. 6. 7. SUMMARY OF INCOME TAX CREDITS (FROM SC1120TC) Credit carryover from previous year's SC990-T, Schedule C (should match SC1120TC, Column A, line 13) . . . . . . . . . . Enter total credits from SC1120TC, Column B, line 13. (attach SC1120TC and tax credit schedules) . . . . . . . . Total credits (add line 1 and line 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Tax from SC990-T, line 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Lesser of line 3 or line 4 (enter on SC990-T, line 8; should match SC1120TC, Column C, line 13) . . . . . . . . . . . . . Enter credits lost due to statute (should match SC1120TC, Column D, line 13) . . . . . . . . . . . . . . . . . . . . . . . . . . . Credit carryover (subtract line 5 and line 6 from line 3; should match SC1120TC, Column E, line 13) . . . . . . . . . . . SCHEDULE D SCHEDULE E 1. 2. 3. 4. 5. 6. 7. RESERVED RESERVED Under penalty of law, I certify that I have examined this return, including accompanying annual report, statements, and schedules, and it is true and complete to the best of my knowledge. Sign Here Signature of officer Officer's title Print officer's name Date I authorize the Director of the SCDOR or delegate to discuss this return, attachments, and related tax matters with the preparer. Yes Paid Preparer's Preparer's signature Date Email Phone number Print preparer's name No Check if self-employed Preparer's phone number Firm's name (or PTIN or FEIN and address ZIP Use Only yours if self-employed) If this is an organization's final return, signing here authorizes the SCDOR to disclose that information with the South Carolina Secretary of State (SCSOS). You must close with the SCSOS and the SCDOR. Taxpayer's signature 33152067 Date SC990-T Page 3 Only multi-state organizations must complete Schedules F, G, and H SCHEDULE F INCOME SUBJECT TO DIRECT ALLOCATION Gross Amounts 1 1. 2. 3. 4. 5. 6. 7. 8. Net Amounts Allocated Directly to SC and Other States 3 Net Amounts Allocated Directly to SC 4 Interest not connected with business Dividends received Rents Gains/losses on real property Gains/losses on intangible personal property Investment income directly allocated Total income directly allocated Income directly allocated to SC SCHEDULE G 1. 2. 3. 4. 5. 6. Less: Related Expenses 2 COMPUTATION OF TAXABLE INCOME OF MULTI-STATE ORGANIZATIONS 1. 2. 3. 4. 5. 6. Total net income as reconciled from SC990-T, page 1, line 3 Income subject to direct allocation to SC and other states from Schedule F, line 7 Total net income subject to apportionment (subtract line 2 from line 1) Multiply line 3 by appropriate ratio from Schedule H-1, H-2, or H-3 Income subject to direct allocation to SC from Schedule F, line 8 Total SC net income (add line 4 and line 5). Also enter on SC990-T, page 1, line 4 SCHEDULE H-1 COMPUTATION OF SALES RATIO Amount 1. Total sales within South Carolina (see SC1120 instructions) 2. Total sales everywhere (see SC1120 instructions) 3. Sales ratio (line 1 divided by line 2) If there are no sales anywhere: Enter 100% on line 3 if South Carolina is the principal place of business. Enter 0% on line 3 if the principal place of business is outside of South Carolina. SCHEDULE H-2 Ratio % COMPUTATION OF GROSS RECEIPTS RATIO Amount 1. South Carolina gross receipts 2. Amounts allocated to South Carolina on Schedule F 3. South Carolina adjusted gross receipts (subtract line 2 from line 1) 4. Total gross receipts 5. Total amounts allocated on Schedule F 6. Total adjusted gross receipts (subtract line 5 from line 4) 7. Gross receipts ratio (line 3 divided by line 6) SCHEDULE H-3 < > < > % COMPUTATION OF RATIO FOR SECTION 12-6-2310 COMPANIES Amount 1. Total within South Carolina (see SC 1120 instructions) 2. Total everywhere 3. Taxable ratio (line 1 divided by line 2) 33153065 Ratio Ratio % INSTRUCTIONS Filing requirements: In general, every corporation or unincorporated entity operating in South Carolina that is required to file the federal 990-T to report unrelated business income must file the SC990-T. You must attach a copy of your federal 990-T and supporting schedules to your SC990-T. Basis of return: The unrelated business taxable income as shown on the federal 990-T is the basis for South Carolina taxable income plus or minus the modifications required by state law. For information on these state modifications, see the SC1120 instructions, available at dor.sc.gov/forms. When to file: File the SC990-T by the 15th day of the fifth month after the end of the tax year. Request for extension to file: • Need more time to file? Request a filing extension by paying your balance due on our free online tax portal, MyDORWAY at dor.sc.gov/pay. Select Business Income Tax Payment to get started. Your payment automatically submits your filing extension request. No additional form or paperwork is required. • If requesting your extension by mail, use the SC1120-T, Application for Automatic Extension of Time to File Corporate Tax Return, available at dor.sc.gov/forms. • If no tax is due and you requested a federal extension, the federal extension will be accepted as a South Carolina extension if your SC990-T is received within the time as extended by the IRS. • Mark the Extension box on the front of this return if you filed a federal or state extension. • There is no extension of time to pay. Any tax due must be paid by the due date to avoid late penalties and interest. Line 5: After adding the federal net operating loss (NOL) to the federal taxable income in Schedule A, subtract the South Carolina NOL on line 5. The NOL deduction is the South Carolina net operating loss carryover that can be deducted in the current tax year. To be deductible, an NOL must have been incurred in an unrelated trade or business activity. Line 13: Calculate penalty and interest using the Penalty and Interest Calculator, available at dor.sc.gov/calculator. Avoid penalties and interest by filing and paying the tax when it is due. • If an organization fails to file its tax return when due (including any extensions), it will be subject to a failure to file penalty. • If an organization fails to pay tax by the due date, a failure to pay penalty must be added to the tax. • If an organization underpays its Estimated Tax, complete the SC2220, Underpayment of Estimated Tax by Corporations, and attach it to this return. If your organization owes a penalty, show the amount in the space provided. If your organization is due a refund, subtract the penalty amount from the overpayment on line 15. The SC2220 is available at dor.sc.gov/forms. • If an organization fails to pay the tax due, it will be charged interest at the rate provided under IRC Sections 6621 and 6622. Attach a complete copy of your federal return. Have a balance due? Pay online! It's quick and easy! Use our free online tax portal, MyDORWAY, at dor.sc.gov/pay. Select Business Income Tax Payment to get started. If you pay by check, make your check payable to SCDOR and include your name, FEIN, tax year, and SC990-T in the memo. Do not send cash. Mail Balance Due returns to: SCDOR Corporate Taxable PO Box 100151 Columbia, SC 29202 Mail Refund or Zero Tax returns to: SCDOR Corporate Refund PO Box 125 Columbia, SC 29214-0032
Extracted from PDF file 2023-south-carolina-form-sc990t.pdf, last modified June 2023

More about the South Carolina Form SC990T Corporate Income Tax Tax Return TY 2023

We last updated the Exempt Organization Business Income Tax Return in January 2024, so this is the latest version of Form SC990T, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form SC990T directly from TaxFormFinder. You can print other South Carolina tax forms here.


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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 I-309 Nonresident Shareholder or Partner Affidavit and Agreement Income Tax Withholding
Form I-349 Schedule for Business Closure or Organizational Change
Form SC1065 Partnership Return (SC1065)
Form SC8736 Request for Extension of Time to File/Fiduciary and Partnership (SC8736)

Download all SC tax forms 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 SC990T from the Department of Revenue in January 2024.

Show Sources >

Form SC990T is a South Carolina Corporate Income Tax form. Like the Federal Form 1040, states each provide a core tax return form on which most high-level income and tax calculations are performed. While some taxpayers with simple returns can complete their entire tax return on this single form, in most cases various other additional schedules and forms must be completed, depending on the taxpayer's individual situation, to create a complete income tax return package.

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 SC990T

We have a total of thirteen past-year versions of Form SC990T in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2022 Form SC990T

W:\FORMS\TEST\DEVELOPMENT\SC990T_3315\SC990T_3315_02.xft

2021 Form SC990T

W:\FORMS\TEST\DEVELOPMENT\SC990T_3315\SC990T_3315_02.xft

2020 Form SC990T

W:\FORMS\TEST\DEVELOPMENT\SC990T_3315\SC990T_3315_02.xft


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