Form 1041-A for South Carolina 2018-2025

Form 1041-A for South Carolina: What You Should Know

Or 7.3%. The South Carolina Trustee must file form SC1041 at the South Carolina Taxpayer Assistance Center with a self-service fee of 40, unless the trust has an exemption from the State of South Carolina. Use Form SC1041 Schedule 1 and attach Schedule A. —. 9,000. —. 8,300. 15,240.00 × .07 or 7%. 1,066.80 —. 33,680 less. (15,240 – 7,000), or 7.28%. 727.80 rounded to 1,079.20, or 7.3%. Note: If the trust's annual income exceeds 1,000,000.00, the Trustee must file an amended Form 8332 and attach the amended Schedule A. NOTE: The 16,400 limit on an individual's South Carolina dividends may be adjusted up to 100,000, or 35,400, as long as the trust has income from at least 10 sources other than South Carolina. This amount will be deducted and reduced before applying the limit under section 83(a)(8) on the first 15,000 of taxable income. Example of calculation: South Carolina dividends that exceed 17,100 are taxed to the non-resident beneficiary. 17,100.00 × .07 or 1.2%. 17,100.00 rounded to .00, or —. 0.00. Note: If a trust's annual income exceeds 2,000,000.00, a Form SC2081 form must be filed. For Form SC2061, South Carolina tax information return for trusts, go to South Carolina Department of Revenue website for form SC2061. Note: South Carolina has no income tax on income from a business that is not a corporation or partnership. South Carolina is not a State of South Carolina. A taxpayer in South Carolina must make and keep proper books and records of the trust's transactions for 5 years from the date the trust was created. There is no minimum record keeping period for small trusts or estates. Any trust created, organized, or continued in this State must file a South Carolina tax return and a South Carolina return.

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