South Carolina Form SC-1040 Line by Line Guide
Did you know 9 states do not require residents to pay a personal income tax? Folks that live in Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming, are exempt from this bill. Furthermore, 7 other states simply enforce a flat tax rate. So what's the moral to the story? People who live in these states are able to buy more stuff because they pay less tax.
But for the rest of us, residential income tax is a necessary evil, one that takes a serious bite out of our disposable income. And while the forms are designed to collect the same data, they're all constructed differently. What follows is a breakdown of Form SC1040, the South Carolina Individual Income Tax Return. If you don't live in South Carolina, not to worry, we'll be tackling the other 34 states soon enough.
At 34 Lines and a measly 3 pages, the South Carolina SC1040 is a dream to work through. It offers a free state e-file and allows you to pay electronically. Unfortunately, it forces you mail in your return to different locations based on its outcome. Still, this form is built to make life as easy as possible on residents. So we're giving it a solid 7 of 10 on our user-friendly meter, really the South Carolina Department of Revenue has created a fine form.
Begin by filling your name, address, and Social Security number at the top of the form. Then put a check in the box next to any of the bold-faced lines that apply to you. Now you can knock off your filing status and federal exemptions. Finish off page one by recording all your dependents, just be sure to include their Social Security numbers and dates of birth.
Record your federal taxable income on Line 1. Yep, you'll want to have already worked through your Federal 1040, 1040A, or 1040EZ before you start your state form. The next few lines deal with state specific additions to your taxable income. Just add Lines a through e on Line 2, before adding Line 2 to Line 1 on Line 3. Incidentally, this is your total income with all additions.
If you had to add income too, you're also allowed to make subtractions to your income. If any of the next 20 lines apply, record the amounts in the appropriate place before adding Lines f through u on Line 4. Now you can subtract Line 4 from Line 3 to get your total South Carolina income that's subject to tax.
Look up your income in the tax table (via the instruction booklet) and enter your tax on Line 6. If you've incurred any other tax, work through Lines 7 through 9 before adding up all your tax on Line 10. Lines 11 through 13 are slotted for credits; just be sure to fill in any amounts that apply. Add them up before subtracting Line 14 from Line 10 on Line 15.
On Line 16 enter your withholdings, on Line 17 any estimated tax payments, and if you filed an extension, enter the amount you paid on Line 18. Lines 19 through 22 are for a bunch of other credits; just enter any that apply. Now add Lines 16 through 22 on Line 23 to get your total payments and credits.
If Line 23 is larger than Line 15, enter the difference of your overpayment on Line 24. But if Line 15 is larger, enter the difference of your remaining tax liability on Line 25. If you've bought stuff out of state and didn't pay tax on it, enter your use tax on Line 26.
If you want a portion of Line 24 to be applied to next year, enter it on line 27. If you want to donate to a number of fine charities, attach an I-330 and enter the amount on Line 28. Now add Lines 26 through 28 on Line 29. Because you're adding things like a use tax, estimated tax payments, and donations to the amount of your over- or under-payment, you'll have to refigure your refund or balance on Lines 30 through 34. Once you get that straight you're pretty much done.
All that's left is for you to sign and date your return. If you had a tax guy or gal help you, he or she will do the same. South Carolina is a cool state in that it gives you a free e-file and allows you to pay electronically. But it doesn't provide for a space to directly deposit your refund and it makes you send it to a different location based on its outcome. The moral to the story is, if you're filing taxes in South Carolina, try to e-file.
For refunds mail your return to:
SC 1040 Processing Center
P.O. Box 101100
Columbia SC 29211-0100
For payments mail your return to:
Taxable Processing Center
P.O. Box 101105
Columbia SC 29211-0105
