Fillable Form Sc1041 - Fiduciary Income Tax Return

Form Sc1041 - Fiduciary Income Tax Return - 2014 Page 10

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Any fiduciary required to file a declaration of estimated tax must estimate and pay at least 90% of the final actual tax liability or the

fiduciary can pay an amount equal to 100% of the tax from the prior year's return (if the return covered all twelve months of the year).

Certain estates and trusts cannot base their declaration of estimated tax on 100% of their prior year's tax liability. Estates and trusts with

an adjusted gross income of more than $150,000 as shown on the return for the preceding tax year must pay 110% of their prior year's

tax liability. To compute adjusted gross income use federal guidelines and make South Carolina adjustments. Failure to meet the estimate

requirements may subject the fiduciary to an underpayment penalty. Underpayment of estimate penalty is calculated on SC2210 which is

available on our website

Social Security Privacy Act Disclosure

It is mandatory that you provide your social security number on this tax form if you are an individual. 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 SC Department of Revenue shall 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 Department of Revenue is limited to

the information necessary for the Department to fulfill its statutory duties. In most instances, once this information is collected by the

Department, 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 Sc1041 - Fiduciary Income Tax Return - 2014 Page 10

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