Fillable Form Sc1041 - Fiduciary Income Tax Return

Line 18 - Late Filing and/or Late Payment Penalties and Interest: If you have calculated failure to file/pay penalties and interest, enter in

the appropriate blanks and put the total of both on line 18.

Line 19 - Underpayment Of Estimated Tax: If the fiduciary underpaid it's estimated tax, complete SC2210 and attach it to the return. If the

fiduciary owes a penalty, show the amount in the space provided. If the fiduciary is due a refund subtract the penalty amount from the

overpayment shown on line 19. If the fiduciary owes tax, add the penalty to the tax due and show the total on line 20. SC2210 is available on

our website

Line 20 - Balance Due: Subtract line 16 from line 13, add line 18 and/or 19, if applicable, and enter the total on line 20.

Line 21 - To apply any or all of the refund toward next year's estimated tax, enter the amount on line 21.

Line 22 - Net Refund: If you have an amount on line 21, subtract line 21 from line 17 and enter the "Net Refund" on line 22; otherwise, enter

the amount from line 17.

Signature: The fiduciary of the estate or trust must sign the fiduciary tax return. Check the "yes" box for release of confidential information.

This authorizes the Director of the Department of Revenue or delegate to discuss this return, its attachments and any notices, adjustments or

assessments with the preparer whose name is provided.

ATTACH COPY OF THE FEDERAL RETURN

A copy of the federal income tax return as filed with the Internal Revenue Service (including all schedules) must be attached to the South

Carolina fiduciary return. Failure to attach a copy of the federal return will cause a delay in the processing of the South Carolina fiduciary

return.

PART I - SOUTH CAROLINA FIDUCIARY ADJUSTMENT

Part I is provided for the computation of South Carolina fiduciary adjustment. The South Carolina fiduciary adjustment is the net amount of all

the modifications permitted or required under the South Carolina Income Tax Act of 1976, as amended, of the items of federal income and

deductions that enter into the federal distributable net income of the estate or trust.

MODIFICATIONS THAT INCREASE FEDERAL TAXABLE INCOME

Line 1a - State and Local Interest: Enter on line 1a any state or municipal bond interest of states and political subdivisions, other than

South Carolina.

Line 1b - State or Local Taxes Measured by Income: Enter on line 1b the total of any taxes measured by income or fees or payments in

lieu of income taxes that were deducted on the federal fiduciary return.

Line 1c - Federal Net Operating Loss Carryover: Enter on line 1c the amount of any federal net operating loss (NOL) that you used in

computing the federal taxable income reported on line 1, page 1 if you have South Carolina NOL. South Carolina recognizes federal NOL

rules. No carrybacks are allowed.

Line 1d - Out of State Losses: Enter on line 1d out-of-state losses from business, trade, or profession claimed on the federal fiduciary

return.

Line 1e - Other Additions to Income: Enter on line 1e any other additions required. Such additions to income include the following: federal

estate tax deductions on income in respect of decedent; carryover of capital losses prior to January 1, 1985; any expense deducted on the

federal fiduciary return related to any income exempt or not taxable by South Carolina; South Carolina tax exempt income allocable to

charitable distributions. Nonresident sellers of South Carolina real property and associated tangible personal property that elect out of

installment sales treatment for state income tax purposes pursuant to Section 12-8-580 will have an addition to federal taxable income in the

year of sale so as to include the entire gain in South Carolina taxable income. Attach an explanation of the adjustments.

Line 1f - Total Additions: Add lines 1a, 1b, 1c, 1d and 1e. Enter total on line 1f.

MODIFICATIONS THAT DECREASE FEDERAL TAXABLE INCOME

Line 2a - Interest on US Government Obligations: Enter interest income received from obligations of the United States or its possessions

to the extent that it is included in line 1, page 1.

Line 2b - State Income Tax Refunds: Enter the amount of any state income tax refunds or any other income tax refunds to the extent

included in line 1, page 1.

Line 2c - South Carolina Net Operating Loss (Attach Schedule): Enter the amount of South Carolina net operating loss carryover to

which the estate or trust is entitled. For losses occurring after December 31, 1984, compute the loss using the federal method.

Line 2d - Active Trade or Business Income deduction: Enter the amount from I-335, line 5.

Form Sc1041 - Fiduciary Income Tax Return - 2014 Page 7

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