Form Sc1040es - South Carolina Individual Declaration Of Estimated Tax

STATE OF SOUTH CAROLINA

INDIVIDUAL DECLARATION OF ESTIMATED TAX

INSTRUCTION AND WORKSHEET

The enclosed declaration payment-vouchers are provided to file and pay your declaration of estimated tax. Quarterly billings will not be made. The payment-voucher must

be attached to your payment for proper posting of the amount paid.

A WHO MUST FILE A DECLARATION: Every individual must file a declaration of estimated tax for 2012 if the expected total amount of tax owed when the income tax

return is filed will be $100.00 or more. Exceptions for filing a declaration are:

(1) Farmers and Commercial Fishermen whose gross income from farming or fishing for 2011 or 2012 is at least two-thirds (66.67%) of the total gross income from all

sources. These taxpayers may choose to pay all their estimated tax by January 15, 2013 or to file their 2012 SC1040 and pay the total tax due by March 1, 2013

instead of making four quarterly installments.

(2) Any Individual whose prior year tax liability was zero (0) for a full 12 months.

(3) Any nonresident taxpayer doing business in South Carolina on a contract basis when the contract exceeds ten thousand dollars ($10,000) and the tax is withheld at the

rate of two (2%) percent from each contract payment.

NOTE: You may be able to avoid making estimated tax payments by asking your employer to withhold more state tax from your earnings, if applicable. To increase

your state withholding, file a new withholding exemption certificate W-4 with your employer. Retirees may make changes to their withholding through their

pension provider.

B WHEN TO FILE YOUR ESTIMATED TAX: An individual taxpayer on the calendar year period will generally file a declaration of estimated tax voucher on April 17,

2012, June 15, 2012, September 17, 2012 and January 15, 2013. (FOUR EQUAL AMOUNTS)

(1) Other declaration filing dates if not required to file on April 17.

If the requirement is met after:

Filing date is:

April 1 and before June 1

June 15, 2012

June 1 and before September 1

September 17, 2012

September 1

January 15, 2013

(2) Fiscal Year taxpayers must file their declaration of estimated tax vouchers on the 15th day of the 4th, 6th, and 9th months of the fiscal year and the first month of the

following fiscal year.

C PAYMENT OF ESTIMATED TAX: Pay your estimated tax in four equal amounts on the required filing dates attached to the corresponding voucher; however, you may pay

all of your estimated tax on April 17, when the first installment is due. Instead of making your last payment of estimated tax on January 15 (Voucher Number 4), you may file

your completed income tax return by February 1 and pay in full the balance of all income tax owed. Any overpayment of estimated tax claimed on your individual income

tax return may be either refunded or credited to the next year. NOTE: A taxpayer owing fifteen thousand dollars or more in connection with any return to be filed with the

department must pay electronically per SC Code of Laws Section 12-54-250(A)(1). You can pay your SC1040ES vouchers electronically at Click on DOR

ePay and pay with VISA or MasterCard or by Electronic Funds Withdrawal (EFW).

D JOINT VS. SINGLE DECLARATION: If you file a joint declaration, you must file a joint return.

NOTE: If you file a joint SC1040ES and file separate individual income tax returns you may experience delays in processing.

E DECLARATION ADJUSTMENT: If you find that the estimated tax is substantially increased or decreased as a result of (1) a change in income, (2) a change in

exemptions or (3) a change in the income tax withholding, the adjusted declaration should be filed on or before the next filing date. A special form for adjusting your

declaration will not be needed. Therefore you must use the regular declaration voucher for the filing period.

F PENALTY FOR FAILURE TO FILE AND PAY ESTIMATED TAX: You may be charged a penalty for not paying enough estimated tax, or for not making the

payments on time in the required amount. The penalty does not apply if each required payment is timely and the total tax paid is at least 90% of the total tax due. No

penalty will be due for underpayments attributable to personal service income earned in another state on which income tax withholding due to the other state was

withheld. Most taxpayers filing a declaration may also avoid penalty by paying 100% of the tax shown to be due on the return filed for the preceding taxable

year. You must have filed a South Carolina return for the preceding tax year and it must have been for a full 12-month year. However, the 100% rule is modified to be

110% of last year's tax liability for an individual with an adjusted gross income of more than $150,000 as shown on the return for the preceding tax year. (To compute

adjusted gross income use federal guidelines and make South Carolina adjustments.) Use SC2210 to compute the penalty.

G HOW TO USE THE PAYMENT VOUCHER:

(1) TYPE OR PRINT your name, address and Social Security number in the space provided.

(2) Enter the amount shown on line 11 of the worksheet on the Amount of Payment line. If no payment amount is due, no SC1040ES needs to be filed.

(3) Tear off at the perforation.

(4) Attach your check or money order, made payable to the South Carolina Department of Revenue, to the payment voucher.

Mail the payment voucher and remittance to the SC Department of Revenue, Estimated Tax, Columbia, SC 29214-0005.

VERY IMPORTANT -- Fill in the Record of Estimated Tax Payments so you will have a record of all payments made. The Department will not mail you a statement

showing the amount of estimated tax paid during the year.

Darken or X the circle in the composite filer box if this payment will be claimed on a composite return filed for nonresident partners/shareholders of a

partnership/corporation.

detach here

SC1040ES

1350

SC DEPARTMENT OF REVENUE

(Rev. 8/29/11)

2012

3080

INDIVIDUAL DECLARATION OF ESTIMATED TAX

Your Social Security Number

Spouse's Social Security Number (if joint)

Composite Filer