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Form 4421 for South Carolina: What You Should Know

Form 4421 The Income Tax Returns Form 4421 Declaration Executors Commissioners & Taxable Income Form 4421 Form of Schedule A — South Carolina (South Carolina Form 4 or 4A is required if the trust instrument or the trust income will be paid to more than one owner.) Form 4422 — Income Tax Return (Form 4570, if applicable) Form 4421 and 4422 — Statement Of Annual Income The following are examples of the format for Form 4421 and Form 4422, for South Carolina income tax return. South Carolina has separate tax returns due for each year in which there is trust income. For example, if a trust is created, but there is no money received from the trust, the annual tax returns must show the trust income from each year. The following table shows the format for the first-year returns (2014, 2015, 2016, and 2017). Year 1 : 2022 Return of Trust Income South Carolina's income for the year was 100,000. If the trust income for the year (the trust must have at least 100,000) is higher than the taxable income, then the trust income will be added to the trust for tax purposes and then reported on the trust's tax return. Year 2 : 2022 Trust Income In addition to the taxable income for the year, the trust reported 100,000 of trust income that year. If the trust income for the year is lower than the taxable income, then the trust income will be subtracted from the trust for tax purposes. Therefore, the return for each year that the trust income exists must show the taxable income. Note : The Trust Income, if reported on the return, must be separated out from the trust and reported on a separate W-2. Therefore, the amounts shown on the W-2s should not be considered the amounts of trust income that should be reported on the return. Year 3 : 2022 Income of the Trust (Trust Income + Trust Expenses) The trust reported that it had 500,000 of trust income in the year for the purpose of tax reporting. However, the trust expenses have not yet been shown on the return. The trust income will be subtracted from the taxable income to show the trust income on the return.

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