How is an extension of time to file a composite tax return requested?
A. A composite return allows S-corporations or partnerships to compute and report the South Carolina income and tax attributable to their nonresident shareholders or partners on a single tax return. A form SC1040, “South Carolina Individual Income Tax Return” is used to file a composite return on behalf of fiduciary and individual shareholders and partners. The return is filed using the S-corporation’s or partnership’s name, address, and federal identification number. The composite return is due on or before the fifteenth day of the fourth month following the shareholder’s or partner’s taxable year end, generally April 15th. The composite return may be extended by filing form SC4868, “Request for Extension of Time to File South Carolina Tax Return.” Any tax estimated to be due must be paid with the timely filed extension. A composite return cannot be extended by filing Form SC1120T nor federal Form 7004. Likewise, the extension of the composite return does not extend the South Carolina
