TC-20: Corporation Franchise and Income Tax Return (2024)
Utah · Utah Tax Commission · Used for tax years 2024
Form TC-20 is the 2024 Utah Corporation Franchise and Income Tax Return. It reports a corporation’s Utah taxable income, tax, refundable credits and prepayments, and any amount due or refund.
What you'll need
Have these records ready to complete the return:
- Corporation name, address, EIN, Utah incorporation or qualification number, and incorporation details.
- Federal Form 1120 figures, including line 28 income or loss and line 19 charitable contributions.
- Prepayment records showing amounts, dates, and check numbers if paid by check, plus any prior-year overpayment applied to this year.
- Ownership information requested on page 2, including details of corporations in which your corporation owned more than 50% of the voting stock and any corporation owning more than 50% of yours.
Attach these items when applicable:
- Documentation for a Utah net loss carryforward claimed on Schedule A, line 16.
- Documentation for quarterly estimated prepayments marked as meeting an exception on line 15.
- A schedule for Utah contributions carried forward on Schedule D, line 4.
- A schedule for expense reductions for other federal credits on Schedule C, line 4d.
How to file
The supplied form does not give a mailing address or e-file instructions for filing the TC-20 return itself.
It does direct you to send certain federal examination information under separate cover. For federal examination adjustments not yet reported to the Tax Commission, send a summary, supporting schedules, the federal tax liability for each year, and the date of final determination to:
Business Taxes and Discovery Division
Utah State Tax Commission
210 North 1950 West
Salt Lake City, UT 84134-2000
This address is printed for reporting federal adjustments, not as a return-filing address.
Common mistakes
- Leaving Schedule H incomplete. The form warns that failure to complete it may result in disallowance of nonbusiness income.
- Substituting federal schedules for Schedule M. The printed instructions prohibit this because federal schedules may include corporations excluded from Utah reporting.
- Omitting required corporations from Schedule M. Corporations required to file in Utah but not listed will not be considered to have met the Utah filing requirement. List only corporations incorporated, qualified, or doing business in Utah.
- Not fully reporting federal examination adjustments. The form notes that Utah Code §59-7-519 extends the time limit for tax assessment when these adjustments are not fully reported.
Questions people ask
What tax rate is printed on the 2024 form?
Schedule A, line 18a, multiplies net Utah taxable income or loss by 4.55%, with a result no lower than zero. Line 18 uses the greater of that amount or the minimum tax on line 18b. The minimum is $100 or the amount calculated on Schedule M.
Can I apply an overpayment to next year?
Yes. Enter the amount of your line 12 overpayment that you want applied to the next taxable year on line 13. Line 14 calculates the refund by subtracting line 13 from line 12.
When should I use Schedule J?
The schedule says to use it only if the entity does business in Utah and one or more other states and income must be apportioned to Utah.
Is there a limit on the Utah net loss carryforward deduction?
Schedule A, line 16, says the deduction may not exceed 80% of line 15. You must attach documentation.