TC-20MC: Tax Return for Miscellaneous Corporations (2024)
Utah · Utah Tax Commission · Used for tax years 2024
Form TC-20MC is Utah’s 2024 tax return for miscellaneous corporations. It reports tax calculated on Schedule A, Utah use tax, deferred foreign income installments, refundable credits and prepayments to determine the amount due or refund.
Who files this form
The 2024 TC-20MC lists these return types:
- Regulated investment company.
- Real estate investment trust (REIT).
- Homeowners association. Schedule A covers associations with IRC Section 528 income.
- Unrelated business income. Schedule A covers unincorporated exempt organizations and exempt corporations with this income.
- One-day target corporation with an IRC Section 338 election.
- Other.
The form does not provide detailed filing requirements for these categories. Page 2 requests supplemental information from all miscellaneous corporations.
What you'll need
Have the corporation’s name, address, Employer Identification Number (EIN), Utah Incorporation/Qualification Number and tax-year information ready.
Attach the federal return required for your Schedule A category:
- Regulated investment company: federal Form 1120-RIC.
- REIT: federal Form 1120-REIT.
- Homeowners association: federal Form 1120-H.
- Exempt organization or corporation with unrelated business income: federal Form 990-T.
- One-day target corporation: the federal return and IRS Form 8023.
Other supporting items, when applicable, include:
- Schedule B for refundable credits and Schedule E for prepayments.
- Prepayment dates, amounts and check numbers if paid by check.
- Documentation for Utah losses carried forward in Schedule A, Part 2 or Part 5.
- Documentation for quarterly estimated prepayment exceptions marked on line 16.
- Federal examination dates and information requested on page 2.
How to file
Enter the tax period and corporation information, then mark the return type on line 1. Calculate tax in the applicable part of Schedule A and transfer it to line 2. Complete the remaining tax, credit, prepayment and balance lines, and attach the required schedules and federal return. An officer must sign and date the return and provide their title.
The supplied form does not state how to mail or electronically file the tax return itself.
It does give a separate mailing direction for federal examination adjustments not yet reported to the Tax Commission. Send a summary, supporting schedules, the federal tax liability for each affected year and the date of final determination under separate cover 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 federal adjustment information, not as a tax-return filing address.
Common mistakes
- Using Schedule J when it does not apply. Its note says to use it only if the entity does business in Utah and at least one other state and income must be apportioned to Utah.
- Leaving federal examination adjustments unreported. Page 2 warns that Utah Code §59-7-519 extends the tax-assessment statute of limitations if these adjustments are not fully reported.
- Omitting required attachments. The form calls for the applicable federal return, Schedule B for refundable credits, Schedule E for prepayments and documentation for claimed quarterly estimated prepayment exceptions.
Questions people ask
What tax rate is printed on the 2024 form?
Each of the five parts of Schedule A uses 4.55% to calculate tax or initial tax on the taxable income or gain shown there. The calculated amount cannot be less than zero.
Does every Schedule A category have a minimum tax?
Parts 1, 2 and 5, for regulated investment companies, REITs and one-day target corporations, show a $100 minimum tax. These parts require the greater of initial tax or minimum tax. Parts 3 and 4 do not show a minimum tax.
Can an overpayment be applied to the next taxable year?
Yes. Enter the amount of line 13’s overpayment to apply to the next taxable year on line 14. Subtract line 14 from line 13 to calculate the refund on line 15.
Where do I report prepayments?
Use Schedule E for an overpayment applied from the prior year, an extension prepayment and other prepayments. Enter the total from Schedule E, line 4, on TC-20MC, line 7, and attach Schedule E.