TC-20S: Utah S Corporation Return (2024)
Utah · Utah Tax Commission · Used for tax years 2024
Form TC-20S is the 2024 Utah S Corporation Return. It reports shareholder information, Utah business activity, total tax, payments, and any tax due or refund. Schedule A calculates Utah income or loss allocated to pass-through entity taxpayers, pass-through withholding tax, and U
Who files this form
TC-20S is Utah’s S Corporation Return for tax year 2024. The supplied form does not state the full rules for which S corporations must file.
- All S corporations must supply the supplemental information requested on page 2.
- Schedules A, H, J and N are not required if all shareholders are Utah resident individuals.
- Schedule N must be completed by an S corporation with nonresident individual shareholders, business shareholders, or trust or estate shareholders. Business, trust and estate shareholders may be residents or nonresidents.
What you'll need
- Federal return: Attach federal Form 1120S, pages 1 through 5, plus Schedule M-3 and/or Form 1125-A if applicable.
- Corporation information: Have the corporation’s name, address, EIN, Utah incorporation or qualification number, and telephone number.
- First S corporation return: Have the IRS approval letter available to enter the effective date.
- Shareholder information: Gather names, addresses, SSNs or EINs, ownership percentages, and income, deduction and credit information for the applicable shareholder schedules.
- Prepayment records: For Schedule E, gather payment dates, amounts and check numbers if paid by check, plus any prior-year overpayment applied.
- Subsidiary information: For Schedule M, gather each applicable qualified subchapter S subsidiary’s EIN, Utah incorporation or qualification number, name and acquisition date.
- Federal examination information: Page 2 requests information about completed and pending federal examinations and agreed extensions for proposing additional federal tax assessments.
How to file
The supplied text does not give an e-file method or a mailing address for the TC-20S return itself. It requires an officer’s signature, date and title, and directs you to attach the specified federal return pages and applicable schedules.
Separate mailing for unreported federal examination adjustments: Send a summary and supporting schedules for all federal adjustments and the federal tax liability for each year whose adjustments have not been reported to the Tax Commission. Include the date of final determination. Send this information 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 filing address for the TC-20S return.
Common mistakes
- Including excluded amounts on Schedule E: Do not include pass-through withholding or refundable credits on this schedule.
- Treating an extension as extra time to pay withholding: Schedule A states that pass-through withholding tax must be paid by the return’s due date, without extensions.
- Leaving Schedule H incomplete: The form warns that failure to complete it may result in disallowance of nonbusiness income.
- Using federal schedules instead of Schedule M: Federal schedules may not be substituted. List only qualified subchapter S subsidiaries incorporated, qualified or doing business in Utah. Corporations required to file in Utah but omitted from Schedule M will not be considered to have met the Utah filing requirement.
- Not fully reporting federal examination adjustments: The form notes that this extends the statute of limitations for tax assessment under Utah Code §59-7-519.
Questions people ask
Do I need every schedule if all shareholders are Utah resident individuals?
No. Schedules A, H, J and N are not required in that case. If Schedule A is not required, enter zero on TC-20S lines 5 and 6.
Can an overpayment be applied to the next taxable year?
Yes. Enter the amount to apply on line 11. Line 12 shows the refund, calculated by subtracting line 11 from the overpayment on line 10.
When should Schedule J be used?
The form says to use Schedule J only if the entity does business in Utah and at least one other state and income must be apportioned to Utah.
How is a withholding waiver marked on Schedule N?
If shareholders will pay the Utah tax on their own returns, enter “1” to claim a waiver for all shareholders or “2” for some shareholders. For each shareholder covered by the waiver, enter “X” in column B and “0” in column F. The form refers to Schedule N instructions for liability responsibilities, but those instructions were not supplied.