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Form 1099-OID for South Carolina: What You Should Know
South Carolina 1099 State — Department of Revenue The 1099-OID form is an electronic filing option for all income tax returns and is a legal replacement for the US 1099-MISC. It allows you to easily file South Carolina tax return electronically with your state tax agency. The 1099-OID is an electronic filing option that replaces the paper US 1099-MISC form. You can file electronically (preferred), by CD-ROM, or by paper form when filing fewer tabloids. Do not submit 1099s with zero South Carolina income tax withheld on them. South Carolina (SC) 1099/WH-1606 Filing A Statement or Form, which must be filed with the tax return, must state the total income tax paid or withheld, and the filing of income taxes with the state; as well as the amount of any return refund, credit, refundable tax credit, tax deduction, or other amount of interest due in accordance with Article III, Section 7 of the South Carolina Constitution. Any of the 1099-D forms provided by the state for filing income tax returns are tax-exempt. The 1099-OID, original issue discount form, and form 1099-MISC, the tax form, are also exempt from disclosure, except by court order of an agency for the regulation of tax returns. Only the 1099-OID and the original 1099-OID, original issue discount form should be filed with the tax return. Note: “An individual shall withhold taxes for the state and county as provided under South Carolina law. If the individual fails to withhold the required amount by the time payments have been made, the individual shall be penalized by the state of up to five percent per 1099-OID, original issue discount form. A taxpayer who fails to file is subject to the same penalty.” SC Department of Revenue — Sales Tax 1099 — State Filing Use the Sales Tax 1040-A and/or 1040-C form as your tax return filing option. The Sales Tax 1099 is generally the preferred return option when filing the tax return. Your tax return will be processed correctly if it is filed under either the Sales Tax 1040-A or Sales Tax 1040-C. The Sales Tax 1040-A is required by law to be filed by the due date.
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