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South Carolina Free Printable  for 2024 South Carolina Partner's Share of South Carolina Income, Deduction, Credits, etc.(SC1065 K-1)

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Partner's Share of South Carolina Income, Deduction, Credits, etc.(SC1065 K-1)
Form SC1065K1

STATE OF SOUTH CAROLINA 1350 DEPARTMENT OF REVENUE PARTNER'S SHARE OF SOUTH CAROLINA INCOME, DEDUCTIONS, CREDITS, ETC. dor.sc.gov For calendar year or tax year beginning SC1065 K-1 (Rev. 9/29/21) 3515 and ending Partner's Identification Number Partnership's FEIN Partner's name, address, and ZIP Partnership's name, address, and ZIP Partnership - Check for Active Trade or Business election If partner is a disregarded entity, name and SSN or FEIN of owner: Check if: Final K-1 Amended K-1 Nonresident Check if partner is exempt from nonresident withholding because the: partner filed an I-309 affidavit with the Partnership A Federal K-1 Amounts Income (Loss) Partner's Share of Current Year Income, Deductions, Credits, etc. Deductions partner is included in a composite return B Plus or Minus SC Adjustments partner is a tax exempt entity C Amounts Not Allocated or Apportioned to SC D Amounts Allocated or Apportioned to SC 1 Ordinary business income (loss).............. 1 1 1 1 2 Net rental real estate income (loss)......... 2 2 2 2 3 Other net rental income (loss)................. 3 3 3 3 4 Guaranteed payments ............................ 4 4 4 4 5 Interest income......................................... 5 5 5 5 6 Dividends................................................. 6 6 6 6 7 Royalties.................................................. 7 7 7 7 8 Net short-term capital gain (loss)............. 8 8 8 8 9 Net long-term capital gain (loss).............. 9 9 9 9 10 Net Section 1231 gain (loss).................... 10 10 10 10 11 Other income (loss).................................. 11 11 11 11 12 Section 179 deduction.............................. 12 12 12 12 13 Other deductions 13 13 13 14 Active Trade or Business Income taxed by the Partnership ............................................................. 14 15 Net taxable income (add line 1 through line 11 then subtract line 12, line 13, and line 14)...................... 15 16 Withholding Tax for nonresident partner (see SC1065 K-1 Instructions) ............................................. 16 13 Credits List applicable South Carolina tax credits. (Attach an additional sheet if needed.) 17 17 18 18 19 Total South Carolina tax credits................................................................................................. 35151018 19 INSTRUCTIONS General purpose: The partnership prepares the SC1065 K-1 to show each partner's share of the entity's income. Each item of income is adjusted as required by South Carolina law and allocated or apportioned to South Carolina or to states other than South Carolina. Checkboxes: • Check the Partnership - Check for Active Trade or Business election box if the partnership is electing to pay tax on active trade or business income at the entity level. This election is made at the partnership level and applies to all partners. • Check the Nonresident box if the partner is not a South Carolina resident. • If the nonresident is not subject to withholding, check the appropriate box to indicate if the nonresident partner filed an I-309 affidavit, is included in a composite return, or is a tax exempt entity. Column A, line 1 through line 13: Enter amounts from the federal Schedule K-1. Column B, line 1 through line 13: Enter the partner's share of South Carolina adjustments to federal taxable income (loss) from SC-K Worksheet, column B. Show additions as a positive number and subtractions in brackets to signify a negative number. Column C, line 1 through line 13: Enter the partner's share of income (loss) or deductions allocated or apportioned to states other than South Carolina. Column D, line 1 through line 13: Enter the partner's share of income (loss) or deductions allocated or apportioned to South Carolina. Line 14: Enter the partner's share of Active Trade or Business Income taxed by the Partnership. Line 15: Add Column D, line 1 through line 11 and subtract the amounts from line 12, line 13, and line 14. Line 16: Partnerships are required to withhold 5% of the South Carolina taxable income of nonresident partners. Partnerships must provide nonresident partners a federal 1099 MISC with South Carolina Only written at the top showing respective amounts of income and tax withheld. Enter the Withholding Tax amount on line 16. Line 17 and line 18: List the partner's share of South Carolina tax credits. Instructions for Partnership: Include all SC1065 K-1s with your SC1065, Partnership Return. Provide a SC1065 K-1 to each partner. Instructions for Partner: If filing a paper return, attach to your Income Tax Return. If filing electronically, keep with your records. Social Security Privacy Act Disclosure It is mandatory that you provide your Social Security Number on this tax form if you are an individual taxpayer. 42 U.S.C. 405(c)(2)(C)(i) permits a state to use an individual's Social Security Number as means of identification in administration of any tax. SC Regulation 117-201 mandates that any person required to make a return to the SCDOR must provide identifying numbers, as prescribed, for securing proper identification. Your Social Security Number is used for identification purposes. The Family Privacy Protection Act Under the Family Privacy Protection Act, the collection of personal information from citizens by the SCDOR is limited to the information necessary for the SCDOR to fulfill its statutory duties. In most instances, once this information is collected by the SCDOR, it is protected by law from public disclosure. In those situations where public disclosure is not prohibited, the Family Privacy Protection Act prevents such information from being used by third parties for commercial solicitation purposes.
Extracted from PDF file 2023-south-carolina-form-sc1065k1.pdf, last modified September 2021

More about the South Carolina Form SC1065K1 Corporate Income Tax Tax Credit TY 2023

We last updated the Partner's Share of South Carolina Income, Deduction, Credits, etc.(SC1065 K-1) in February 2024, so this is the latest version of Form SC1065K1, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form SC1065K1 directly from TaxFormFinder. You can print other South Carolina tax forms here.


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Other South Carolina Corporate Income Tax Forms:

TaxFormFinder has an additional 68 South Carolina income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form WH-1612 Transmittal Form for W2s or 1099s Submitted by CD-ROM or Paper
Form SC8736 Request for Extension of Time to File/Fiduciary and Partnership (SC8736)
Form I-309 Nonresident Shareholder or Partner Affidavit and Agreement Income Tax Withholding
Form I-349 Schedule for Business Closure or Organizational Change
Form SC1065 Partnership Return (SC1065)

Download all SC tax forms View all 69 South Carolina Income Tax Forms


Form Sources:

South Carolina usually releases forms for the current tax year between January and April. We last updated South Carolina Form SC1065K1 from the Department of Revenue in February 2024.

Show Sources >

Form SC1065K1 is a South Carolina Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.

About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of South Carolina Form SC1065K1

We have a total of ten past-year versions of Form SC1065K1 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:



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