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South Carolina Free Printable SC1041K1_3516.pdf for 2024 South Carolina Beneficiary's Share of South Carolina Income, Deductions, Credits, etc.

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Beneficiary's Share of South Carolina Income, Deductions, Credits, etc.
SC1041K1_3516.pdf

1350 STATE OF SOUTH CAROLINA DEPARTMENT OF REVENUE BENEFICIARY'S SHARE OF SOUTH CAROLINA INCOME, DEDUCTIONS, CREDITS, ETC. dor.sc.gov For calendar year or tax year beginning SC1041 K-1 (Rev. 8/2/23) 3516 and ending Beneficiary's identifying number Estate or trust's FEIN Beneficiary's name, address, and ZIP Estate or trust's name, fiduciary's name, address, and ZIP Check if applicable: Final K-1 Amended K-1 Nonresident Check if the beneficiary is exempt from nonresident withholding because they filed an I-41 affidavit with the trust or estate A Federal K-1 Amounts Deductions Income (Loss) Beneficiary's Share of Current Year Income, Deductions, Credits, etc. B Plus or Minus SC Adjustments C Amounts Not Allocated or Apportioned to SC D Amounts Allocated or Apportioned to SC 1 Interest income........................................ 1 1 1 1 2 Dividends................................................. 2 2 2 2 3 Net short-term capital gain....................... 3 3 3 3 4 Net long-term capital gain........................ 4 4 4 4 5 Other portfolio and nonbusiness income 5 5 5 5 6 Ordinary business income....................... 6 6 6 6 7 Net rental real estate income................... 7 7 7 7 8 Other rental income................................. 8 8 8 8 9 Directly apportioned deductions .............. 9 9 9 9 10 Estate Tax deduction................................ 10 10 10 10 11 Final year deductions............................... 11 11 11 11 12 Withholding Tax for nonresident beneficiary (See SC1041 K-1 Instructions)................................................. 12 Credits List applicable South Carolina tax credits. (Attach an additional sheet if needed.) 13 13 14 14 15 15 16 16 17 Total South Carolina tax credits ..................................................................................................................... 17 35161017 INSTRUCTIONS General purpose: The estate or trust prepares the SC1041 K-1 to show each beneficiary'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. Column A, line 1 through line 11: Enter amounts from the federal Schedule K-1. Column B, line 1 through line 11: Enter the beneficiary's share of South Carolina adjustments to federal taxable income (loss). Show additions as a positive number and subtractions in brackets as a negative number. For more information, see the SC1041 instructions, available at dor.sc.gov/forms. Column C, line 1 through line 11: Enter the beneficiary's share of income (loss) or deductions allocated or apportioned to states other than South Carolina. See the SC1041 instructions, available at dor.sc.gov/forms. Column D, line 1 through line 11: Enter the beneficiary's share of income (loss) or deductions allocated or apportioned to South Carolina. Line 12: Estates or trusts are required to withhold on the South Carolina taxable income of nonresident beneficiaries. The withholding is computed at South Carolina's top marginal Individual Income Tax rate for the tax year. Prepare an SC41, Fiduciary Report of Nonresident Beneficiary Tax Withheld, for each nonresident beneficiary with an amount withheld. The SC41 is located in the SC1041 instructions. The SC1041 is available at dor.sc.gov/forms. Enter the Withholding Tax amount for each nonresident beneficiary on line 12 of their SC1041 K-1. Provide a copy of the SC41 and the SC1041 K-1 to each nonresident beneficiary so they may attach them to their South Carolina Income Tax returns. Line 13 through line 16: List the beneficiary's share of South Carolina credits. Instructions for Estate or Trust: Include all SC1041 K-1s with your SC1041 Fiduciary Income Tax Return. Provide an SC1041 K-1 to each beneficiary. Instructions for Beneficiary: 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-sc1041-k1.pdf, last modified August 2023

More about the South Carolina Form SC1041-K1 Corporate Income Tax TY 2023

We last updated the Beneficiary's Share of South Carolina Income, Deductions, Credits, etc. in January 2024, so this is the latest version of Form SC1041-K1, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form SC1041-K1 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 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)
Form SC8736 Request for Extension of Time to File/Fiduciary and Partnership (SC8736)

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 SC1041-K1 from the Department of Revenue in January 2024.

Show Sources >

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 SC1041-K1

We have a total of twelve past-year versions of Form SC1041-K1 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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