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South Carolina Free Printable SC1120SK1_3517.pdf for 2024 South Carolina South Carolina Shareholder Share of SC Income, Deductions, Credits, Etc (Form K-1)

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South Carolina Shareholder Share of SC Income, Deductions, Credits, Etc (Form K-1)
SC1120SK1_3517.pdf

1350 SC1120S K-1 STATE OF SOUTH CAROLINA DEPARTMENT OF REVENUE dor.sc.gov For calendar year SHAREHOLDER'S SHARE OF SOUTH CAROLINA INCOME, DEDUCTIONS, CREDITS, ETC. or tax year beginning (Rev. 9/29/21) 3517 and ending Shareholder's identifying number S Corporation's FEIN Shareholder's name, address, and ZIP S Corporation's name, address, and ZIP S Corporation - Check for Active Trade or Business election Shareholder's percentage of stock ownership for tax year...................................................................... Check if applicable: (1) Final K-1 (2) Amended K-1 (3) Nonresident % Check if the shareholder is exempt from nonresident withholding because the: shareholder filed an I-309 affidavit with the S Corporation Income (Loss) B Plus or Minus SC Adjustments A Federal K-1 Amounts Shareholder's Pro Rata Share of Current Year Income, Deductions, Credits, etc. Deductions shareholder is included in a composite return 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 Interest income.................................. 4 4 4 4 5 Dividends........................................... 5 5 5 5 6 Royalties............................................ 6 6 6 6 7 Net short-term capital gain (loss)....... 7 7 7 7 8 Net long-term capital gain (loss)........ 8 8 8 8 9 Net Section 1231 gain (loss)............. 9 9 9 9 10 Other income (loss)........................... 10 10 10 10 11 Section 179 deduction....................... 11 11 11 11 12 Other deductions 12 12 12 13 12 Active trade or business income taxed by the S Corporation ................................................................... 13 14 Net taxable income (add line 1 through line 10, then subtract line 11, line 12, and line 13) ..................... 14 15 15 Withholding Tax for nonresident shareholder (see SC1120S K-1 instructions) ........................................ Credits List applicable South Carolina tax credits. (Attach an additional sheet if needed.) 16 16 17 17 18 Total South Carolina tax credits ................................................................................................................. 18 35171016 INSTRUCTIONS General purpose: The S Corporation prepares the SC1120S K-1 to show each shareholder's pro rata share of the entity's income. Each shareholder's pro rata income is then allocated or apportioned to South Carolina or states other than South Carolina. Checkboxes: • Check the box for S Corporation - Check for Active Trade or Business election if the S Corporation is electing to pay tax on active trade or business income at the entity level. This election is made at the S Corporation level and applies to all shareholders. • Check the Nonresident box if the shareholder is not a South Carolina resident. • If the nonresident is not subject to withholding, check the appropriate box to indicate if the nonresident shareholder filed an I-309 affidavit or is included in a composite return. Column A, line 1 through line 12: Enter amounts from the federal Schedule K-1. Column B, line 1 through line 12: Enter the shareholder's pro rata share of South Carolina adjustments to federal taxable income (loss) from SC-K Worksheet, column C. Show additions as a positive number and subtractions in brackets as a negative number. Column C, line 1 through line 12: Enter the shareholder's pro rata share of income (loss) or deductions allocated or apportioned to states other than South Carolina from SC-K Worksheet, column E. Column D, line 1 through line 12: Enter the shareholder's pro rata share of income (loss) or deductions allocated or apportioned to South Carolina from SC-K Worksheet, column F. Line 13: Enter the shareholder's pro rata share of active trade or business income taxed by the S Corporation. Line 14: Add Column D, line 1 through line 10 and subtract the amounts from line 11, line 12, and line 13. Line 15: S Corporations are required to withhold 5% of the South Carolina taxable income of nonresident shareholders. S Corporations must provide nonresident shareholders 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 15. Line 16 and line 17: List the shareholder's pro rata share of South Carolina credits. Instructions for S Corporation: Include SC1120S K-1s with your SC1120S Income Tax Return. Provide an SC1120S K-1 to each shareholder. Instructions for Shareholder: 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. 35172014
Extracted from PDF file 2023-south-carolina-form-sc1120s-k1.pdf, last modified October 2021

More about the South Carolina Form SC1120S K1 Corporate Income Tax TY 2023

We last updated the South Carolina Shareholder Share of SC Income, Deductions, Credits, Etc (Form K-1) in February 2024, so this is the latest version of Form SC1120S K1, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form SC1120S 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 SC1120S K1 from the Department of Revenue in February 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 SC1120S K1

We have a total of eleven past-year versions of Form SC1120S K1 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2023 Form SC1120S K1

SC1120SK1_3517.pdf

2022 Form SC1120S K1

SC1120SK1_3517.pdf

2021 Form SC1120S K1

SC1120SK1_3517.pdf


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