Sc1065 K 1 Form PDF Details

The SC1065 K-1 form, revised on June 15, 2020, by the South Carolina Department of Revenue, outlines a partner's share of income, deductions, credits, etc., from the partnership's operations that are allocated or apportioned to South Carolina or to other states. The form is a critical document for partners to understand their tax obligations and benefits related to their share of the partnership's operations. It begins with the partner’s identification details and includes comprehensive sections for reporting ordinary business income or loss, net rental real estate income, interest income, dividends, and various other types of earnings and losses. Guaranteed payments to partners, as well as the partner’s share of federal plus adjustments to income, allocated to South Carolina and other states, are meticulously detailed. Moreover, the form addresses partnership requirements for withholding tax on nonresident partners, signifying the state’s effort to ensure tax compliance. Furthermore, it details the steps for reporting South Carolina tax credits, underlying the state's tax provisions and incentives for businesses. Clear instructions are provided for both partnerships and partners, emphasizing the importance of accurate reporting and submission of the SC1065 K-1 forms along with the partnership return and how partners should incorporate this information into their personal tax filings. The document also touches on mandatory legal disclosures regarding the use of Social Security Numbers and the protections afforded to personal information under the Family Privacy Protection Act, epitomizing the balance between stringent tax administration and individual privacy rights.

QuestionAnswer
Form NameSc1065 K 1 Form
Form Length2 pages
Fillable?No
Fillable fields0
Avg. time to fill out30 sec
Other namessc 1065 k 1, sc1065 form 2019, sc sc1065 k1, 2020 sc k 1

Form Preview Example

1350

dor.sc.gov

STATE OF SOUTH CAROLINA

DEPARTMENT OF REVENUE

PARTNER'S SHARE OF SOUTH CAROLINA INCOME, DEDUCTIONS, CREDITS, ETC.

SC1065 K-1

(Rev. 6/15/20)

3515

For calendar year

 

or tax year beginning

and ending

 

 

 

 

 

 

 

 

Partner's Identification Number

 

 

Partnership's FEIN

 

 

 

 

 

 

 

 

 

 

Partner's name, address, and ZIP

 

 

Partnership's name, address, and ZIP

 

 

 

 

 

 

 

 

If partner is a disregarded entity, name and 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.

partner is included in a composite return.

 

Partner's Share of Current Year Income,

 

A

 

B

 

C

D

 

 

 

Federal

 

Plus or

Amounts Not

Amounts

 

 

Deductions, Credits, etc.

 

 

 

 

 

K-1

 

Minus

 

Allocated or

Allocated or

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts

SC Adjustments

Apportioned to SC

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

 

(Loss)

 

 

 

 

 

 

 

 

 

 

 

 

5

 

Interest income

5

 

5

 

5

 

5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deductions

12

 

Section 179 deduction

12

 

12

 

12

 

12

 

13

 

Other deductions

13

 

13

 

13

 

13

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14

Net taxable income

 

 

 

 

 

 

14

 

 

 

15 Withholding Tax for nonresident partner (see SC1065 K-1 Instructions)

 

 

15

 

List applicable South Carolina tax credits. (Attach an additional sheet if needed.)

 

16

 

 

16

Credits

17

 

 

17

18

 

 

18

 

19

 

 

19

 

20

Total South Carolina tax credits

20

35151018

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.

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 as 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: Add Column D, line 1 through line 11 and subtract the amounts from line 12 and line 13.

Line 15: 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 15.

Line 16 through line 19: List the partner's share of South Carolina 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.

Sc1065 K 1 Form isn’t the one you’re looking for?

Related Documents