No one likes doing taxes, but dealing with the paperwork is an unavoidable reality for anyone wanting to remain in compliance with the law. Knowing what forms and documents you need to fill out can be daunting; however, if you’re filing as a self-employed individual, then understanding your obligations regarding Form 1065 K-1 is essential. This blog post will discuss various aspects related to Form 1065 K-1 including when it needs to be filed and what information it requires so that small business owners like yourself can ensure they accurately report their taxable income and avoid any costly errors or fines along the way. Read on for more details!
| Question | Answer |
|---|---|
| Form Name | Sc1065 K 1 Form |
| Form Length | 2 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 30 sec |
| Other names | sc 1065 k 1, sc1065 form 2019, sc sc1065 k1, 2020 sc k 1 |
1350
dor.sc.gov
STATE OF SOUTH CAROLINA
DEPARTMENT OF REVENUE
PARTNER'S SHARE OF SOUTH CAROLINA INCOME, DEDUCTIONS, CREDITS, ETC.
SC1065
(Rev. 6/15/20)
3515
For calendar year |
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or tax year beginning |
and ending |
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Partner's Identification Number |
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Partnership's FEIN |
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Partner's name, address, and ZIP |
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Partnership's name, address, and ZIP |
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If partner is a disregarded entity, name and FEIN of owner:
Check if: |
Final |
Amended |
Nonresident |
Check if partner is exempt from nonresident withholding because the: partner filed an
partner is included in a composite return.
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Partner's Share of Current Year Income, |
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A |
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B |
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C |
D |
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Federal |
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Plus or |
Amounts Not |
Amounts |
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Deductions, Credits, etc. |
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Minus |
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Allocated or |
Allocated or |
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Amounts |
SC Adjustments |
Apportioned to SC |
Apportioned to SC |
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1 |
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Ordinary business income (loss) |
1 |
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1 |
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1 |
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1 |
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2 |
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Net rental real estate income (loss) |
2 |
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2 |
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2 |
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2 |
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3 |
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Other net rental income (loss) |
3 |
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3 |
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3 |
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3 |
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4 |
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Guaranteed payments |
4 |
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4 |
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4 |
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4 |
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(Loss) |
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5 |
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Interest income |
5 |
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5 |
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5 |
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5 |
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Income |
6 |
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Dividends |
6 |
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6 |
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6 |
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6 |
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7 |
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Royalties |
7 |
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7 |
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7 |
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7 |
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8 |
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Net |
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8 |
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8 |
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8 |
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8 |
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9 |
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Net |
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9 |
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9 |
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9 |
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9 |
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10 |
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....................Net Section 1231 gain (loss) |
10 |
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10 |
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10 |
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10 |
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11 |
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Other income (loss) |
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11 |
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11 |
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11 |
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11 |
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Deductions |
12 |
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Section 179 deduction |
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12 |
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12 |
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12 |
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Other deductions |
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13 |
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14 |
Net taxable income |
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14 |
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15 Withholding Tax for nonresident partner (see SC1065 |
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15 |
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List applicable South Carolina tax credits. (Attach an additional sheet if needed.)
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16 |
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Credits |
17 |
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18 |
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18 |
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19 |
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19 |
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Total South Carolina tax credits |
20 |
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35151018
INSTRUCTIONS
General purpose: The partnership prepares the SC1065
Column A, line 1 through line 13: Enter amounts from the federal Schedule
Column B, line 1 through line 13: Enter the partner's share of South Carolina adjustments to federal taxable income (loss) from
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
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
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.