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

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.