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

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

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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.

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