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Form Schedule K-1 (1065-B) for South Carolina: What You Should Know
Not all taxpayers are a partnership. In 2017, the maximum taxable income for a taxpayer who's a partner is 75,000. Partnership Income in South Carolina, if you're a partner, is calculated as follows: If you're a partner, use income from South Carolina. If you're a partner and your partner is physically or mentally unable to work you must include that partner's share of income the partnership took in South Carolina. If you're a partner, your share of income must be less than this amount. If you are a partner, the following are your partnership's deductions: Schedule K-1 Tax Form for Partnerships: Complete Schedule K-1 and your partner's Schedule C. If Schedule K-1 (Form 1065) is signed by both the partners, add the amount you received as a partnership adjustment. The adjusted amount is the partnership adjustment divided by 1,000. Add income from South Carolina, if you're the partner. You must include the amount not paid up front. If you claim other tax credits, you can't use Schedule K-1 to figure the amount of tax you will file. The amount of your partnership adjustment that you claim, including the amount that you paid up front, cannot increase your federal taxable income. South Carolina income is not included in the calculation of federal taxable income. Also enter this box the amount that is shown as the partnership adjustment in your partnership return, on line 23, that applies to taxable income from South Carolina. If you received a deduction for State taxes as part of South Carolina, you must claim it on your Schedule K-1. Any South Carolina tax on partnership income you do not claim must be claimed on Schedule C. Schedule K-1 Tax Form for Partnerships: If you receive a state deduction, you must claim your deduction on Schedule K-1. If your partner files a partnership return, we'll calculate your partnership deduction on your partnership return. Schedule K-1 Tax Form for Partnerships: If you receive a deduction for taxes paid to the state, you must claim your deduction on Schedule K-1. If you file a partnership return, we'll calculate your state deduction on your partnership return. Schedule K-1 Tax Form for Partnerships: If you are a joint owner of business profits, you may claim a reduced deduction. If you have a partnership, we will calculate your partnership deduction on your Schedule K-1.
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