Generic State Schedule K-1 Information

The Schedules K-1 Equivalent are designated as final or amended if the same partner's federal Schedule K-1 is final or amended. In addition, if the South Carolina return is final or amended, all Schedules K-1 Equivalent are designated as final or amended. You can use federal Common State category, Generic State Schedule K-1 Information worksheet to override these defaults, or to designate a Schedule K-1 separately.

State Printing Percentages Override

Use federal Common State category, Generic State Schedule K-1 Equivalent worksheet, Generic Partner Input Section, End of Year Boxes to override the percentages printing on the South Carolina partners' Schedules K-1 Equivalents. Identify the applicable state as South Carolina by entering "SC" in the State Box in the State / City Information section. If the State Box is blank, the override percentages apply to all states in the return. Multiple federal Common State category, Generic State Schedule K-1 Information worksheets can be used with different state codes if unique printing percentage overrides are required.

Partners' Printing Percentages by Ratio Reference

You can override the South Carolina Schedule K-1 Equivalent "profit and loss sharing percentage for printing purposes only" by referencing a ratio identification number on federal Common State category, Generic State Schedule K-1 Information worksheet, Partner's Percentage Options section, End of Year Profit or Loss Ratios. Specify the partners and percentages to use on federal Partners category, Special Allocations worksheet, Ratio Allocations section. Allocations are not affected by the print-only ratios.

Optional Text for All Partners

In addition to ratio references, an option is provided to print entries in place of percentages. See the federal instruction guide for use of the optional text entries or preparer-specified text entries for all partners (federal Common State category, Generic State Schedule K-1 Information worksheet, Partner's Percentage Options). South Carolina uses entries in the Ending Profit or Ending Loss columns.

Partners' Printing Percentages by Direct Input

To enter a percentage exactly as it will appear on a partner's South Carolina Schedule K-1 Equivalent, first enter the partner number in the federal Common State category, Generic State Schedule K-1 Information worksheet, Generic Partner Input section. This entry MUST match the partner number on the federal Partners Category, Partner Information worksheet, Basic Partner Data section. On the corresponding line Partner Percentage Overrides enter up to 11 characters (numbers or letters) in "End of Year Profit" or "End of Year Loss" as appropriate. The entry is printed exactly as entered, right-justified against a pre-printed percentage symbol. Do not include the percentage symbol in your entry. An entry of "50" is printed as "50%" (including the pre-printed symbol). An entry of "50.00000000" is printed as "50.00000000%".

Nonresident Partners - Form I-309 and Income Tax Withholding

To print Form I-309, Nonresident Shareholder or Partner Affidavit and Agreement - Income Tax Withholding, for a particular partner, enter the partner number, and on the corresponding line, enter "1" in the "State Use" box in the Generic Partner Input section.

The entry of this code for a particular partner will cause the partner to be excluded from income tax withholding.

Nonresident partners who are designated in federal Common State category, Generic State Schedule K-1 Information worksheet will not be included for income tax withholding on Form SC1065 Schedule W-H. The remaining nonresident partners will be included in the same ratio that their profit and loss percentages are to the total percentages of nonresident partners subject to withholding.