Skip to main content

Solutions

Products

Recommended products

Questions? We are here to help.
Contact us

Purchase

Questions? We are here to help.

Resources

Screens

Screen SCI335 - South Carolina Active Trade or Business Income Reduced Rate Computation (1040)

Show all hidden content

Overview

Use this screen to complete Form SC I-335, Active Trade or Business Income Reduced Rate Computation. The reduced income tax rate applicable to active trade or business income is 3 percent for tax year . The rate was 4.33 for tax years starting in 2012, was reduced to 3.67 percent for tax years starting in 2013, and was reduced again to 3 percent for tax years starting in 2014. The active trade or business income tax rate was originally 6.5 percent in 2006 and was reduced annually by 0.5 percent until it reached a 5 percent tax rate for tax years 2009, 2010, and 2011.

SC I-335 Active Trade or Business Income - Reduced Rate Comp

SC I-335 calculation options
UltraTax/1040-SC will automatically determine if the SC I-335 will produce a smaller or higher tax liability for the return. If a smaller tax liability is calculated using the SC I-335, the form will calculate. Enter
1
 to suppress the calculation of Form SC I-335 and Worksheets I-335A and I-335B, as necessary. If a higher tax liability is calculated using the SC I-335, the form won’t calculate. Enter
2
 to force the calculation of Form SC I-335 and Worksheets I-335A and I-335B, as necessary.
Calculate reduced rate using the safe harbor method
Enter
X
 in this checkbox to calculate line 4 of Form SC I-335 using the safe harbor method. UltraTax CS calculates the safe harbor method using the total of all activities that have income and personal services performed then multiplying the total by fifty percent. Activities not marked to have performed personal services or activities with losses are not included in this calculation.
South Carolina (Force)
Enter an amount to override the calculated South Carolina amount for each activity. Enter
0
 (zero) when no income is applicable to South Carolina. Amounts entered in this field are only used in the calculation of Form SC I-335. UltraTax CS automatically calculates the South Carolina amounts if this field is blank.
Basis adjustment / ... / PAL adjustment - AMT
Enter any regular tax and AMT adjustments applicable to basis, at-risk, or PAL limitations. Enter a positive to increase or a negative to decrease the amount of the adjustment on line 2a.
note
UltraTax CS automatically calculates the appropriate adjustments for line 2a for basis and at-risk adjustments (regular tax) if the
Basis adjustment
 or
At-risk adjustment
 fields are left blank.

Personal Service Income

Use this section to enter information for Form SC I-335, line 4 when using the actual method of calculating personal service income.
South Carolina (Force)
Enter an amount to override the calculated South Carolina personal service income amount for each activity. Enter
0
 (zero) when no income is applicable to South Carolina. Amounts entered in this field are only used in the calculation of Form SC I-335. UltraTax CS automatically calculates the South Carolina personal service income amounts if this field is blank.
note
Enter code
11
 in the
State use code
 statement window on the applicable federal C or F screen to have UltraTax CS calculate the personal service income for that activity.
Other personal service income
Enter amounts to be used as personal service income on Form SC I-335, line 4 when calculating using the actual method.

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close