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Screen SCAlloc - South Carolina Allocated Amounts (1065)
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Allocated Items
Rental real estate activity is nonbusiness
Enter
X
to indicate that rental real estate activities are nonbusiness. UltraTax CS automatically allocates farm rentals and real estate rentals on Schedule SC-K and Schedule SC1065 K-1, based on the state postal code entered in federal Screens 4835 and Rent. If this field is not marked, UltraTax CS uses the total federal amounts multiplied by the apportionment percentage to calculate the state source income.Other rental activity is nonbusiness
Enter
X
to indicate that other rental activities are nonbusiness. UltraTax CS automatically allocates other rentals on Schedule SC-K and Schedule SC1065 K-1, based on the state postal code entered in federal Screen Rent. If this field is not marked, UltraTax CS uses the total federal amounts multiplied by the apportionment percentage to calculate the state source income.Royalty activity is nonbusiness
Enter
X
field to indicate that royalty activities are nonbusiness. UltraTax CS automatically allocates royalties on Schedule SC-K and Schedule SC1065 K-1, based on the state postal code entered in federal Screens Rent. If this field is not marked, UltraTax CS uses the total federal amounts multiplied by the apportionment percentage to calculate the state source income.Passthrough income is nonbusiness
Enter
X
to indicate that passthrough activities are nonbusiness. UltraTax CS uses the information entered on Screens SCK1 to allocate passthrough income on Schedule SC-K and Schedule SC1065K-1. If this field is not marked, UltraTax CS uses the partner’s federal amounts multiplied by the apportionment percentage to calculate state source income.Partner's Share of Income (Losses), Deductions and Credits
Ordinary business inc (loss): SC Adjustments
UltraTax CS transfers the current-year Disabled Access Credit, Credit for Increasing Research Activities, Work Opportunity Credit, Orphan Drug Credit, Credit for Small Employer Pension Plan Startup Cost, Health Insurance Premiums Credit, Employer Family and Medical Leave, Employer Differential Wage Payment, and Credit for Employer-Provided Childcare Facilities and Services from the federal return to this statement. To exclude an item from the state return, delete the amount, enter a zero, or delete the entire line item from the statement. UltraTax CS displays the modified column in black and does not overwrite the new data with subsequent federal-to-state data transfers. For more information (including details on setting a user preference to mark fields for which you overruled the transferred amount), see Statements overview.
Ordinary business inc (loss): Allocated Outside of SC / Allocated to SC
Enter the amount of ordinary business income from Schedule SC-K, column C, line 1 that is allocated outside of South Carolina or allocated to South Carolina. Any amount from column C that is not allocated is apportioned, if apportionment applies.
Taxes app to ordinary income: SC Adjustments
UltraTax CS transfers the amounts from the
Taxes and licenses
field in federal Screen OrdInc to this statement. UltraTax CS also transfers the Credit for Taxes Paid on Certain Employee Tips from federal Form 8846 to this statement. Use the type codes listed in the fieldview and in the following table to classify the amounts as taxes based on income or other types of taxes. The total amount included as tax adjustments is either added to the ordinary income (loss) adjustments (if taxes are not
specially allocated) or added to the other income adjustments (if taxes are specially allocated).Type Code | Description | Destination |
|---|---|---|
O | Other (Default) | The amount does not transfer to the return |
T | Taxes based on income | Form SC1065, Schedule SC-K, column B, line 1 |
Guaranteed payments: Allocated Outside of SC / Allocated to SC
Enter the amount of guaranteed payments from Schedule SC-K, column C, line 4 that is allocated outside of South Carolina and/or allocated to South Carolina. Any amount from column C that is not allocated is apportioned, if apportionment applies.
Interest income: SC Adjustments
This statement contains all the information entered for tax-exempt interest income in federal Screens K-4 and K1-5. To exclude an item from the state return, delete the amount, enter a zero, or delete the entire line item from the statement. UltraTax CS displays the modified column in black and will not overwrite the new data with subsequent federal-to-state data transfers. For more information (including details on setting a user preference to mark fields for which you overruled the transferred amount), see Statements overview.
Interest income: Allocated Outside of SC / Allocated to SC
Enter the amount of interest income from Schedule SC-K, column C, line 5 that is allocated outside of South Carolina and/or allocated to South Carolina. Any amount from column C that is not allocated is apportioned, if apportionment applies.
Dividends: Allocated Outside of SC / Allocated to SC
Enter the amount of dividend income from Schedule SC-K, column C, line 6 that is allocated outside of South Carolina and/or allocated to South Carolina. Any amount from column C that is not allocated is apportioned, if apportionment applies.
Other income (loss): Allocated Outside of SC / Allocated to SC
Enter the amount of other income (loss) from Schedule SC-K, column C, line 11 that is allocated outside of South Carolina and/or allocated to South Carolina. Any amount from column C that is not allocated is apportioned, if apportionment applies.
Contributions: Allocated Outside of SC / Allocated to SC
Enter the amount of charitable contributions from Schedule SC-K, column C, line 13a that is allocated outside of South Carolina and/or allocated to South Carolina. Any amount from column C that is not allocated is apportioned, if apportionment applies.
Other deductions: Allocated Outside of SC / Allocated to SC
Enter the amount of other deductions from Schedule SC-K, column C, line 13d that is allocated outside of South Carolina and/or allocated to South Carolina. Any amount from column C that is not allocated is apportioned, if apportionment applies.