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 SCK - South Carolina Shareholder's Pro Rata Share Items (1120)

Show all hidden content

Schedule SC-K and Schedule F

SC Adjustments
Amounts entered in this column appear on Form SC1120S, Page 5, Schedule SC-K Worksheet, Column C, Plus or Minus South Carolina Adjustments. The application adds the amount in this field to the amounts in Column B, Amounts From Federal Schedule K to determine the amounts for Column D, Federal Schedule K Amounts After SC Adjustments. Enter increases to income or expenses as positive numbers and enter decreases as negative numbers.
note
Per South Carolina instructions, dividends are only taxable to resident shareholders. Dividends are allocated to resident shareholders on the individuals’ South Carolina K-1.
Total Allocated
Enter the amount of income or deduction that's allocated to South Carolina or another state. These amounts are used on Form SC1120S, Schedule F, Column B, Gross Amounts.
Related Expenses
Enter the amount of related expenses that are allocated to South Carolina or another state. These amounts are used on Form SC1120S, Schedule F, Column C, Related Expenses. The application calculates Form SC1120S, Schedule F, Column D, Net Amounts based on the amounts in Column B and C. Enter expenses as positive numbers.
Specifically Allocated to SC
Enter the amount of income or deduction specifically allocated to South Carolina. Amounts entered in this column appear on Form SC1120S, Page 4, Schedule F, Column E, Net Amounts Allocated Directly to SC and is included on Form SC1120S, Page 5, Schedule SC-K Worksheet, Column F, Col.(D) Amounts Apportioned or Allocated to SC. The application calculates Form SC1120S, Page 5, Schedule SC-K Worksheet, Column E, Col.(D) Amounts Not Apportioned or Allocated to SC and Column F Col.(D) Amounts Apportioned or Allocated to SC based on amounts entered in this section.
Explanation for income not allocated to South Carolina
Enter an explanation for each type of income listed on Form SC1120S, Page 4, Schedule F that isn't allocated to South Carolina.

Sale or Exchange of Section 179 Property

Gain (loss) reported separately from federal Schedule K, line 17d (Force)
The IRS requires S Corporations to separately report the sale, exchange, or other disposition of assets where Section 179 expense was claimed in a prior year. These dispositions of assets are no longer reported on Form 4797, but instead are reported on federal Schedule K, line 17d and in the Schedule K-1 statements. The gain or loss on the disposition of Section 179 assets is calculated from information entered in the federal
Sale PT
,
8824PT
,
K1Sale
, and
8824
 screens in the
K1P/T
 folder.
The application reduces the basis of the asset by the amount of the Section 179 deduction when calculating the gain or loss. This amount is included on Form SC1120S, line 1, and Schedule NR. A not required statement prints detailing this amount. Use this force field to override the calculated amount. If
0
 (zero) is entered, no adjustment is made.

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close