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Screen SCAdj - South Carolina Adjustments, Sch D, Additions, Subtractions (1040)
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Overview
Use this screen to complete Form SC1040 and Schedule NR.
Interest and dividend income is entered on the federal B&D, K1, and K1T screens. These screens can be accessed by using the links provided on this screen. Interest and dividend data entered in the statements on these federal screens is utilized in the calculation of state income and adjustments. In those interest and dividend statements, you can indicate if data should be applied only to the federal or only to the state return. In addition, use of the state postal code and In-State Source % indicates which state should react to the data entered in the federal statements.
- EnterFin theF/Sfield to indicate that the item is for the federal return only.
- EnterSin theF/Sfield and a non-SCpostal code in theStatefield to indicate that the item transfers only to the state specified and is ignored for federal purposes.
- For South Carolina source interest and dividends reportable on part-year and nonresident South Carolina returns, you must enterSCin theStatefield in these federal statements. Further, for interest and dividends reportable as South Carolina source for nonresident South Carolina returns, you must also enter a percentage in theIn-State Source %field.
- Interest from Municipal obligations and US Obligations from a pass-through entity and reportable on the federal K1 and K1T screens may be adjusted by new fields on the federal K1-St screen. If data is entered in these fields on the K1-St screen, the total of all K1 or K1T data for that income type is adjusted by the requested amount for that K1 or K1T. The state return uses the adjusted amount in its calculations. See the federal K1-St screen for additional information.
Schedule D Capital Gains and Losses
UltraTax CS uses information entered in this section to complete Form SC1040 and Schedule NR for real property transactions and items meeting the one-year holding period minimum requirement.
Schedule D gains / losses SC1040
UltraTax CS makes the required addition or subtraction adjustments for transactions you identify as resulting from the sale of out-of-state real estate for
all
holding periods. Remaining gains and losses that you identify as meeting the one-year holding period are netted and then reduced by net short-term losses without regard to out-of-state real property transactions. If a gain results, it is multiplied by 44 percent.note
- Code real property transactions in the federal B&D screen,State Use, by selecting the real property codes5or6for South Carolina. UltraTax/1040-SC looks for these real property codes and checks to see if it is an out-of-state transaction.
- In UltraTax/1040-SC, enter3to indicate that a transaction gain / loss transferring to Schedule D from other federal forms qualify for the one-year holding period.
- Code3amounts are mutually exclusive from code6amounts. The available codes are in the dropdown attached to theCodecolumn.
If Sch D net loss, enter % attributable to out-of-state real property
If Schedule D losses are limited to $3,000, and Schedule D contains out-of-state real property transactions, the Form SC1040, Page 2 adjustment may be limited. Enter the percentage of the allowed loss that is attributable to out-of-state real estate. If this field is blank, UltraTax CS defaults to 100 percent.
Additions
Use this section to complete Form SC1040 and Schedule NR.
Expenses related to National Guard and Military Reserve income
Enter the expenses from service in the National Guard or Reserves that were deducted on the Federal return.
Other additions
Enter any additions to income in the statement window attached to this field. Enter codes to describe the addition. The description automatically appears in the
Description
column in the statement window. The codes are available in the dropdown in the Code
column. Code 15
, Other, accommodates situations that are not listed; therefore, enter data directly over the text to describe the situation that isn't listed. Then, enter the appropriate amount in the Amount
column.Not subject to additional 2.5% tax on excess Catastrophe Savings Account distribution
Enter
X
to prevent the calculation of the additional 2.5 percent tax on taxable excess Catastrophe Savings Account distributions entered in the Other additions
statement window with code 13
. Use this checkbox only
if the exceptions listed in the South Carolina individual income tax instructions are met.Subtractions
Use this section to complete Form SC1040 and Schedule NR.
National Guard reserve annual training and drill pay
Enter the amount of National Guard Reserve income received for weekend drills and customary training periods for service in the military reserves or National Guard.
Law enforcement officers, firefighters, and EMS personnel/number of days
Enter the number of work days alloted for susbistence allowance.
Permanent disability retirement income (Force)
UltraTax CS automatically calculates the retirement income based in federal data entry. An entry in this field forces the calculated amount for the permanent disability retirement income subtraction.
Volunteer deductions
Enter a deduction code if the taxpayer and/or spouse qualify for a volunteer deduction. The codes are available in the dropdown for this field.
Consumer protection services
Enter the amount paid by a taxpayer and/or spouse to purchase identity theft protection and identity theft resolution services. This subtraction is for individuals who filed a tax return with the South Carolina Department of Revenue between 1998 and 2012 and are not enrolled in the identity theft protection and resolution services offered for free by the state. The credit is limited to $300 for an individual taxpayer or $1,000 for a joint return or a return claiming dependents. The Form SC1040 instructions provide more information regarding the qualifications for the subtraction.
Other subtractions
Enter any subtractions from income in the statement window. Enter codes to describe the subtraction. The description automatically appears in the
Description
column in the statement window. The available codes are in the dropdown attached to the Code
column. Code 16
, Other, accommodates situations that are not listed; therefore, enter data directly over the text to describe the situation that is not listed. Then, enter the appropriate amount in the Amount
column.note
To indicate a child qualifies as an adopted special needs child, enter
15
in the State Use
column in the Dependent information
statement window in the federal 1040 screen.Retirement Deduction
Qualified retirement income (Force)
Enter the amount of qualified retirement income for taxpayer and spouse in these fields. If these fields are blank, UltraTax CS defaults to amounts entered in the federal 1099 screen. (Part-year residents: in the 1099 screen, enter code
75
in the State use
field to indicate this amount is applicable to South Carolina.)Deceased spouse date of birth
If retirement income was received as a surviving spouse, enter the deceased spouse's date of birth.
Qualified military income (Force)
Enter the amount of qualified military income for taxpayer and spouse in these fields. If these fields are blank, UltraTax CS defaults to amounts entered in the federal 1099 screen. (Part-year residents: in the 1099 screen, enter code
24
in the State use
field to indicate this amount is applicable to South Carolina.)Deceased spouse date of birth
If retirement income was received as a surviving spouse, enter the deceased spouse's date of birth.
65 and over deduction amount (Force)
Enter the amount of the deduction for the taxpayer and spouse that is different from the calculated amount in these fields. UltraTax CS limits the amount you enter to the maximum, current-year allowable deduction.