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rbfcpa66
New Member

I've entered K-1 income for SC in the SC interview form, but it does not recognize that I have any SC income for active trade or business income. What am i missing?

 
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5 Replies

I've entered K-1 income for SC in the SC interview form, but it does not recognize that I have any SC income for active trade or business income. What am i missing?

Contact TurboTax support and speak directly with a TurboTax support agent concerning this situation.

See this TurboTax support FAQ for a contact link and hours of operation -https://ttlc.intuit.com/questions/1899263-what-is-the-turbotax-phone-number

 

Support can also be reached during business hours by messaging them on these pages https://www.facebook.com/turbotax/ and https://twitter.com/TeamTurboTax

Anonymous
Not applicable

I've entered K-1 income for SC in the SC interview form, but it does not recognize that I have any SC income for active trade or business income. What am i missing?

assuming you are a SC resident,  the return starts with Federal taxable income which would include the income/expenses from the Federal K-1 interview form.    the only things that might show up on the SC return separately would be adjustments to the federal amounts.   

JBeaumier
New Member

I've entered K-1 income for SC in the SC interview form, but it does not recognize that I have any SC income for active trade or business income. What am i missing?

On the "Info Worksheet" of SC Individual form under Part IV Other Information you must check "Use South Carolina I-335."  This will generate form I-335 which will enter information automatically.  This should save you (or refund you) 3% of your Business income.  (I got this from my Accountant.) 

emily31
New Member

I've entered K-1 income for SC in the SC interview form, but it does not recognize that I have any SC income for active trade or business income. What am i missing?

How do I get to the "Info Worksheet" of SC Individual form?

DianeW777
Expert Alumni

I've entered K-1 income for SC in the SC interview form, but it does not recognize that I have any SC income for active trade or business income. What am i missing?

The following steps should take you to the worksheet for the active trade or business income.

 

  1. Sign into your TurboTax account to select State from the left menu
  2. Select South Carolina (SC) > Continue to the Here's the income that South Carolina handles differently screen > Select Done with income
  3. On the next screen South Carolina Part-Year and Nonresidents > Enter the amount of income for SC in the appropriate income field > Continue
  4. On the Take a look at South Carolina credits and taxes screen > Scroll to Taxes > Select *Tax on Active Trade or Business Income
  5. Continue to follow the prompts to complete your SC return

NOTE:

  • An individual, estate or trust receiving income from one or more pass-through businesses can choose to have the active trade or business income taxed at a flat income tax rate instead of the graduated income tax rate that applies to ordinary income.

  • Active trade or business income or loss does not include passive investment income or expenses related to passive investment, capital gains or losses, guaranteed payments for personal services, or amounts reasonably related to personal services.

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