Form Instructions 1120-S (Schedule K-1) for South Carolina 2024-2025

Form Instructions 1120-S (Schedule K-1) for South Carolina: What You Should Know

Line 2, line 2(e), line 2(f), line 2(g) and line 2(h) are the amounts included on line 1 for adjustments that reduce or eliminate South Carolina taxable income. Line 2(e) includes all South Carolina income (loss) amounts not included in line 1(a)-(h). The amount in line 2(e) is zero if the corporation's income (loss) is zero. When the corporation's income (loss) is more than zero, the amount in line 2(e) can be the total amount of South Carolina gross income (loss). When the corporation's income (loss) is more than zero because its income before South Carolina loss adjustments does not exceed South Carolina taxable income, the amount in line 2(e) is zero. SC2120S SCAR-L: The South Carolina Loss Adjustment SC1120S SCAR-L: The South Carolina Loss Adjustment The South Carolina loss adjustments increase or decrease your income (loss). In addition to making the South Carolina adjustments, you must determine what a South Carolina taxable income amount is. Your taxable income amount is the amount of South Carolina gross income (loss). South Carolina income is included in your taxable income. Loss adjustments increase or decrease the amount of South Carolina taxable income. An itemized basis is used to record each South Carolina taxable income amount of the corporation. See How to Add an Itemized Basis for Additional Information at the bottom of the following pages. The taxable income amount for each corporation is then added to your share of the corporation's adjusted federal taxable income. SC1120SC SCAR-L: The South Carolina taxable income amount SC1120SC SCAR-L: The taxable income amount and South Carolina income amount You will be able to add a South Carolina income amount to your corporation's federal taxable income. Your income amount is the amount of money your corporation makes for South Carolina tax purposes. When adding a South Carolina income amount to your federal taxable income, the amount of South Carolina taxable income to add to your share of the corporation's adjusted federal taxable income decreases your gross income (loss). The corporation's gross income (loss) is the amount of South Carolina taxable income. A corporation's gross income (loss) includes most South Carolina income (loss). The corporation includes any South Carolina income (loss) which includes the use of state and local property.

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