How do I elect to prepare South Carolina I-435 - Active Trade or Business Income Election with a 1065 return using CCH® ProSystem fx® Tax and CCH Axcess™ Tax?
- Article Type:
- How To
- Last Modified:
- 04/14/2023
Objectives
Learn about South Carolina I-435 in a 1065 return with CCH® ProSystem fx® Tax and CCH Axcess™ Tax.
Environment
- CCH® ProSystem fx® Tax
- CCH Axcess™ Tax
- 1065
- Partnership
- South Carolina
- SC
- I-435
- ATBIE
Procedure
Form SC1065, Check box 'Check for Active Trade or Business Election', will be populate when partnership elects to pay tax at entity level.
- Go to South Carolina > SC11A, Box 30 (SC Worksheet > Reduced Tax Rate: I-435 > Active trade or business income selected I-435), select the checkbox.
- Calculate the return.
Notes
- SC Sch K-1 checkbox 'Partnership - Check for Active Trade or Business Election' will be populated when partnership elects to pay tax at entity level.
- SC Sch K-1, Line 14 will populate with a partner's share of Amount of active trade or business income taxed by partnership when this election is selected.
- SC1065, page 1, line 3 will populate with the tax calculated from I-435.
Additional Information
N/A
Solution Id | 000230112/000139734 |
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