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:
  • 11/05/2022

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.
  1. 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.
  2. 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

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