South Carolina SC I-435 Information - 1120S - Tax Year 2022

  • Article Type:
  • QA
  • Last Modified:
  • 04/08/2023

Question

What are some common questions and answers regarding South Carolina PTET with tax year 2022?

Environment

  • CCH® ProSystem fx® Tax
  • CCH Axcess™ Tax
  • S Corporation - 1120S
  • Oklahoma - OK
  • 2022

Answer

QuestionAnswer
-Form Name
  • SC I-435
-State Links
  • https://dor.sc.gov/forms-site/Forms/I435_2022.pdf
Election for PTE
-Is an Election Required?
  • Yes
-Made when?
  • Can be made when filing SC1120S
-Good for?
  • Current tax year
-How do we make this election?
  • Can be made when filing SC1120S
-Separate Form needed?
  • Election can be made at time of filing
-Option  to Opt-Out?
  • No
Generation of State PTE Return
-How do we generate the form above?
  • Common State/City > State PTE Generation > State PTE Return Generation > South Carolina - Generate State PTE return
    •  Form PTE-ST1, Box 234
  • South Carolina > Reduced Tax Rate: I-435 > Reduced Rate on Active Trade or Business Options > Active trade or business income selected (I-435)
    • Form SC11A, Box 30
-Is this a separate filing from the main form, part of the main form, or filed on it's own?
  • Part of main form
Estimates
-Are there estimates for this form?
  • Yes - SC1120-CDP
-How do we generate them?
  • Payments/Penalties/Estimates > Estimate and Application of Overpayment > State Estimate Preparation and Application of Overpayment > Estimate code
    • Form STEST-1, Boxes 30 and 40
-Can you apply an overpayment from the current year form?
  • Yes -  Payments/Penalties/Estimates > Estimate and Application of Overpayment > State Estimate Preparation and Application of Overpayment > Amount to apply to estimates
    • Form STEST-1, Box 71
Interest/Penalties
-Do interest/penalties apply?
  • Yes
-How do we request the calculation?
  • Payments/Penalties/Estimate > Penalties > State/City Late Interest and Penalities > Late interest and Late payment penalty.
    • Form PEN-1
-Is there an underpayment penalty?
  • Yes - SC2220
Additional PTE Information
Common State > State PTE Generation worksheet >Grid 23  (Interview PTE-ST1, boxes 300-364)
-Does this section apply to this state?
  • No
Additional Input Available
- Does new input options under State and City Tax Refund flow to the state?
  • No
- Does new input options under Taxes and Licenses flow to the state?
  • No
- Does new input options under Rent/Royalty flow to the state?
  • No
- Does the new input options under Farm flow to the state?
  • No

Additional Information

N/A

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