South Carolina PTE Information - 1065 - Tax Year 2022

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

Question

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

Environment

CCH® ProSystem fx® Tax
CCH Axcess™ Tax
Partnership - 1065
South Carolina - SC
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 SC1065
-Good for?
  • Current tax year
-How do we make this election?
  • Can be made when filing SC1065
-Separate Form needed?
  • No.
-Option  to Opt-Out?
  • Unable to opt-out after making election for tax year.
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
    • Interview 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)
    • Interview 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 the main form.
Estimates
-Are there estimates for this form?
  • Yes.
-How do we generate them?
  • Payments/Penalties/Estimates > Estimate and Application of Overpayment > State Estimate Preparation and Application of Overpayment > Sate Estimate Preparation Additional Information or South Carolina > Payments/Penalties > Composite Estimate Data > Estimate Code
    • Interview Form SC14, Box 30
-Can you apply an overpayment from the current year form?
  • Payments/Penalties/Estimates > Estimate and Application of Overpayment > State Estimate Preparation and Application of Overpayment > Amont to apply to estimates or South Carolina > Payments/Penalties > Composite Estimate Data > Application of overpayment code 
    • Interview Form SC14, Boxes 32 or 35
Interest/Penalties
-Do interest/penalties apply?
  • Yes
  • Payments/Penalties/Estimate > Penalties > Sate/City Late Interest and Penalties > Late interest and Late payment penalty or South Carolina > Payments/Penalties > Penalties and Interest > Late Interest and Late Payment Penalty
    • Interview Form SC1, Boxes 70 and 71
-Is there an underpayment penalty?
  • Yes - SC2210
    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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