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Use the state tabs in the Shareholder Information window to enter state-specific information for shareholders. State tabs appear only if you have added states to the return.
To update a shareholder's state-specific information, click that shareholder in the Shareholder Information window, and then click the appropriate state tab.
Fields & buttons
South Carolina information group box
If the shareholder is a nonresident, enter a code from the following table or select the code from the drop-down list to indicate the type of nonresident filing to be made by the shareholder. If the shareholder is a nonresident, UltraTax CS defaults to calculating withholding on Form SC 1120S-WH, Withholding Tax on Income of Nonresident Shareholders.
| Code |
Description |
| 1 |
Withholding (default)
This is the default filing for nonresident shareholder when a code is not selected from the drop-down list. Select this option to indicate the shareholder is subject to withholding on Form SC 1120S-WH. |
| 2 |
Exempt from withholding and affidavit required
Select this option to indicate the shareholder is exempt from withholding and an affidavit is required for the nonresident shareholder. UltraTax CS calculates Form I-309 for the shareholder. |
| 3 |
Exempt from withholding and affidavit on file
Select this option to indicate the shareholder is exempt from withholding and an affidavit is already on file. UltraTax CS does not complete Form I-309. |
| 4 |
Composite filer
Select this option to indicate the corporation is filing a composite return on behalf of the nonresident shareholder. UltraTax CS completes Form I-335, Active Trade or Business Income Reduced Rate Computation (if you have active trade or business in South Carolina) and Form SC 1040, South Carolina Individual Income Tax Return with Schedule NR. Net tax due is calculated based on the type of income (active vs. non-active) and flat rates are applied per form instructions. |
| 5 |
Composite filer and Form I-338 required
Select this option to indicate the corporation is filing a composite return on behalf of the nonresident shareholder. UltraTax CS completes Form I-338, Composite Return Affidavit, Form I-335, Active Trade or Business Income Reduced Rate Computation (if you have active trade or business in South Carolina) and Form SC 1040, South Carolina Individual Income Tax Return with Schedule NR. Net tax due is calculated based on the type of income (active vs. non-active) and graduated as well as flat rates are applied per form instructions. |
UltraTax CS provides this statement dialog for supplemental information specific to each shareholder. Use this statement dialog for items that are not pro-rata. If you have pro-rata items that need to be reported to each shareholder, use Section A in Screen SCKSep. UltraTax CS prints the information you enter in this statement dialog in the Schedule K-1 statements.
Withholding information group box
Mark this checkbox if the S Corporation is providing a corrected 1099-MISC to the shareholder for the amount of South Carolina withholding income and tax withheld.
Enter the individual shareholder's share of South Carolina taxable income that is subject to withholding tax in this field.
Note: The amount you enter in this field takes precedence over the amounts entered at the federal or state level. UltraTax CS transfers this amount to the SC Withholding for Nonresident Shareholders Worksheet.
Enter the individual shareholder's share of South Carolina withholding paid on the shareholder's behalf. UltraTax CS transfers this amount to Form SC1120S K-1 - South Carolina Shareholder's Share of Income, Credits, Deductions, etc.
UltraTax CS
