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Form Sc1041 K-1 - Beneficiary'S Share Of South Carolina Income, Deductions, Credits, Etc. Page 2

SC1041 K-1

General purpose - SC1041 K-1 is prepared by the estate or trust to show each beneficiary's share of the

entity's income. Each item of income is adjusted as required by South Carolina law and allocated or

apportioned to South Carolina or to states other than South Carolina.

INSTRUCTIONS

Column A, lines 1 through 11 - Enter amounts from the federal Schedule K-1.

Column B, lines 1 through 11 - Enter the beneficiary's share of plus or minus South Carolina adjustments

to federal taxable income (loss). See SC1041 instructions.

Column C, lines 1 through 11 - Enter the beneficiary's share of income (loss) or deductions allocated or

apportioned to states other than South Carolina. See SC1041 instructions.

Column D, lines 1 through 11 - Enter the beneficiary's share of income (loss) or deductions allocated or

apportioned to South Carolina.

Line 12 - Estates or trusts are required to withhold 7% of the South Carolina taxable income of nonresident

beneficiaries. Estates or trusts must provide nonresident beneficiaries a federal Form 1099 MISC with "South

Carolina Only" written at the top showing respective amounts of income and tax withheld. Enter the tax

withholding amount on line 12.

Line 13 through 16 - List the beneficiary's share of applicable South Carolina credits.

Instructions for Estate or Trust - Include SC1041 K-1 with your SC1041 Fiduciary Income Tax Return.

Provide a copy to the beneficiary.

Instructions for Beneficiary - If filing a paper return, attach to your Income Tax Return. If filing

electronically, keep with your records.

Social Security Privacy Act Disclosure

It is mandatory that you provide your social security number on this tax form. 42 U.S.C 405(c)(2)(C)(i) permits

a state to use an individual's social security number as means of identification in administration of any tax. SC

Regulation 117-201 mandates that any person required to make a return to the SC Department of Revenue

shall provide identifying numbers, as prescribed, for securing proper identification. Your social security

number is used for identification purposes.

The Family Privacy Protection Act

Under the Family Privacy Protection Act, the collection of personal information from citizens by the

Department of Revenue is limited to the information necessary for the Department to fulfill its statutory duties.

In most instances, once this information is collected by the Department, it is protected by law from public

disclosure. In those situations where public disclosure is not prohibited, the Family Privacy Protection Act

prevents such information from being used by third parties for commercial solicitation purposes.

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Form Sc1041 K-1 - Beneficiary'S Share Of South Carolina Income, Deductions, Credits, Etc. Page 2