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Generating individual SC Form I-355, Worksheet 1 in Lacerte

SOLVEDby IntuitLacerte Tax5Updated July 14, 2022

Follow these steps to generate Form I-335, Worksheet 1 in the program:

  1. Go to Screen 20, Passthrough K-1's.
  2. Select Partnership Information or S Corporation Information under Passthrough K-1's in the left navigation menu.
    • Form I-335 does not apply to estates or REMICs.
  3.  Select the applicable activity under Partnership or S Corporation in the left navigation menu.
  4. Scroll down to Part II - Information About the [Partner/Shareholder].
  5. Make sure the Not a passive activity box is checked.
    • The individual must have actively participated in the activity.
  6.  Select South Carolina Active Trade or Business Amounts from the left Sections box.
    • You may have to scroll down to find this section.
  7. Enter at least one income amount or the Ownership percentage (.xxx/1=100%).
    • The minimum requirements to trigger the SC I-335 in this section are at least one income amount or ownership percentage.
  8. Go to Screen 54.331, South Carolina Taxes.
  9. Scroll down to the Schedule I-335 section.
  10. Check the box labeled Use I-335 to calculate tax, if applicable.
    1. This will tell Lacerte to use Form I-335 to automatically calculate tax on Schedule C, and F income as entered in the federal return.
 

Schedule C will automatically flow onto the Form I-335, Worksheet 1.

 

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