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Form 1065 (Schedule M-3) for North Charleston South Carolina: What You Should Know
May 15-16, 2023 — Do the calculations to correct amounts on Schedule 1065 as appropriate For Schedule M-3—Line 30, add: the amount of taxable income reported on Schedule M-2, Line 16 above for partnership income Line 45, add the partnership income from Schedule M-2, Line 17a above For Schedule M-3—Line 40a, the amount reported on Schedule M-9(a)(2) above, but adjusted to include income from property other than land, from sources within SC, or from sources outside SC. Line 55, add the partnership gross income reported on Schedule M-13A, Line 15b above For schedule M-3—Line 55, add the number of South Carolina partners reporting on Schedule M-14A, Line 20 above. Line 68, add: the number of South Carolina partners reporting on Schedule M-14A, Line 20 above. Line 75, add the number of partnership tax payments reported on Schedule M-14A on Line 27a for partnership tax payments other than capital gains taxes For Schedule M-3—Line 75, add the amount of partner payments of interest, dividends, and other payments of interest in which no tax is imposed for which no tax is paid on the partnership income Line 90, change to line 95 Line 100, add: the amount of partnership tax refunds received on Schedule M-14A on Line 20 above (this is the amount shown after the last blank number on line 30) The above information is from the IRS website. Please contact the nearest Office of the State Revenue Administrator if you have any questions. Form 1065, Schedule M-3, Net Income (Loss) Reconciliation for Certain Partnerships, is available at the following link: IRS Download Guide for State Income Tax Returns If you receive a Form 1065, you will need to prepare a new 1065 form with the information on this page included in it. If you are unsure of whether you must file a new 1065 form, request guidance from the Office of the State Revenue Administration, for further information or to obtain a form number. It is very important to correct Schedule M-3 before the deadline. You cannot reduce the penalties for being late if you file the form late. You may need to revise Schedule M-3 if you wish to adjust taxable income on which any tax was paid (including nonresident partner income), or to adjust taxable income for any nonresident partner that had taxable income before the adjustment.
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