South Dakota Form Instructions 1120-S 2023-2024

South Dakota Form Instructions 1120-S: What You Should Know

Line 6a — Deductible Expenses. Enter the excess amount. Line 6b — Exempt Contributions (Line 6ba). Enter the amount of exempt contributions made by the qualified retirement plan, as set forth on federal Form 1041, 1099-R, 1099-MISC, or 1099-PRS, if applicable. Enter each allowable exemption amount on line 6b. Line 7a -- Employee Benefit Plan (Line 7b). Enter the amount of tax withheld from the employee's taxable income. This amount may be less than line 7b for the specific plan. This amount may be less than (less than) the actual amount of tax withheld from the employee's taxable income if: — Line 7b is less than (less than) the amount determined by dividing line 7b by the sum of all amounts deducted under line 6 of the employee's tax return; and — The taxable income of one or more qualifying individuals of both the employee's taxable income class and other income of the same class is sufficient to generate the amounts deducted under line 6 of the employee's tax return. Note The amount of employee contribution tax withheld during the tax year under this section (not including employee contributions that the employee may carry forward) does not include an amount equal to the amount of a distribution to the employer from a qualified retirement plan based on a distribution from all qualified plan retirement plans of the employee, as defined in section 401(a)(13); for this purpose a qualified pension or plan (as defined in section 1102(a)(34)) is a qualified plan. Line 7b—Employee Retirement Income Security Benefit Plan (Line 7d). Enter the amount to which section 401(k) or section 403(b) applies to the qualified retirement plan (as defined in Section 408 of the Code). Enter the value of any employee contributions of this type received by the taxpayer and any amounts received on behalf of the employee by a plan that provided them. If the qualified retirement plan does not provide a designated beneficiary, enter “Other employee”. If the qualified retirement plan does provide a designated beneficiary, enter the name and address of the designated beneficiary. If the qualified retirement plan does not provide a designated amount, enter the value of the benefit received on behalf of the employee. If the qualified retirement plan provided the designated amount, enter that value along with the other amounts.

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