K-1C: Schedule of WV Partner/Shareholder/Member/Beneficiary Information for Corporations Subject to Corporate Income Tax (2024)
West Virginia · WV Tax Division · Used for tax years 2024
West Virginia Schedule K-1C reports a pass-through entity owner’s distributive share of West Virginia income, gains, losses, tax modifications and credits when the owner is treated as a C corporation. It also reports income subject to nonresident withholding and West Virginia tax
Who files this form
West Virginia Schedule K-1C lets a pass-through entity report the share of gains, losses, modifications and credits belonging to owners treated as C corporations and subject to West Virginia income tax.
The corporate owner should file Schedule K-1C with its corporation net income tax return. For owners that are not C corporations, including individuals, partnerships, LLCs and S corporations, use Schedule K-1 instead.
What you'll need
Have the following information available to complete Schedule K-1C:
- The organization's taxable-year beginning and ending dates, name, address, identification numbers and entity type.
- The corporate owner's name, address, identification numbers and percentage of ownership.
- The nonresident owner's share of income and the amount of West Virginia tax withheld, if applicable.
- The owner's share of income allocated to West Virginia.
- The entity's Schedule B for the owner's share of modifications reported on lines 2 through 15.
- The entity's Schedule CIT-120TC for the owner's share of tax credits reported on lines 16 through 39.
How to file
File Schedule K-1C with the corporate owner's corporation net income tax return.
If the organization submits K-1C for information purposes, it must check the “From SP” box and include the partner, shareholder, member or beneficiary on Schedule SP.
The supplied text does not give a mailing address or e-file instructions.
Common mistakes
- Using K-1C for an owner that is not a C corporation. The form directs these owners to Schedule K-1 instead.
- Reporting income that is not allocated to West Virginia. All income reported on K-1C should be allocated to West Virginia.
- Leaving out K-1C when filing the corporate owner's corporation net income tax return. The schedule should be filed with that return.
- Missing the information-only requirements. An organization submitting K-1C for information purposes must check “From SP” and include the owner on Schedule SP.
Questions people ask
How is K-1C different from K-1?
K-1C reports information for owners treated as C corporations and subject to West Virginia income tax. Schedule K-1 is for owners that are not C corporations.
What goes in the withholding section?
Line 1 reports the nonresident owner's share of income. Line 2 reports the amount withheld for that owner.
Where do the modifications and credits come from?
Lines 2 through 15 report the owner's share of modifications from the entity's Schedule B. Lines 16 through 39 report the owner's share of credits from the entity's Schedule CIT-120TC.
Should K-1C include income allocated outside West Virginia?
No. All income reported on K-1C should be allocated to West Virginia.
When should the “From SP” box be checked?
The organization must check it when submitting K-1C for information purposes. It must also include the partner, shareholder, member or beneficiary on Schedule SP.