Wisconsin Underpayment of Estimated Withholding Tax by Pass-Through Entities

Underpayment of Estimated Withholding Tax by Pass-Through Entities
2023 IC-006 Form PW-U Underpayment of Estimated Withholding Tax by Pass-Through Entities
Form

PW-U
Wisconsin Department
of Revenue

Underpayment of Estimated Withholding Tax by
Pass-Through Entities

2023

File with Wisconsin Form PW-1

Name

Federal Employer ID Number

	 Part I	 Computation of Underpayment and Interest Due on Underpayment
	1	 a	 Enter 2023 withholding tax computed (see instructions)  . . . . . . . . . . . . . . . . . . . . .
		b	 Enter 2023 tax withheld (see instructions)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
		c	 Subtract line 1b from line 1a. This is 2023 withholding tax due for taxable year (see instructions).
2	 Enter 90% of line 1c  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3	 Enter 2022 withholding tax due from PW-1, if applicable (see instructions) . . . . . . . . .
4	 If preceding taxable year return covered 12 months, use the smaller of line 2 or
line 3; otherwise, enter line 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
	
(a)

(b)

(c)

5	 Enter installment due dates (see instructions)  . . . . . 
6	 Amount due for each installment (see instructions)  . 
7	 Estimated withholding tax paid . . . . . . . . . . . . . . . . . 
8	 If line 7 is less than line 6, subtract line 7 from
line 6. This is your underpayment . . . . . . . . . . . . . . . 
9	 If line 7 is more than line 6, subtract line 6 from
line 7. This is your overpayment . . . . . . . . . . . . . . . . 
	10	 Carryback of overpayment or late payment
(see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 
	11	 Carryforward of overpayment (see instructions) . . . . 
	12	 Subtract the total of lines 10 and 11 from line 8.
This is your net underpayment . . . . . . . . . . . . . . . . . 
	13	 Number of days from the due date of the installment
to the date carryback on line 10 was paid . . . . . . . . . 
	14	 Number of days from the due date of the installment
to the date balance due on return was paid or
unextended due date of return, whichever is earlier . 
	15	 Interest: 12% per year on amount on line 10 for the
number of days on line 13 . . . . . . . . . . . . . . . . . . . . . 
	16	 Interest: 12% per year on amount on line 12 for the
number of days on line 14 . . . . . . . . . . . . . . . . . . . . . 
	17	 Add all of the amounts on lines 15 and 16 and enter the total. If your return is filed after the
unextended due date and shows withholding tax due, enter the total on Part II, line 22. Otherwise,
enter the total on the line provided on PW-1, line 9  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

IC-006 (R. 8-23)

(d)

2023 Form PW-U

Page 2 of 2

	 Part II	 Computation of Other Interest and Penalty Due
	 (a) Interest at	 (b) Interest at
Complete this part only if Form PW-1 is not filed by the unextended due
	 18% per year	
12% per year	
date and shows withholding tax due.
	18	 If PW-1 filed late without an extension, enter net withholding tax  . . . . . . . .
(90%)	(10%)
	19	 If PW-1 filed with extended due date and shows –	

(c) Total

		a	 Net withholding tax of $500 or more, enter portion of net tax indicated . .
		b	 Net withholding tax of less than $500, enter net tax  . . . . . . . . . . . . . . . .
	20	 Enter payments made (apply first to 18% per year column) . . . . . . . . . . . .
	21	 Subtract line 20 from line 18 or 19a or 19b. This is amount due the 15th day
		 of the month that includes unextended due date (after end of taxable year).
	22	 Interest on underpayment from Part I, line 17  . . . . . . . . . . . . . . . . . . . . . . .
	23	 Add lines 21 and 22  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
				
	24	 Interest on amounts on line 23 to	

(18% per year)	 (12% per year) *
(date PW-1 filed) . . . .

	25	 If PW-1 is filed late without an extension or after the extended due date –
		a	 Enter penalty of 5% of net tax due on your return for each month or fraction thereof that your return is late, but
			 not more than 25% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
		b	 Enter $50 or applicable late fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 
	26	 Add lines 24, 25a, and 25b. Enter the total on PW-1, line 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 
	*	Note: See the instructions for line 24.

	 Part III	 Annualized Income Installment Method Worksheet
Annualization Period
Fill in this worksheet only if computing required installments
using the annualized income installment method. Complete 	 (a) First 2 months	 (b) First 5 months	 (c) First 8 months	 (d) First 11 months
one column through line 45 before completing the next column.

	27	 Enter Wisconsin net income for each period
		 (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
	28	 Annualization factor . . . . . . . . . . . . . . . . . . . . . . . . . . . 	6	

2.4	

1.5	

1.091

	29	 Multiply line 27 by line 28  . . . . . . . . . . . . . . . . . . . . . .
	30	 Adjustments (NBLs, etc. – see instructions)  . . . . . . . .
	31	 Combine lines 29 and 30. This is annualized income  .
	32	 Multiply line 31 by your applicable tax rate. This is
		 annualized gross tax . . . . . . . . . . . . . . . . . . . . . . . . . .
	33	 Enter your nonrefundable credits  . . . . . . . . . . . . . . . .
	34	 Subtract line 33 from line 32. If zero or less, enter zero. . . 
	35	 Enter your refundable credits (excluding estimated tax
		paid)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
	36	 Subtract line 35 from line 34. If zero or less, enter zero.
		 This is annualized net withholding tax . . . . . . . . . . . . .
22.5%	45%	67.5%	90%
	37	 Applicable percentage . . . . . . . . . . . . . . . . . . . . . . . . . 	
	38	 Multiply line 36 by line 37  . . . . . . . . . . . . . . . . . . . . . .
	39	 Enter the combined amounts of line 45 from all
		 preceding columns . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
	40	 Subtract line 39 from line 38. If zero or less, enter zero . . .
	41	 Divide Part 1, line 4, by 4 and enter the result in each
		column . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
	42	 Enter the amount from line 44 for the preceding column  . .
	43	 Add lines 41 and 42 and enter the total . . . . . . . . . . . .
	44	 If line 43 is more than line 40, subtract line 40 from
		 line 43. Otherwise, enter zero . . . . . . . . . . . . . . . . . .
	45	 Enter the smaller of line 40 or 43 here and on Part 1,
		 line 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .