Wisconsin Tax-Option (S) Corporation Shareholder's Share of Income, Deductions, Credits, etc.

Tax-Option (S) Corporation Shareholder's Share of Income, Deductions, Credits, etc.
2023 Schedule 5K-1 Tax-Option (S) Corporation Shareholder's Share of Income, Deductions, Credits, etc.
Schedule

5K-1
Wisconsin Department
of Revenue

2023

Tax-Option (S) Corporation Shareholder’s
Share of Income, Deductions, Credits, etc.
For calendar year 2023 or tax year beginning	
M

M

D

D

2

0

2

3

Y

Y

Y

Y

and ending
M

M

D

D

2

0

Y

Y

Y

Y

Part I: Information About the Corporation
Corporation’s Name

Corporation's Address

Corporation’s FEIN

Corporation's City

State

Corporation’s Zip Code

Part II: Information About the Shareholder
FEIN

Business Name

Individual's Last Name

First Name

Shareholder’s Address

Shareholder's City

M.l.

Individual's SSN

State

Shareholder’s Zip Code

If the shareholder is a disregarded entity, estate, or trust, enter the name and identifying number of the taxpayer to whom this income will be reported:
Trust Name

FEIN

Last Name

First Name

M.I.

SSN

A	 Type of shareholder:
1	Individual
2	Estate
3	Trust
4	

Exempt organization

5	Other
B	 Check if applicable:
1	

Final 5K-1

2	

Amended 5K-1 (Include Schedule AR)

3	

Election to pay tax at the entity level pursuant to s. 71.365(4m)(a), Wis. Stats.

4	

A lower-tier entity made an election pursuant to s. 71.21(6)(a), Wis. Stats.

C	 Shareholder’s percentage of stock ownership for taxable year  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 	 C

.

%

D	 Shareholder’s state of residence (if a full-year Wisconsin resident, items E, F, G, and H do not apply) . . . . . . . . . 	 D
E		

Check if shareholder’s Wisconsin amount is determined by apportionment. Apportionment percentage . . . . 	 E

F		

Check if shareholder’s Wisconsin amount is determined by separate accounting.

G		
				

Check if the shareholder is a nonresident and received an approved Form PW-2 to opt out of pass-through
entity withholding, or received a continuous PW-2 exemption.

H		
				
				

Check if the nonresident shareholder elected Wisconsin composite income tax be paid by the
tax-option (S) corporation on a Form 1CNS. Amount of Wisconsin composite income tax paid on behalf
of the nonresident shareholder	 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	 H

IC-056 (R. 8-23)

.

%

2023 Schedule 5K-1 Shareholder's Name

ID Number

Page 2 of 4

Part III	 Shareholder’s Share of Current Year Income, Deductions, Credits, and Other Items
(a)

(b)

(c)

Pro rata share items

Federal amount

Adjustment

(d)
Amount under
Wis. law

	 1	 Ordinary business income (loss) . . 	 1

1

	 2	

Net rental real estate income (loss)  . . 	 2

2

	 3	

Other net rental income (loss) . . . . 	 3

3

	 4	

Interest income . . . . . . . . . . . . . . . . 	 4

4

	 5	

Ordinary dividends  . . . . . . . . . . . . . 	 5

5

	 6	Royalties  . . . . . . . . . . . . . . . . . . . . 	 6

6

	 7	

Net short-term capital gain (loss) . . 	 7

7

	 8	

Net long-term capital gain (loss)  . . 	 8

8

	 9a	 Net section 1231 gain (loss)  . . . . . 	 9a

9a

	9b	 Portion of the amount on line 9a
		
attributable to gains on sales of
		
farm assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9b

10	

Other income (loss) (see instructions)

		a	10a

10a

		b	10b
	
	 c	 Total (add lines 10a and 10b)  . . .  	10c

10b

11	

Section 179 deduction  . . . . . . . . .  11

11

12	

Other deductions:

10c

	 a	 Contributions  . . . . . . . . . . . . . . . .  12a

12a

	 b	 Investment interest expense  . . . .  12b

12b

	 c	 Section 59(e)(2) expenditures  . . .  12c

12c

	 d	 Other deductions
		 (attach schedule)  . . . . . . . . . . . . .  12d

12d

13	

Wisconsin credits

	a	Schedule	
...........................................................
	
...........................................................
	 b	Schedule	
	
...........................................................
	 c	 Schedule	
	
...........................................................
	 d	 Schedule	
	
...........................................................
	 e	 Schedule	
	
...........................................................
	 f	 Schedule	
	
...........................................................
	 g	 Schedule	
	
...........................................................
	 h	 Schedule	
	
	 i	 Tax paid to other states
		 (enter postal abbreviation)	  . . . . . .  13i-1
..................................

13a
13b
13c
13d
13e
13f
13g
13h

13i-1

			

13i-2

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13i-2

			

13i-3

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13i-3

	j	 Wisconsin tax withheld
	

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13j

(e)
Wis. source amount
(see instructions)

2023 Schedule 5K-1 Shareholder’s Name

ID Number

(a)

(b)

(c)

Pro rata share items

Federal amount

Adjustment

14		 Schedule K-3 is attached
		 if checked (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
15		 Alternative minimum tax (AMT) 	
		 items (list):
	 a			

15a

	 b				15b
16a		 Tax-exempt interest income  . . 	 16a

16a

	 b	 Other tax-exempt income  . . . . 	 16b
	
	 c	 Nondeductible expenses  . . . . 	 16c
	
	 d		 Property distributions  . . . . . . . 	 16d

16b

	 e		 Repayment of loans from
			 shareholders  . . . . . . . . . . . . . . 	 16e

16c
16d

16e

	 f		 Foreign taxes paid or accrued .	 16f
	
	17a	 Investment income  . . . . . . . . . 	 17a

16f

	 b	 Investment expenses  . . . . . . . 	 17b

17b

	 c	 Dividend distributions paid
		 from accumulated earnings
	 	 and profits  . . . . . . . . . . . . . . . . 	 17c

17c

17a

	 d	 Other items and amounts (list):
		
1		

17d-1

17d-1

		
2		

17d-2

17d-2

			 17d-2)  . . . . . . . . . . . . . . . . 	 17d-3

17d-3

		
3	 Total (add lines 17d-1 and
18a		

Related entity expense addback . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18a

	 b	 Related entity expense allowable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  18b
19			 Income (loss)

Page 3 of 4
(d)
Amount under
Wis. law

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

20			 Gross income (before deducting
		 expenses) from all activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

(e)
Wis. source amount
(see instructions)

2023 Schedule 5K-1 Shareholder’s Name

ID Number

Part IV	 Schedule 5K-1 - Shareholder’s Share of Additions and Subtractions
Additions:
	 1	 State taxes accrued or paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 	 1
	 2	 Related entity expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 	2
	 3	 Expenses related to nontaxable income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 	3
	 4	 Section 179, depreciation, amortization difference (attach schedule). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 	4
	 5	 Amount by which the federal basis of assets disposed of exceeds the Wisconsin basis
		(attach schedule). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 	5
	6	 Total additions for certain credits computed:
		a	 Business development credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 	 6a
		b	 Community rehabilitation program credit . . . . . . . . . . . . . . . . . . . . . 	 6b
		c	 Development zones credits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 	 6c
		d	 Economic development tax credit . . . . . . . . . . . . . . . . . . . . . . . . . . 	 6d
		e	 Electronics and information technology manufacturing zone credit		 6e
		f	 Employee college savings account contribution credit. . . . . . . . . . . 	 6f
		g	 Enterprise zone jobs credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 	 6g
		h	 Jobs tax credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 	 6h
		i	

Manufacturing and agriculture credit (computed in 2022) . . . . . . . . 	 6i

		j	

Reserved for future use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 	 6j

		k	 Research credits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 	 6k
		l	

Total credits (add lines 6a through 6k). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 	 6l

	 7	 Adjustment for built-in gains tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 	 7
	 8	 Additions for federal capital gains and excess net passive income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . 	 8
	9	 Other additions:
		a	

9a

		b	

9b

		c	

9c

		d	 Total other additions (add lines 9a through 9c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 	 9d
	10	 Total additions (add lines 1 through 5, 6l through 8, and 9d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 	 10
Subtractions:
	11	 Related entity expenses eligible for subtraction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 	11
	12	 Income from related entities whose expenses were disallowed (obtain Schedule RT-1 from related
		 entity and submit with your return) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 	12
13	 Section 179, depreciation/amortization of assets (attach schedule) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 	13
14	 Amount by which the Wisconsin basis of assets disposed of exceeds the federal basis
		(attach schedule). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 	14
15	 Adjustment for built-in gains tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 	15
16	 Federal wage credits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 	16
17	 Federal research credit expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 	17
18	 Commercial loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 	18
19	 Other subtractions:
		a	

19a

		b	

19b

		c	

19c

		d	 Total other subtractions (add lines 19a through 19c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 	19d
20	 Total subtractions (add lines 11 through 18 and 19d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 	20
21	 Total adjustment (subtract line 20 from line 10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 	21

Page 4 of 4