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Wisconsin Tax-Option (S) Corporation Shareholder's Share of Income, Deductions, Credits, etc.
Extracted from PDF file 2023-wisconsin-schedule-5k-1.pdf, last modified August 2023Tax-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
2023 Schedule 5K-1 Tax-Option (S) Corporation Shareholder's Share of Income, Deductions, Credits, etc.
More about the Wisconsin Schedule 5K-1 Corporate Income Tax Tax Credit TY 2023
We last updated the Tax-Option (S) Corporation Shareholder's Share of Income, Deductions, Credits, etc. in February 2024, so this is the latest version of Schedule 5K-1, fully updated for tax year 2023. You can download or print current or past-year PDFs of Schedule 5K-1 directly from TaxFormFinder. You can print other Wisconsin tax forms here.
Other Wisconsin Corporate Income Tax Forms:
TaxFormFinder has an additional 88 Wisconsin income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| Form 2 | Wisconsin Fiduciary Income Tax for Estates or Trusts |
| Schedule CC | Request for a Closing Certificate for Fiduciaries |
| Form 4 | Wisconsin Non-Combined Corporation Franchise or Income Tax Return |
| Schedule 5K-1 | Tax-Option (S) Corporation Shareholder's Share of Income, Deductions, Credits, etc. |
| Form 3 | Form 3 Partnership Return |
View all 89 Wisconsin Income Tax Forms
Form Sources:
Wisconsin usually releases forms for the current tax year between January and April. We last updated Wisconsin Schedule 5K-1 from the Department of Revenue in February 2024.
Schedule 5K-1 is a Wisconsin Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Wisconsin Schedule 5K-1
We have a total of eleven past-year versions of Schedule 5K-1 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2023 Schedule 5K-1
2023 Schedule 5K-1 Tax-Option (S) Corporation Shareholder's Share of Income, Deductions, Credits, etc.
2022 Schedule 5K-1
2022 Schedule 5K-1 Tax-Option (S) Corporation Shareholder's Share of Income, Deductions, Credits, etc.
2021 Schedule 5K-1
2021 Schedule 5K-1 Tax-Option (S) Corporation Shareholder's Share of Income, Deductions, Credits, etc.
2019 Schedule 5K-1
2019 IC-056 Schedule 5K-1 Tax-Option (S) Corporation Shareholder's Share of Income, Deductions, Credits, etc. (fillable)
2018 Schedule 5K-1
2018 Schedule 5K-1 Tax-Option (S) Corporation Shareholder's Share of Income, Deductions, Credits, etc.
2017 Schedule 5K-1
2017 Schedule 5K-1 Tax-Option (S) Corporation Shareholder's Share of Income, Deductions, Credits, etc.
2016 Schedule 5K-1
2016 Schedule 5K-1 Tax-Option (S) Corporation Shareholder's Share of Income, Deductions, Credits, etc.
2015 Schedule 5K-1
2015 IC-056 Schedule 5K-1 Tax-Option (S) Corporation Shareholder's Share of Income, Deductions, Credits, etc. (fillable)
2013 Schedule 5K-1
2013 IC-056 Schedule 5K-1 Tax-Option (S) Corporation Shareholder's Share of Income, Deductions, Credits, etc.
2012 Schedule 5K-1
2012 IC-056 Schedule 5K-1 Tax-Option (S) Corporation Shareholder's Share of Income, Deductions, Credits, etc.
2011 Schedule 5K-1
2011 IC-056 Schedule 5K-1 Tax-Option (S) Corporation Shareholder's Share of Income, Deductions, Credits, etc.
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