×
tax forms found in
Tax Form Code
Tax Form Name

Wisconsin Free Printable 2023 IC-042 Form 5R Wisconsin Revocation of Election by an S Corporation Not to Be a Tax-Option Corporation for 2024 Wisconsin Wisconsin Revocation of Election by an S Corporation Not to Be a Tax-Option Corporation

Tax day has passed, and refunds are being processed! You can still e-file a late tax return here with TurboTax

It appears you don't have a PDF plugin for this browser. Please use the link below to download 2023-wisconsin-form-5r.pdf, and you can print it directly from your computer.

Wisconsin Revocation of Election by an S Corporation Not to Be a Tax-Option Corporation
2023 IC-042 Form 5R Wisconsin Revocation of Election by an S Corporation Not to Be a Tax-Option Corporation

Form 5R Wisconsin Department of Revenue Corporation Name Wisconsin Department of Revenue PO Box 8908 Madison WI 53708-8908 A Federal Employer ID Number Number and Street Suite Number State City Mail this form to: Wisconsin Revocation of Election by an S Corporation Not to Be a Tax-Option Corporation ZIP Code (+ 4 digit suffix if known) C Number of Shareholders B State of Incorporation and Year D Number of Shares Issued and Outstanding E Revocation is to be effective for taxable year beginning: M M D D Y Y Y Y The undersigned, owning in total more than 50% of the issued and outstanding shares of the above S corporation on the date of this revocation, consent to have the corporation be treated as a tax-option corporation for Wisconsin franchise or income tax purposes. This revocation will be effective for the taxable year indicated above. Each shareholder, in signing this revocation, declares that the information with respect to his or her name, address, federal identifying number, and stock ownership has been examined and, to the best of the shareholder’s knowledge and belief, is true, correct, and complete. Name and Address of Shareholder Federal Identifying Number Stock Owned Number of Shares Date Acquired Shareholder’s Signature I, the undersigned authorized officer of the corporation for which this revocation is made, have personally examined this revocation, including any accompanying schedules and statements, and declare that it is, to the best of my knowledge and belief, true, correct, and complete. Signature IC-042 (R. 8-23) Title Date Form 5R Instructions General Instructions Specific Instructions Purpose of Form – A federal S corporation that has elected not to be a tax-option corporation for Wisconsin tax purposes and that subsequently wishes to elect Wisconsin tax-option status uses Form 5R to revoke the “opt-out” election. As a result of revoking the “opt-out” election, the income of the tax-option (S) corporation will be taxed to the shareholders of the corporation rather than to the corporation itself, with certain exceptions. Fill in the corporation’s name and address and enter the appropriate information in items A through E. Who May Revoke – Once the election not to be a taxoption corporation for Wisconsin purposes has been completed, it remains in effect for the corporation and any successors for at least the next 4 taxable years after the taxable year to which the election first applies. After this 5-year period, the “opt-out” election may be revoked. The revocation requires the consent of persons who hold more than 50% of the shares of the S corporation on the day the revocation is made. Exception: The “opt-out” election is automatically revoked for the taxable year in which a federal S corporation acquires a qualified Subchapter S subsidiary (QSub) for federal purposes. Since neither the S corporation nor the QSub may elect out of Wisconsin tax-option (S) treatment, it is not necessary to file Form 5R. When to Revoke – You must file Form 5R on or before the due date, or extended due date, of the first Wisconsin corporation franchise or income tax return affected by the revocation. Corporations that are treated as tax-option (S) corporations for Wisconsin purposes must file Wisconsin Form 5S, Wisconsin Tax-Option (S) Corporation Franchise or Income Tax Return. Applicable Laws and Rules This document provides statements or interpretations of the following provisions of Wisconsin Statutes in effect as of August 22, 2023: chs. 71 and 77, Wis. Stats. and chs. Tax 1, 2 and 3 Wis. Adm Code. Enter in the space provided the name, address, and federal identifying number (social security number for individuals and federal employer identification number for estates, qualified trusts, and exempt organizations) of each shareholder who is signing the revocation. Also enter for each shareholder the number of shares owned and the date the stock was acquired. If the shareholder acquired stock on more than one date, enter the last date on which that shareholder acquired stock. Each shareholder must sign in the space indicated. If the stock is held as community property or if the income from the stock is community property, the consent must be signed by both husband and wife. Wisconsin’s marital property is a form of community property. If you need additional space, attach a schedule containing the required information. An authorized officer of the corporation must sign this form in the space provided.
Extracted from PDF file 2023-wisconsin-form-5r.pdf, last modified September 2023

More about the Wisconsin Form 5R Corporate Income Tax TY 2023

We last updated the Wisconsin Revocation of Election by an S Corporation Not to Be a Tax-Option Corporation in February 2024, so this is the latest version of Form 5R, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 5R directly from TaxFormFinder. You can print other Wisconsin tax forms here.


eFile your Wisconsin tax return now

eFiling is easier, faster, and safer than filling out paper tax forms. File your Wisconsin and Federal tax returns online with TurboTax in minutes. FREE for simple returns, with discounts available for TaxFormFinder users!

File Now with TurboTax

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 3 Form 3 Partnership Return
Form 4 Wisconsin Non-Combined Corporation Franchise or Income Tax Return
Schedule FC Farmland Preservation Credit

Download all WI tax forms 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 Form 5R from the Department of Revenue in February 2024.

Show Sources >

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 Form 5R

We have a total of twelve past-year versions of Form 5R in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2023 Form 5R

2023 IC-042 Form 5R Wisconsin Revocation of Election by an S Corporation Not to Be a Tax-Option Corporation

2022 Form 5R

2022 IC-042 Form 5R Wisconsin Revocation of Election by an S Corporation Not to Be a Tax-Option Corporation

2021 Form 5R

2021 IC-042 Form 5R Wisconsin Revocation of Election by an S Corporation Not to Be a Tax-Option Corporation

2020 Form 5R

2020 IC-042 Form 5R Wisconsin Revocation of Election by an S Corporation Not to Be a Tax-Option Corporation

2019 Form 5R

2019 IC-042 Form 5R Wisconsin Revocation of Election by an S Corporation Not to Be a Tax-Option Corporation

2018 Form 5R

2018 IC-042 Form 5R Wisconsin Revocation of Election by an S Corporation Not to Be a Tax-Option Corporation

2017 Form 5R

2017 IC-042 Form 5R Wisconsin Revocation of Election by an S Corporation Not to Be a Tax-Option Corporation

2016 Form 5R

2016 IC-042 Form 5R Wisconsin Revocation of Election by an S Corporation Not to Be a Tax-Option Corporation

Wisconsin Revocation of Election by an S Corporation Not to Be a Tax-Option Corporation 2015 Form 5R

2015 IC-042 Form 5R Wisconsin Revocation of Election by an S Corporation Not to Be a Tax-Option Corporation (fillable)

Wisconsin Revocation of Election by an S Corporation Not to Be a Tax-Option Corporation 2013 Form 5R

2013 IC-042 Form 5R Wisconsin Revocation of Election by an S Corporation Not to Be a Tax-Option Corporation

2012 Form 5R

2012 IC-042 Form 5R Wisconsin Revocation of Election by an S Corporation Not to Be a Tax-Option Corporation

2011 Form 5R 2011 Form 5R

2011 Form 5R - Wisconsin Revocation of Election by an S Corporation Not to Be a Tax-Option Corporation (pdf fillable format)


TaxFormFinder Disclaimer:

While we do our best to keep our list of Wisconsin Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.

** This Document Provided By TaxFormFinder.org **
Source: http://www.taxformfinder.org/wisconsin/form-5r