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

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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

Extracted from PDF file 2023-wisconsin-schedule-5k-1.pdf, last modified August 2023

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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.

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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 Tax Return
Schedule CC	Request for a Closing Certificate for Fiduciaries
Form 3	Form 3 Partnership Return Tax Return
Form 4	Wisconsin Non-Combined Corporation Franchise or Income Tax Return Tax Return
Schedule FC	Farmland Preservation Credit Tax 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 Schedule 5K-1 from the Department of Revenue in February 2024.

Show Sources >

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)

Tax-Option (S) Corporation Shareholder’s Share of Income, Deductions, Credits, etc. | Instructions

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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