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Screen WIK1-7 — Wisconsin Schedule K-1, 1065/1120S — PAL, Carryovers, PTP (1040)

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Overview

Use the
WIK1
 to
WIK1-7
 screens to calculate the Wisconsin K-1 Reconciliation Worksheets. Amounts that appear in these screens transfer from federal
K1
 screens or the state allocation spreadsheet.

Passive Activity and Carryover Information

The information in this section is transferred to this screen from federal
K1-7
  and
K1-St
 screens.
When state-specific carryover information is available for proforma, the information is proforma’d to the corresponding federal input screen for the activity.
  • Total Sources
     information is proforma’d to federal
    K1-St
     screen with ZIP Code
    WI
    .
  • Wisconsin Sources
     carryover information is proforma’d to the federal
    K1-St
     screen with ZIP Code
    WS
     (Wisconsin Source). The information is federal-to-state transferred to this screen.
    Wisconsin Sources
     fields that are blank are assumed to be zero. The calculation doesn't default to
    Total Sources
     amounts.
Section 179: Wisconsin Sources Regular
Section 179 amounts data-entered in UltraTax CS represent
elected
 amounts. UltraTax CS calculates the Section 179 expense deduction enabled for Wisconsin Sources income by:
  1. Combining the
    Wisconsin Sources Section 179 carryover
     amount with the
    current-year Wisconsin Sources elected amount
    .
  2. Multiplying that combined total by the ratio calculated by dividing
    Total Sources Section 179 expense allowed
     by
    Total Sources Section 179 expense elected
    .

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