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Screen WIK - Wisconsin Schedule 3K - Income (Loss) (1065)

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Income (Loss)

Interest income
The application automatically transfers interest income amounts from the federal K screen to the statement. Interest income from U.S. obligations is automatically transferred to a statement for Schedule 3K-1, line 20. To exclude an item from the state return, delete the amount, enter a 0, or delete the entire line item from the statement. The application displays the modified column in black and won't overwrite the new data with subsequent federal-to-state data transfers. For more information (including details on setting a user preference to mark fields for which you overruled the transferred amount), see Statements overview.
Ordinary dividends
The application automatically transfers dividend income amounts from the federal K screen to the statement. To exclude an item from the state return, delete the amount, enter a 0, or delete the entire line item from the statement. The application displays the modified column in black and will not overwrite the new data with subsequent federal-to-state data transfers. For more information (including details on setting a user preference to mark fields for which you overruled the transferred amount), see Statements overview.
Portion of section 1231 gain attributable to sales of farm assets (Force)
Enter an amount, including
0
 (zero), in this field to force (override) the calculated amount. The application automatically calculates this amount from the section 1231 gains attributable to farms and farm rentals from lines 2 through 6 of the Wisconsin Form 4797. Since these amounts qualify for special long-term capital gain treatment and are subject to greater capital gain exclusion, Wisconsin requests that they be separated and identified on Schedule 3K-1, line 10b.
Other income (loss)
The application automatically transfers amounts from the federal K screen to the statement. To exclude an item from the state return, delete the amount, enter a 0, or delete the entire line item from the statement. The application displays the modified column in black and won't overwrite the new data with subsequent federal-to-state data transfers. For more information (including details on setting a user preference to mark fields for which you overruled the transferred amount), see Statements overview.
The application adds the items entered in the statement attached to this field to the following items:
  • Wisconsin Form 4797 income (loss) (that was specially allocated)
  • Wisconsin Schedule F income (loss) (that was specially allocated)
  • Wisconsin Form 4684 amounts
  • Gains or losses from nondepreciable personal property
  • Mining exploration costs recapture
  • Cancellation of debt
  • Taxes applicable to Wisconsin ordinary income (that were specially allocated)
  • Wisconsin depletion (that was specially allocated)
  • The deductible portion of entertainment expense applicable to ordinary income (that was specially allocated)
  • Wisconsin ordinary income and Schedule F depreciation and amortization amounts (that were specially allocated and reported by activity on the federal return)
Other portfolio income (loss)
The application automatically transfers amounts from the federal K screen to the statement. To exclude an item from the state return, delete the amount, enter a 0, or delete the entire line item from the statement. The application displays the modified column in black and won't overwrite the new data with subsequent federal-to-state data transfers. For more information (including details on setting a user preference to mark fields for which you overruled the transferred amount), see Statements overview.
Mining exploration costs recapture
The application automatically transfers all applicable Screen K information to this input screen. If the mining exploration costs recapture amount entered on federal Screen K is different for Wisconsin purposes, change the state amount in this field.
Cancellation of debt
The application automatically transfers all applicable K screen information to this input screen. If the cancellation of debt amount entered in the federal K screen is different for Wisconsin purposes, change the state amount in this field.
Short-term / Long-term capital gain (loss) nondepreciable personal property
The application automatically transfers nondepreciable personal property used in trade or business amounts from the federal K screen to these statements. Enter the amounts of business short-term and long-term capital gains or losses attributable to nondepreciable personal property reported on Schedule D that are different for Wisconsin reporting. The amounts entered here are subtracted from the amounts on Wisconsin Schedule D when transferred to Form 3, lines 8 and 9, column d, and are included in Form 3, line 11, column d, Other income (loss). To exclude an item from the state return, delete the amount, enter a 0, or delete the entire line item from the statement. The application displays the modified column in black and won't overwrite the new data with subsequent federal-to-state data transfers. For more information (including details on setting a user preference to mark fields for which you overruled the transferred amount), see Statements overview.
Form 4684 long-term loss from trade / business property / … / Form 4684 long-term gain
Select
Ptr Alloc
 to specially allocate the amounts calculated on Wisconsin Form 4684, Page 2. These amounts are automatically transferred from Wisconsin 4684, Page 2 and included in Form 3, line 11, column d, Other income (loss).
Section 1202 gain 50% / 60% / 75% 100% exclusion
Select
Ptr Alloc
 to specially allocate the income from qualified small business stock. If the amount isn't specially allocated, the application calculates the partner’s amounts based on the federal profit sharing percentages.

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