Triva isn't available right now.
Check out the support page for our phone number and hours
Screen WIK1 - Wisconsin Passthrough Schedule 3K-1 - Income (1065)
Show all hidden content
Overview
Use this screen to enter passthrough information for Form 3 and Schedule 3K-1. The application automatically transfers all applicable K1 screen information to this input screen.
To change amounts for the Wisconsin return, enter data in the applicable fields or statements in this input screen. Amounts that are specially allocated for federal purposes need to be specially allocated for state purposes.
Income
Net income (loss) from rental real estate activities
The application automatically transfers all passthrough net rental real estate income (loss) amounts from the federal K-1 screen to the statement. To classify federal amounts for Wisconsin purposes, enter the appropriate code from the fieldview list of available options.
Loc Code | Description | Destination |
|---|---|---|
I | Instate (default) | Wisconsin Form 8825, line 20a; Form 3, line 2, column d; Schedule 3K-1, line 2, column d for all partners and column e for nonresident and part-year resident partners |
O | Out of State | Wisconsin Form 8825, line 20a; Form 3, line 2, column d; and Schedule 3K-1, line 2, column d |
The instate and out of state classifications only apply if separate accounting is selected in the WIGen screen. Otherwise, the application ignores the classifications and uses the Wisconsin partner amounts multiplied by the apportionment percentage for nonresident and part-year resident partners.
Net income (loss) from other rental activities
The application automatically transfers all passthrough net other rental income (loss) amounts from the federal K-1 screen to the statement. To classify federal amounts for Wisconsin purposes, enter the appropriate code from the fieldview list of available options.
Loc Code | Description | Destination |
|---|---|---|
I | Instate (default) | Form 3, line 3, column d; and Schedule 3K-1, line 3, column d for all partners and column e for nonresident and part-year resident partners |
O | Out of State | Form 3, line 3, column d; and Schedule 3K-1, line 3, column d |
The instate and out of state classifications only apply if separate accounting is selected in the WIGen screen. Otherwise, the application ignores the classifications and uses the Wisconsin partner amounts multiplied by the apportionment percentage for nonresident and part-year resident partners.
Interest
The application automatically transfers interest income amounts from the federal K-1 screen to the statement. Interest income from U.S. obligations is automatically transferred to a statement for Schedule 3K-1, Page 2, line 20c. 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.
Total ordinary dividends
The application automatically transfers dividend income amounts from the federal K1 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 notwon'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.
Royalties
The application automatically transfers all passthrough royalty income amounts from the federal K1 screen to the statement. To classify federal amounts for Wisconsin purposes, enter the appropriate code from the fieldview list of available options.
Loc Code | Description | Destination |
|---|---|---|
I | Instate (default) | Form 3, line 7, column d; and Schedule 3K-1, line 7, column d for all partners and column e for nonresident and part-year resident partners |
O | Out of State | Form 3, line 7, column d; and Schedule 3K-1, line 7, column d |
The instate and out of state classifications only apply if separate accounting is selected in the WIGen screen. Otherwise, the application ignores the classifications and uses the Wisconsin partner amounts multiplied by the apportionment percentage for nonresident and part-year resident partners.
Net short-term / long-term capital gain (loss)
Enter the appropriate amounts to complete Schedule D with Wisconsin amounts if they are different from the federal passthrough amounts. The application classifies these amounts as nonbusiness income.
Other income (loss) items: Other portfolio income (loss)
The application automatically transfers amounts from the federal K1 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.
Other income (loss)
The application automatically transfers amounts from the federal K1 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.
Section 1202 gain - 50% / 60% / 75% / 100% exclusion
Enter section 1202 gains from the passthrough activity. By default, the application transfers these amounts to Schedule D. To subtract the amounts in these fields from Schedule K, Net long-term capital gain (loss) and include the amounts in Schedule K, Other income (loss), mark the checkbox for
Partnership qualifies for section 1202 exclusion
in the General Information section of the federal K1 screen.