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Shareholder Information > Schedule 5K-1 dialog (1120-WI)

Use the
Schedule 5K-1
 window to enter Wisconsin-specific shareholder information for Schedule 5K-1 - Tax-Option (S) Corporation Shareholder's Share of Income, Deductions, among others.
You'll need to have a client with Wisconsin attached. Select
View
,
Shareholder Information
, the
Wisconsin
 tab, then
Schedule 5K-1
.

Fields and buttons

Select the appropriate shareholder's name.
If the shareholder is a disregarded entity or grantor trust, enter the identifying number and name of the member or grantor to whom the income on Schedule 5K-1 will be reported. UltraTax CS prints this information on Schedule 5K-1, Page 1.
Ultra Tax CS allocates the total manufacturing investment credit entered in
Manufacturer’s sales tax credit carryover
 on the
WIMI screen
on a pro-rata basis to each shareholder. If the manufacturing investment credit was not pro-rata, use this field to force the amount of credit on the shareholder's Schedule 5K-1. You can enter zero.
If the Wisconsin
adjustment
 to property distributions is not proportionate to each shareholder's ownership percentage, enter the Wisconsin adjustment amount in
Distributions including cash
. This amount transfers to Schedule 5K-1, column (c). If the Wisconsin adjustment to property distributions is proportionate to the shareholder's ownership percentage, leave this blank. UltraTax CS defaults to the Schedule 5K amount multiplied by the shareholders' ownership percentages. UltraTax CS calculates the Wisconsin amount for Schedule 5K-1, column (d).
If the Wisconsin
adjustment
 to dividend distributions paid is not proportionate to each shareholder's ownership percentage, enter the Wisconsin adjustment amount in
Dividends (Force)
. This amount transfers to Schedule 5K-1, column (c). UltraTax CS defaults to the Schedule 5K amounts multiplied by the shareholders' ownership percentages. UltraTax CS calculates the Wisconsin amount for column (d).
If the federal dividend distributions paid from accumulated earnings and profits are not proportionate to each shareholder's ownership percentage, enter the amount in
Federal dividends
 for Schedule 5K-1, column (b).
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