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Screen WIK-3 - Wisconsin Schedule 3K - Other and Sale (1065)
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Other
Tax-exempt interest income
The application automatically transfers amounts from the federal K-4 screen to this 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 tax-exempt income
The application automatically transfers amounts from the federal M1M2 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.
Nondeductible expenses
The application automatically transfers amounts from the federal M1M2 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 calculated amounts:
- The nondeductible portion of meals expense entered in the federal Inc screen
- The nondeductible portion of meals expense entered in the WIF2, WIFR2, and WIRent screens
- The nondeductible portion of taxes entered in the WIOrd, WIK, WIF2, WIFR2, and WIRent screens
- The nondeductible portion of conservation expense entered in the WIF2 and WIFR2 screens
Investment income (Force)
Investment income is calculated by adding Form 3, Page 2, lines 5, 6, and 7, column d. In addition, each partner’s amount is calculated based on the partner’s share of the same items. Select
Ptr Alloc
to change the allocation of investment income.Gross income (Force): Nonresident gross income (Force)
Enter the total amount of gross income that is reportable on Schedule 3K-1, Page 2, line 22. If this field is blank, the application uses the total gross receipts reported on Form 3 plus the net income amounts from Wisconsin Schedule F and Wisconsin Form 4835. If not specially allocated, the application allocates the amount to partners according to their profit-sharing percentages.
Disposal of Property with Section 179 Expense in Prior Year
Gain / loss reported separately on Form 3, line 20c
Wisconsin requires partnerships to separately report the disposition of assets where Section 179 expense was claimed in a prior year. These dispositions are no longer reported on the Wisconsin version of Form 4797 and 8824, but instead are reported on Form 3, Page 5, line 20c. This amount is calculated from information entered in the WI8824PT, WIPT and WIK1PT screens.
The application reduces the basis of the asset by the amount of the Section 179 deduction when calculating the gain or loss. This amount will be included on Form 3 and Form 1CNP. Use the
Force
field to override the calculated amount. If 0
(zero) is entered, no adjustment will be made.note
The IRS requires partnerships to separately report the disposition of assets where Section 179 expense was claimed in the prior year. These dispositions are no longer reported on Forms 4797 and 8824, but instead are reported on federal Schedule K, line 20c. This amount is calculated from information entered in the federal 8824PT screen, SalePT screen, and K1Sale screen and included on Form 3, Page 3, line 20c; Form 3; and Form 1CNP. Use the
Force
field to override the calculated amount.Section 179 included in gain / loss
This field contains the total Section 179 expense deduction that was originally claimed on the assets disposed of during the tax year. This amount is provided for reference purposes only.