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Future of professionals report 2025
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Screen WISepK - Wisconsin Separately Stated Income and Expenses (1065)
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Income (Loss)
Guaranteed payments other than health insurance, pensions, and IRAs
Use the WIFR2, WIF2, WIInc, and WIRent screens to enter the deductible guaranteed payments for each activity. The application allocates the guaranteed payments to the partners based on the profit-sharing percentage. Select
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for each activity to allocate deductible guaranteed payments to the partners using ratios other than the profit-sharing percentage.Health insurance, pensions, and IRAs considered guaranteed payments to partners are not included in this partner allocation. To allocate these payments using ratios other than the profit-sharing percentage, use
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.The application combines the guaranteed payments including guaranteed payments for health insurance, pensions, and IRAs that are entered in the WIFR2, WIF2, WIInc, and WIRent screens. The application also combines nondeductible guaranteed payments you enter in this screen to calculate the total guaranteed payments for Schedule K, Guaranteed payments.
Guaranteed payments - nondeductible
Enter the nondeductible portion of guaranteed payments for each activity. The application allocates the amount to the partners based on the profit-sharing percentage. Select
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to allocate nondeductible guaranteed payments to the partners using ratios other than the profit-sharing percentage.The application combines the guaranteed payments including guaranteed payments for health insurance, pensions, and IRAs that are entered in the WIFR2, WIF2, WIInc, and WIRent screens. The application also combines nondeductible guaranteed payments you enter in this screen to calculate the total guaranteed payments for Schedule K, Guaranteed payments.
Section 1231 gain (loss)
The application automatically calculates the section 1231 gain (loss) from the sale of business property for each activity. Select
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for each activity to allocate section 1231 gain (loss) to the partners using ratios other than the profit-sharing percentage.Deductions
Section 179 expense
The application automatically calculates the Section 179 expense for each activity based on data entry in the asset module or in the WI4562r screen. To force the application to use a specific Section 179 expense amount, enter the amount, including 0, in these fields. If an amount is entered for any activity, then all activities need to be forced.
note
Use the WIOthAst screen in the General folder to use an amount different than the amount the application calculates for the total cost of Section 179 property placed in service this year, the maximum dollar limit, and the business income limitation.
Health insurance considered guaranteed payments to partners
Use the WIFR2, WIF2, WIInc, and WIRent screens to enter health insurance considered guaranteed payments to partners for each activity. The application allocates the health insurance considered guaranteed payments to the partners based on the profit-sharing percentage. Select
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for each activity to allocate health insurance considered guaranteed payments to the partners using ratios other than the profit-sharing percentage.The application combines the guaranteed payments including guaranteed payments for health insurance, pensions, and IRAs that are entered in the WIFR2, WIF2, WIInc, and WIRent screens. The application also combines nondeductible guaranteed payments you enter in this screen to calculate the total guaranteed payments for Schedule K, Guaranteed payments.
Pensions and IRAs considered guaranteed payments to partners
Use the WIFR2, WIF2, WIInc, and WIRent screens to enter pensions and IRAs considered guaranteed payments to partners for each activity. The application allocates the pension and IRAs considered guaranteed payments to the partners based on the profit-sharing percentage. Select
Ptr Alloc
for each activity to allocate pensions and IRAs considered guaranteed payments to the partners using ratios other than the profit-sharing percentage.The application combines the guaranteed payments including guaranteed payments for health insurance, pensions, and IRAs that are entered in the WIFR2, WIF2, WIInc, and WIRent screens. The application also combines nondeductible guaranteed payments you enter in this screen to calculate the total guaranteed payments for Schedule K, Guaranteed payments.