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Screen WIAdjC — Wisconsin Adjustments (1120)

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Additions

Interest income from state or municipal obligations
The application transfers amounts from tax-exempt interest and expenses attributable to tax-exempt interest to this statement from the federal return, except amounts associated with K-1 pass-through entities. To include tax exempt interest and expenses in the return, enter adjustments in the
State Amount
 column of the statement.
State taxes
The application transfers amounts from the
Taxes and licenses
 statement in federal
Inc screen
 and
H screen
, as well as from taxes entered in the federal
Farm screen
,
Rent screen
, and the
4835 screen
. The application assumes these amounts are not taxable to Wisconsin. Enter adjustments to state and local income taxes in the
State Amount
 column of the statement.
Basis, section 179, depreciation and amortization adjustment (Force)
If the asset module is used, the application automatically transfers the difference between the Wisconsin and the federal basis, depreciation, section 179 expense, and amortization to the return. If the federal amounts are greater than the Wisconsin amounts, the difference is transferred to Schedule 4V, line 6. Otherwise, the difference is transferred to Schedule 4W, line 9. If the asset module is not used, enter the amount by which the federal amounts of basis, section 179, depreciation, and amortization exceeds the Wisconsin amounts into this field. This amount transfers to Schedule 4V, line 6.
note
Entries here override the amounts transferred from the asset module.
Basis of assets disposed adjustment (Force)
If the asset module is used, the application automatically transfers the difference between the federal and Wisconsin basis of assets disposed of to the return. If the federal basis of assets disposed of exceeds the Wisconsin basis, the difference transfers to Schedule 4V, line 7. Otherwise, the difference transfers to Schedule 4W, line 10. If the asset module is not used, enter the amount by which the federal basis exceeds the Wisconsin basis into this field. This amount transfers to Schedule 4V, line 7.
note
Entries here override the amounts transferred from the asset module.
Other additions
Enter other addition items to increase Wisconsin taxable income in the statement. To exclude an item from the state return, delete the amount or 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.

Subtractions

Income from related entities whose expenses were disallowed
Enter the amount of income from a related entity whose expenses were disallowed. Obtain Schedule RT-1 from the related entity and submit it with the return.
Basis, section 179, depreciation and amortization adjustment (Force)
If the asset module is used, the application automatically transfers the difference between the Wisconsin and the federal depreciation to the return. If the federal depreciation is greater than the Wisconsin depreciation, the difference transfers to Schedule 4V, line 6. Otherwise, the difference transfers to Schedule 4W, line 9. If the asset module is not used, enter the amount by which the federal depreciation exceeds the Wisconsin depreciation into this field. This amount is transferred to Schedule 4W, line 9.
note
Entries in this field override the amounts transferred from the asset module.
Basis of assets disposed adjustment (Force)
If the asset module is used, the application transfers the difference between the Wisconsin and federal basis of assets disposed of to the return. If the federal basis of assets disposed of exceeds the Wisconsin basis, the difference is transferred to Schedule 4V, line 7. Otherwise, the difference is transferred to Schedule 4W, line 10. If the asset module is not used, enter the amount by which the federal basis exceeds the Wisconsin basis in this field. This amount transfers to Schedule 4W, line 10.
note
Entries here override the amounts transferred from the asset module.
Other subtractions
Enter other subtraction items to decrease Wisconsin taxable income in the statement. To exclude an item from the state return, delete the amount or 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.
Charitable contributions
Amounts in this statement transfer from
Contributions (C Corp)
 in the federal
Inc screen
. The application limits contributions to 10 percent of the Wisconsin taxable income and displays the amount on Schedule 4W, line 13. Enter contribution carryovers from prior years in the
Excess Contributions
 fields in the
WICO screens
. To exclude an item from the state return, delete the amount or 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.
US obligations for income tax filers only
The application transfers amounts from the
US obligations interest (C Corp)
 statement in the federal
Inc screen
 . This field is for income tax filers. Income tax applies only to foreign corporations which are not subject to the franchise tax and which own property in Wisconsin or whose business in Wisconsin is exclusively in foreign or interstate commerce. Income from US obligations is not included in income under the income tax law. Enter adjustments to US obligations in the
State Amount
column of the statement. This amount transfers to Schedule 4W, line 13.

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