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Screen WI6198 - Wisconsin At-Risk (1120)
Show all hidden content
Overview
Use this screen to enter at-risk information for farms, farm rentals, rent and royalty properties, and K-1 pass-through entities. It is important to report any state-related law differences and details in this screen. The data entered generates WI Form 6198 and the WI At-Risk Limitation Worksheet for each at-risk entity.
The application automatically combines information entered throughout the return and determines the allowed losses for an activity. For K1 activities subject to at-risk limitations, the application automatically includes the amount in the Screen WIK1-4,
Other tax-exempt income
field, on WI Form 6198, Part I as other income and uses it in the allocation of the at-risk amount. In addition, the Nondeductible expenses (S Corp)
field in Screen WIK1-4 is automatically included as WI Form 6198, Part I other deductions and is used in the allocation of the at-risk amount.Information entered in Screen WISale and in the
Schedule D detail
statement in Screen WID is connected to an activity using the form / schedule and unit number business activity codes. When these codes agree with this screen, the application invokes the at-risk calculations, potentially limiting the losses. If the losses from the activity are limited due to at-risk rules, the WI At-Risk Limitation Worksheet details the loss allowed and disallowed. Note that the application may further adjust the passive activity calculation.note
If any line on Part I of the Wisconsin Form 6198 has an override, enter the allowable loss or carryover in the appropriate input screen.
General Information
Total amount of losses deducted in prior years beginning after 1978
Use this field to enter the limit to which the prior losses are recognized as income due to reductions in the amount at-risk to less than zero for this activity. If this field is blank, the application assumes that there is no limit to the recapture amount. Enter
0
(zero) if there is no amount subject to recapture. Recapture amounts are reported on Schedule 4V, Wisconsin Additions to Federal Income.Amount At-Risk
Beginning at-risk amount
Amounts in the
Beginning at-risk amount
field transfer to the appropriate lines in Part II or Part III of Wisconsin Form 6198 based on the entry in the Beginning at-risk code
field. Don’t enter an amount less than zero.At effective date: Increase / Decrease in at-risk
Enter the increase and decrease in at-risk at effective date. The application uses these amounts in the Part III detailed at-risk calculation when
2
is entered in the Beginning at-risk code
field.Since effective date or end of your prior tax year: Increase / Decrease in at-risk
Enter the increase and decrease in at-risk since the effective date for a detailed calculation when
2
is entered in the Beginning at-risk code
field; or enter the increase or decrease since the end of your prior tax year for the simplified calculation or for the detailed calculation when 3
is entered in the Beginning at-risk code
field.Carryover
Short-term capital loss
Enter the Schedule D short-term loss that was disallowed in a prior year due to at-risk limitations. The application combines this amount with other at-risk activities from Schedule D short-term losses and reports this information as a single line item on Schedule D, line 1.
Long-term capital loss
Enter the Schedule D long-term loss that was disallowed in a prior year due to at-risk limitations. The application combines this amount with other at-risk activities from Schedule D long-term losses and reports this information as a single line item on Schedule D, line 8.
Section 1231 loss
Enter the Form 4797, Part I loss that was disallowed in a prior year due to at-risk limitations. The application combines this amount with other at-risk activities from Form 4797, Part I losses and reports this information as a single line item on Form 4797, line 2.
Ordinary business loss
Enter the Form 4797, Part II loss that was disallowed in a prior year due to at-risk limitations. The application combines this amount with other at-risk activities from Form 4797, Part II losses and reports this information as a single line item on Form 4797, line 10.