Schedule3K-1: Partner's Share of Income, Deductions, Credits, etc. (2024)
Wisconsin · Wisconsin DOR · Used for tax years 2024
Wisconsin Schedule 3K-1 reports a partner’s share of partnership income, deductions, credits, and other items for 2024. It shows federal amounts, Wisconsin adjustments, amounts under Wisconsin law, and Wisconsin-source amounts, along with information about the partner’s ownership
What you'll need
The form asks for the partnership’s and partner’s names, addresses, and tax identification numbers, along with the partner’s share of income, deductions, credits, liabilities, and capital account information.
Include these documents when applicable:
- Schedule AR for an amended Schedule 3K-1.
- An attached schedule for other items and amounts reported on Part III, line 20c.
- Attached schedules for the Section 179, depreciation, amortization, and asset-basis differences reported on Part V, lines 4, 5, 11, and 12.
- Schedule RT-1 from the related entity for Part V, line 10, income from related entities whose expenses were disallowed. The form says to include it with your return.
Common mistakes
- Leaving out Schedule AR when amending. The amended 3K-1 checkbox says to include Schedule AR.
- Completing items H through K for a full-year Wisconsin resident. The form says these items do not apply.
- Completing Part IV for a resident estate, trust, or individual partner. The form says Part IV does not apply to these partners.
- Using both apportionment methods in Part IV. For the Wisconsin single sales factor method, do not complete lines 26 through 28. For the multiple factor method, do not complete line 25.
- Omitting Schedule RT-1 for Part V, line 10. Obtain it from the related entity and include it with your return.
Questions people ask
What does Schedule 3K-1 report?
It reports a partner’s share of income, deductions, credits, and other items. It also includes partnership and partner information, capital account information, apportionment factors, and Wisconsin additions and subtractions.
How do I mark a final or amended Schedule 3K-1?
Use the applicable checkbox in Part II, item C. For an amended Schedule 3K-1, include Schedule AR.
What information is requested if the partner is a disregarded entity or trust?
Part II asks for information about the taxpayer or owner of the disregarded entity or trust, as well as the partner’s information.
Where is composite income tax paid for a nonresident partner reported?
Part II, item K has a checkbox for a nonresident partner who elected to have the partnership pay Wisconsin composite income tax on Form 1CNP. Enter the amount paid on the partner’s behalf in item K.
How is the total adjustment in Part V calculated?
Subtract total subtractions on line 16 from total additions on line 8. Enter the result on line 17.