Schedule5K-1: Tax-Option (S) Corporation Shareholder’s Share of Income, Deductions, Credits, etc. (2024)
Wisconsin · Wisconsin DOR · Used for tax years 2024
Wisconsin Schedule 5K-1 reports a tax-option (S) corporation shareholder’s share of income, deductions, credits, and other tax items for 2024. It lists federal amounts, adjustments, amounts under Wisconsin law, and Wisconsin-source amounts.
What you'll need
Have the following information ready:
- The corporation’s name, address, and FEIN.
- The shareholder’s name, address, SSN or FEIN, shareholder type, stock ownership percentage, and state of residence.
- The shareholder’s share of income, deductions, credits, and other items, including federal amounts, adjustments, amounts under Wisconsin law, and Wisconsin-source amounts where applicable.
The form also calls for these attachments when applicable:
- Schedule AR for an amended Schedule 5K-1.
- A schedule for other deductions reported in Part III, line 12d.
- Schedules for the Section 179, depreciation, amortization, and asset-basis differences reported in Part IV, lines 4, 5, 13, and 14.
- Schedule RT-1 from the related entity for Part IV, line 12. The form says to submit it with your return.
Common mistakes
- Leaving out Schedule AR with an amended form. The amended 5K-1 checkbox says to include Schedule AR.
- Completing items E through H for a full-year Wisconsin resident. The form says these items do not apply to full-year Wisconsin residents.
- Omitting required supporting schedules. Attach schedules where requested for other deductions and the specified Section 179, depreciation, amortization, and asset-basis differences.
- Missing Schedule RT-1 for Part IV, line 12. Obtain it from the related entity and submit it with your return.
Questions people ask
What does Schedule 5K-1 report?
The 2024 schedule reports a tax-option (S) corporation shareholder’s share of income, deductions, credits, and other items. Part IV reports the shareholder’s share of additions and subtractions.
What amounts are shown in Part III?
Part III has columns for the federal amount, adjustment, amount under Wisconsin law, and Wisconsin-source amount.
What if the shareholder is a disregarded entity, estate, or trust?
The form asks for the name and identifying number of the taxpayer to whom the income will be reported.
Where is Wisconsin composite income tax reported?
Part II, item H, is for a nonresident shareholder who elected to have the corporation pay Wisconsin composite income tax on Form 1CNS. It includes a space for the amount paid on the shareholder’s behalf.
How is the total adjustment in Part IV calculated?
Subtract total subtractions on line 20 from total additions on line 10. Enter the result on line 21.