Schedule5S-ET: Entity-Level Tax Computation (2024)
Wisconsin · Wisconsin DOR · Used for tax years 2024
Wisconsin Schedule 5S-ET computes entity-level tax and is filed with Form 5S. It reports income, deductions, taxable income, and a credit for net tax paid to another state to determine the tax entered on Form 5S.
What you'll need
For the 2024 Schedule 5S-ET, have these forms and details available:
- Wisconsin Form 5S: Schedule 5S-ET must be filed with it.
- Schedule ET-OS, if claiming the credit for net tax paid to another state: Schedule 5S-ET uses the amount from line 22.
- Name and identifying number.
- Income and deduction amounts: The schedule asks for business and rental income or losses, interest, dividends, royalties, capital gains or losses, section 1231 gains or losses, and other income. Deductions include section 179, investment interest expense, section 59(e)(2) expenditures, and other deductions.
The schedule has columns for residents, nonresidents, entity-level adjustments, and totals.
How to file
File the 2024 Schedule 5S-ET with Wisconsin Form 5S. Enter the tax amount from Schedule 5S-ET, line 20, on Form 5S, page 1, line 7.
The supplied form does not give a mailing address or e-filing instructions.
Questions people ask
How is taxable income calculated?
Subtract total deductions on line 16 from total income on line 11. Enter the result on line 17.
What tax rate does the 2024 schedule use?
Line 18 multiplies taxable income on line 17 by 7.9% (0.079). If line 17 is less than zero, enter 0 on line 18.
Where do I enter the credit for net tax paid to another state?
Enter the amount from Schedule ET-OS, line 22, on Schedule 5S-ET, line 19.
What if the credit is larger than the tax on line 18?
Enter 0 on line 20. Otherwise, subtract line 19 from line 18. Transfer the line 20 amount to Form 5S, page 1, line 7.