ScheduleCU-1: Credit Union Adjustment to Income (2024)
Wisconsin · Wisconsin DOR · Used for tax years 2024
Wisconsin Schedule CU-1 calculates a credit union’s adjustment to income for income earned from non-public deposits. It uses deposit balances to calculate public and non-public deposit percentages and the amount of exempt income from non-public deposits. The schedule is filed wit
Who files this form
Schedule CU-1 is for credit unions calculating the adjustment to income for income earned from non-public deposits. The 2024 schedule says to file it with Wisconsin Form 4 or Form 6.
What you'll need
Have the following information available to complete the schedule:
- The credit union's name and federal employer ID number.
- Public deposits and total deposits for each of the 13 dates printed in Part I.
- For Form 4 filers, income reported or included on Form 4, line 1, addition modifications from Schedule 4V, and subtraction modifications from Schedule 4W.
- For Form 6 filers, the amounts from Form 6, Part II, lines 5 and 4o.
- If not using the shortcut method, expenses directly related to income from deposits and expenses directly related to income from non-public deposits.
How to file
File the 2024 Schedule CU-1 with Wisconsin Form 4 or Form 6.
Report the exempt income calculated on Schedule CU-1, line 9, as follows:
- Form 4 filers: enter or include it on Schedule 4W, line 15.
- Form 6 filers: enter it on Form 6, Part II, line 4n.
The supplied form text does not give a mailing address or e-filing directions.
Common mistakes
- The form reminds you to read the instructions before filling in the schedule. No instructions were included in the supplied text.
- Enter expenses on lines 5 and 8 as positive numbers.
- If you use the shortcut method, skip from line 4 to line 9.
Questions people ask
How do I calculate the monthly average of deposits?
For each column, divide the total on line 1n by 13 and enter the result on line 2.
How do I calculate the percentage of non-public deposits?
First, divide line 2, column A, by line 2, column B, and multiply by 100 to calculate the public-deposit percentage on line 3a. Then subtract that percentage from 100% and enter the result on line 3b.
What is the shortcut method?
After completing line 4, skip to line 9. Multiply the amount on line 4 by the percentage of non-public deposits on line 3b and enter the result on line 9.
What does line 9 represent?
Under either calculation method, line 9 is the amount of exempt income earned from non-public deposits.