3K 1 Form PDF Details

In the landscape of tax documentation and compliance, the Schedule 3K-1 form emerges as a critical component for partners and shareholders of various entities in Wisconsin. Specifically delineated by the Wisconsin Department of Revenue for the calendar year 2020, or for tax years beginning within 2020, the 3K-1 form entails a comprehensive outline for reporting a partner's share of income, deductions, credits, and other pertinent financial information. Embedded within its structure is an emphasis on clarity and specificity regarding the partnership's details, ranging from its name and Federal Employer Identification Number (FEIN) to the intricate insights of the partner's financial involvement—highlighting contributions, profit shares, losses, and capital account status. This granularity extends to delineate the nature of the partnership and the partner's role within it, addressing potential variations like disregarded entities, trusts, and the spectrum of partnership types. Furthermore, the form navigates through apportionment factors relevant to non-resident entities and introduces a nuanced inclusion of additions and subtractions—spanning State taxes, related entity expenses, and adjustments based on federal and Wisconsin-specific tax nuances. This meticulous assemblage of data points underscores the form’s role in facilitating accurate state revenue allocation, reflecting the nuanced interplay between individual and entity-level financial activities within Wisconsin's tax framework.

QuestionAnswer
Form Name3K 1 Form
Form Length4 pages
Fillable?No
Fillable fields0
Avg. time to fill out1 min
Other namesetc., Credits, Deductions

Form Preview Example

Schedule

Partner’s Share of Income, Deductions, Credits, etc.

 

 

2020

3K-1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wisconsin Department

For calendar year 2020 or tax year beginning

 

 

 

 

 

 

 

 

2

 

0

 

2

 

0

and ending

 

 

 

 

 

 

 

 

2

 

0

 

 

 

 

 

of Revenue

 

 

M M

 

D D Y

 

Y

 

Y

 

Y

 

 

M

M D D

 

Y

 

Y Y Y

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Part I: Information About the Partnership

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Partnership's Name

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Partnership’s FEIN

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Partnership's Address

 

Partnership's City

 

 

 

 

 

 

 

 

 

 

 

 

 

State

Partnership’s Zip Code

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Part II: Information About the Partner

If the partner is a disregarded entity or trust, enter the requested information for the taxpayer/owner of the disregarded entity or trust:

Partner's Business Name

 

 

 

 

Partner's FEIN

 

 

 

 

 

 

 

Partner's Last Name

Partner's First Name

M.l.

 

Partner's SSN

 

 

 

 

 

 

 

Partner's Address

Partner's City

 

State

 

Partner's Zip Code

 

 

 

 

 

 

 

If the partner is a disregarded entity or trust, enter the partner's information:

Name

SSN

FEIN

 

 

 

AType of partner:

1 General partner or LLC member-manager

2 Limited partner or other LLC member

3 Corporation, partnership, or limited liability company

BAdditional partner information (check all that apply):

1 Domestic partner

2 Foreign partner

3 Nonresident partner

4 Tax-exempt partner

5 Disregarded entity

CCheck if applicable:

1

 

Final 3K-1

2

 

Amended 3K-1 (Include Schedule R)

3

 

Election to pay tax at the entity level pursuant to

 

 

s. 71.21(6)(a), Wis. Stats.

4

 

A lower-tier entity made an election to pay tax

 

 

at the entity level pursuant to s. 71.21(6)(a),

 

 

Wis. Stats., (see instructions)

EPartner's share of liabilities at the year-end:

1 Nonrecourse . . . . . . . . . . . . . . . . . . . E-1 2 Qualified nonrecourse financing . . . . E-2 3 Recourse . . . . . . . . . . . . . . . . . . . . . E-3

FPartner's capital account analysis:

1 Beginning capital account . . . . . . . . F-1

2 Capital contributed during the year F-2

3 Current year increase (decrease). . . F-3

4 Withdrawals and distributions . . . . . F-4

5 Ending capital account. . . . . . . . . . . F-5

GTax basis

GAAP

Section 704(b) book Other

DPartner's share of profit, loss, and capital:

BeginningEnding

1

Profit

 

 

 

 

 

.

 

 

 

%

 

 

 

 

 

.

 

 

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2

Loss

 

 

 

 

 

.

 

 

 

%

 

 

 

 

 

.

 

 

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3

Capital

 

 

 

 

 

.

 

 

 

%

 

 

 

 

 

.

 

 

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

H

Partner’s state of residence (if a full-year Wisconsin resident, items I, J, and K do not apply)

H

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

I

 

Check if partner’s Wisconsin amount is determined by apportionment. Apportionment percentage

I

 

 

 

 

 

.

 

 

 

 

 

 

 

%

JCheck if partner’s Wisconsin amount is determined by separate accounting.

KCheck if the partner is a nonresident and received an approved Form PW-2 to opt out of pass-through entity withholding.

L

 

Check if the nonresident partner elected Wisconsin composite income tax be paid by the partnership on a Form 1CNP.

 

 

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Amount of composite income tax paid on behalf of a partner

L

 

IP-032 (R. 8-20)

2020 Schedule 3K-1 Partner's Name

ID Number

Page 2 of 4

Part III Partner’s Share of Current Year Income, Deductions, Credits, and Other Items

 

(a)

 

(b)

 

(c)

 

(d)

(e)

 

 

 

 

 

 

 

Amount under

Wis. source amount

 

Distributive share items

 

Federal amount

 

Adjustment

 

Wis. law

(see instructions)

1

Ordinary business income (loss) . . .

1

 

 

 

1

 

 

 

2

NET RENTAL REAL ESTATE INCOME (LOSS) . .

. . 2.

 

 

 

2

 

 

 

 

 

 

 

 

 

3

Other net rental income (loss)

3

 

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4Guaranteed payments:

 

a

Services

4a

 

 

 

 

 

 

4a

 

b

. . .Capital

4b

 

 

 

 

 

 

4b

 

. . . . . .c Total (add lines 4a and 4b)

4c

 

 

 

 

 

 

4c

 

 

 

 

 

 

 

5

Interest income

5

 

 

 

5

6

Ordinary dividends

6

 

 

 

6

7

Royalties

7

 

 

 

7

8

Net short-term capital gain (loss) . . .

8

 

 

 

8

9

Net long-term capital gain (loss) . . .

9

9

. . . .10a Net section 1231 gain (loss)

10a

 

 

 

 

 

 

10a

bPortion of the amount on line 10a attributable to gains on sales of

farm assets

10b

11Other income (loss) (see instr.):

a

 

 

11a

 

 

 

11a

b

 

 

11b

 

 

 

11b

c

Total (add lines 11a and 11b) . . .

11c

 

 

 

11c

12

Section 179 deduction

12

 

 

 

12

13Other deductions (see instr.):

a

 

13a

 

 

 

13a

b

 

13b

 

 

 

13b

c

Total (add lines 13a and 13b) . . . 13c

 

 

 

13c

14Self-employment earning (loss) . 14

15Wisconsin credits:

a

Schedule

 

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15a

b

Schedule

 

 

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15b

c

Schedule

 

 

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15c

d

Schedule

 

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15d

e

Schedule

 

 

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15e

f

Schedule

 

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15f

g

Schedule

 

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15g

h

Schedule

 

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15h

iTax paid to other states (enter

postal abbreviation of state) . . . .

15i-1

 

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15i-1

 

15i-2

 

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15i-2

 

15i-3

 

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15i-3

j Wisconsin tax withheld . . .

 

.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15j

. . . . . . . . . . . .

2020 Schedule 3K-1 Partner's Name

ID Number

Page 3 of 4

(a)

(b)

(c)

(d)

(e)

 

 

 

Amount under

Wis. source amount

Distributive share items

Federal amount

Adjustment

Wis. law

(see instructions)

16Foreign transactions (list):

a

 

16a

 

 

 

16a

b

 

 

16b

 

 

 

16b

17Alternative minimum tax items:

a

 

 

17a

 

 

 

 

b

 

 

17b

 

 

 

 

18a

Tax-exempt interest income . . .

18a

 

 

 

18a

b

Other tax-exempt income

18b

 

 

 

18b

cNondeductible expenses (list):

1

 

 

18c-1

 

 

 

18c-1

2

 

 

18c-2

 

 

 

18c-2

3

Total (add lines 18c-1 and 18c-2) 18c-3

 

 

 

18c-3

19Distributions:

a

Cash and marketable securities

19a

 

 

 

19a

b

Distributions of other property

. 19b

 

 

 

19b

20Other information:

a

Investment income

20a

 

 

 

20a

b

.Investment expenses

20b

 

 

 

20b

c

Other items and amounts

 

 

 

 

 

 

(attach schedule)

20c

 

 

 

20c

21a

.Related entity expense addback

. . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . .

21a

b Related entity expense allowable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21b 22 Income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

23Gross income (before deducting

expenses) from all activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

Part IV Partner’s Share of Apportionment Factors (Does not apply to a resident estate, trust or individual partner)

Wisconsin

Total company

24

Wisconsin single sales factor method (do not complete lines 25 through 27)

24

 

Multiple factor method (do not complete line 24):

 

25

First factor (indicate factor used):

25

26

Second factor (indicate factor used):

26

27

Third factor (indicate factor used):

27

2020 Schedule 3K-1 Partner's Name

ID Number

Page 4 of 4

Part V Schedule 3K-1 - Partner’s Share of Additions and Subtractions

 

Additions:

 

1

State taxes accrued or paid

1

2

Related entity expenses

2

3

Expenses related to nontaxable income

3

4

Section 179, depreciation, amortization difference (attach schedule)

4

5

Amount by which the federal basis of assets disposed of exceeds the Wisconsin basis (attach schedule) . . . .

5

6Total additions for certain credits computed:

a Business development credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6a b Community rehabilitation program credit . . . . . . . . . . . . . . . . . . . . . . . . 6b c Development zones credits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6c d Economic development tax credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6d e Electronics and information technology manufacturing zone credit . . . . 6e f Employee college saving account contribution credit. . . . . . . . . . . . . . . 6f g Enterprise zone jobs credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6g h Jobs tax credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6h i Manufacturing and agriculture credit (computed in 2019) . . . . . . . . . . . 6i j Manufacturing investment credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6j k Research credits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6k

l Total credits (add lines 6a through 6k) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6l

7Other additions:

 

a

7a

 

b

7b

 

c

7c

 

d Total other additions (add lines 7a through 7c)

. . . . . . . . . . . . . . . . . . . . . . . . . . 7d

8

Total additions (add lines 1 through 5 and 6l and 7d)

. . . . . . . . . . . . . . . . . . . . . . . . . . 8

Subtractions:

 

9

Related entity expenses eligible for subtraction

. . . . . . . . . . . . . . . . . . . . . . . . . . 9

10Income from related entities whose expenses were disallowed (obtain Schedule RT-1 from

 

related entity and submit with your return)

10

11 Section 179, depreciation/amortization of assets (attach schedule)

11

12

Amount by which the Wisconsin basis of assets disposed of exceeds the federal basis (attach schedule) . . . .

12

13

Federal wage credits

13

14

Federal research credit expenses

14

15Other subtractions:

 

a

15a

 

b

15b

 

c

15c

 

d Total other subtractions (add lines 15a through 15c)

. . . . . . . . . . . . . . . . . . . . . . . . . 15d

16

Total subtractions (add lines 9 through 14 and 15d)

. . . . . . . . . . . . . . . . . . . . . . . . . 16

17

Total adjustment (subtract line 16 from line 8)

. . . . . . . . . . . . . . . . . . . . . . . . . 17

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