Wisconsin Entity-Level Tax - 1065 - Tax Year 2022
- Article Type:
- QA
- Last Modified:
- 03/12/2023
Question
What are some common questions and answers regarding Wisconsin Pass Through Entity Tax with tax year 2022?
Environment
- CCH® ProSystem fx® Tax
- CCH Axcess™ Tax
- Partnership - 1065
- Wisconsin - WI
- 2022
Answer
| Question | Answer |
|---|---|
| -Form Name | Schedule 3-ET |
| -State Links | |
| Election for PTE | |
| -Is an Election Required? |
Yes
|
| -Made when? |
When Form 3 is filed
|
| -Good for? |
Election is made annually.
|
| -How do we make this election? |
Form 3 checking Box I
|
| -Separate Form needed? |
Schedule 3-ET must be filed with Form 3 if Box I is checked
|
| -Option to Opt-Out? |
No.
|
| Generation of State PTE Return | |
| -How do we generate the form above? |
Common State/City > State PTE Generation > State PTE Return Generation > Wisconsin - Generate State PTE return (Interview Form PTE-ST1, Box 262)
|
|
Or Wisconsin > Income/Deductions > Form 3-ET > Elect to be taxed at the entity level(Interview Form WI6, Box 50).
| |
| -Is this a separate filing from the main form, part of the main form, or filed on it's own? |
Part of the main form. Schedule 3-ET must be filed with Form 3.
|
| Estimates | |
| -Are there estimates for this form? |
Yes
|
| -How do we generate them? |
Per state instructions "If the total of a partnership's franchise or income tax due is $500 or more", or Wisconsin > Payments / Penalties worksheet > Section 5 - Form 3 - Estimates and Other Payments > Line 1 (Interview Form WI41, box 30)
|
| -Can you apply an overpayment from the current year form? |
Yes
|
| Interest/Penalties | |
| -Do interest/penalties apply? |
No.
|
| -Is there an underpayment penalty? |
Yes
|
Additional PTE Information
| |
| -Does this section apply to this state? |
Not at this time.
|
Additional Information
N/A
| Solution Id | 000260596/000260596 |
|---|---|
| Direct Link |
