Wisconsin Entity-Level Tax - 1120S - Tax Year 2022

  • Article Type:
  • QA
  • Last Modified:
  • 03/11/2023

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
  • S Corporation - 1120S
  • Wisconsin - WI
  • 2022

Answer

QuestionAnswer
 Form Name
  • Schedule 5S-ET
-State Links
Election for PTE
-Is an Election Required?
  • Yes.
-Made when?
  • When Form 5S is filed
-Good for?
  • Election is made annually
-How do we make this election?
  • The tax-option (S) corporation must check box #7 in Part A of Form 5S, Wisconsin Tax-Option (S) Corporation Franchise or Income Tax Return
-Separate Form needed?
  • Schedule 5S-ET must be filed with Form 5S if Box 7 in Part A of Form 5S is checked
-Option  to Opt-Out?
  • Yes, the election may be revoked by filing an amended Form 5S on or before the extended due date
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 > Taxes > Other Taxes and Recaptures > Schedule 5S-ET > Elect to be taxed at the entity level
    • (Interview Form WI20, Box 60). 
  
 
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 5S-ET must be filed with Form 5S.
Estimates
 Are there estimates for this form?
  • Yes.
How do we generate them?
  • Payments/Penalties/Estimates > Estimates and Application of Overpayment worksheet > Section 3 - State Estimates and Application of Overpayment > State code WI > Estimate code Mandatory.
    • Common State > StPay /Est > STEST-1 > Boxes 30 and 40.
Can you apply an overpayment from the current year form?
  • Yes.
Interest/Penalties
 Do interest/penalties apply?
  • No.
Additional PTE Information
  • Common State > State PTE Generation worksheet >Grid 23 
    • (Interview PTE-ST1, boxes 300-364)
 Does this section apply to this state?
  • No.

Additional Information

N/A

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