Transcription of 2018 I-111 Form 1 Instructions - Wisconsin Income Tax
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2018 I-111 Form 1 Instructions - Wisconsin Income Tax
CAUTION On Friday, December 14, 2018, Governor Scott Walker signed 2017 Wisconsin Act 368. The law allows tax-option (S) corporations to elect to be taxed at the entity level effective for taxable years beginning on or after January 1, 2018. As a result of the new law, tax-option (S) corporations may now elect to be taxed at the entity level pursuant to sec. (4m)(a), Wis. Stats. If the tax-option (S) corporation makes this election, box 3 in Part B of Schedule 5K-1 will be checked. Shareholders of an electing tax-option (S) corporation do not report any items of Income , gain, loss, or deduction reported on the Schedule 5K-1. Most items of Income , gain, loss, or deduction reported on Schedule 5K-1 can be removed from federal adjusted gross Income by reporting these amounts on lines 4 or 11 with code 51. See the Instructions for capital gain/loss additions and subtractions for information on how to modify your federal adjusted gross Income for capital gains or losses passed through from an electing tax-option (S) corporation.
state tax return online for FREE. Click on WI file to get started! REMINDERS IRS Adjustments – If the IRS adjusted any of your federal income tax returns, you must notify the department within 90 days of any adjustment that affects your Wisconsin income tax returns. See page 8.
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