Free SELF-EMPLOYMENT INCOME WORKSHEET - Subchapter S Corporation - Wisconsin

DEPARTMENT OF HEALTH SERVICES Division of Health Care Access and Accountability F-16035 (05/09)

State of Wisconsin 7 CFR 273.11 (a)(2)

SELF-EMPLOYMENT INCOME WORKSHEET - Subchapter S Corporation
Tax Year Filing Case Name Worker Name Case Number Worker ID Date Completed

STEP I: CALCULATE SHAREHOLDER'S SHARE OF INCOME FROM AN S CORPORATION (1) Enter ordinary business income (loss)* (2) Add real estate rental income (loss)* (3) Add other income (loss)*

From Schedule K-1, IRS Form 1120S from line 1 from line 2 + 3 from line 10 (1) $

(2) + $ (3) + $

(4) Equals shareholder's income from S Corporation

(TOTAL (1) through (3))

(4) = $

STEP II - CALCULATE SHAREHOLDER'S SHARE OF DEPRECIATION AND DEPLETION. (1) Enter depreciation (Enter zero if negative.) (2) Add depletion (Enter zero if negative.)

Use IRS Form 1120S from line 14 from line 15 (1) $

(2) + $

(3) Equals total depreciation and depletion (4) Enter shareholder's share of ordinary income (loss)* (5) Divide (4) by total ordinary income (loss) for S Corporation (6) Equals shareholder's percentage in S Corporation** (7) Multiply (6) by total depreciation and depletion (8) Equals shareholder's share of depreciation and depletion

(add (1) plus (2)) combine (1) and (2) STEP I, (1) above from line 21 divide (4) by (5) from STEP II (3) multiply (6) by (7)

(3) = $ (4) = $ (5) ÷ (6) = (7) X $ (8) = $

STEP III - CALCULATE SHAREHOLDER'S IM-INCOME FROM THE S CORPORATION (ADD DEPRECIATION BACK IN) (1) Enter shareholder's share of S Corporation income (from STEP I (4), above)

Use results from STEP I and II above (1) $

(2) Add shareholder's share of depreciation and depletion back in (from STEP II (8), above) (3) Equals shareholder's IM-Income from S Corporation (add (1) and (2))

(2) + $ (3) = $ (4) = $

(4) Divide line (3) by the number of months in operation to get the monthly average.

* Losses should be indicated on the tax form by enclosing the amount in parentheses [e.g., (100.00) indicates a $100 loss rather than a gain]. If a loss is indicated, it should be added as a negative amount (e.g., it should be subtracted). ** The shareholder's percentage of ownership calculated here should equal the amount on Schedule K-1, Part II, Line F.

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