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2013 Form PW-U

Page

Part III

Annualized Income Installment Method Worksheet

Fill in this worksheet only if computing required installments using the

Annualization Period

annualized income installment method. Complete one column through

( a ) First 2 months

( b ) First 5 months

( c ) First 8 months ( d ) First 11 months

line 45 before completing the next column.

27 Enter Wisconsin net income for each period (see instructions) .

2.4

1.5

1.091

28 Annualization factor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

29 Multiply line 27 by line 28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

30 Adjustments (NBLs, etc. – see instructions) . . . . . . . . . . . . . . . .

31 Combine lines 29 and 30. This is annualized income . . . . . . . . .

32 Multiply line 31 by your applicable tax rate. This is annualized gross tax . . . .

33 Enter your nonrefundable credits . . . . . . . . . . . . . . . . . . . . . . . .

34 Subtract line 33 from line 32. If zero or less, enter zero . . . . . . .

35 Enter your refundable credits (excluding estimated tax paid) . . . . .

36 Subtract line 35 from line 34. If zero or less, enter zero.

This is annualized net withholding tax . . . . . . . . . . . . . . . . . . . .

37 Applicable percentage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

22.5%

45%

67.5%

90%

38 Multiply line 36 by line 37 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

39 Enter the combined amounts of line 45 from all preceding columns

40 Subtract line 39 from line 38. If zero or less, enter zero . . . . . . .

41 Divide Part 1, line 4, by 4 and enter the result in each column . .

42 Enter the amount from line 44 for the preceding column . . . . . .

43 Add lines 41 and 42 and enter the total . . . . . . . . . . . . . . . . . . .

44 If line 43 is more than line 40, subtract line 40 from line 43.

Otherwise, enter zero . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

45 Enter the smaller of line 40 or 43 here and on Part 1, line 6 . . .

Purpose of Form PW-U – Pass-through entities use Form PW-U to deter-

Lines 13 through 17. Complete these lines to determine the amount of

mine if they are subject to interest for underpayment of estimated withholding

interest due on the underpayment. Complete lines 13 and 15 only when an

tax and, if so, the amount of interest. A pass-through entity must have made

overpayment or late payment is carried back on line 10. If you apply more

estimated withholding tax payments if the total of its withholding tax for its

than one payment to a given installment, attach a statement showing a

taxable year beginning in 2013 is $500 or more. Form PW-U is also used

separate computation for each payment.

to compute both extension and delinquent interest whenever the withhold-

ing tax due is paid after the end of the unextended due date of the PW-1.

If you do not have a balance due by the unextended due date of Form PW-1

(2 1/2 months after the close of a tax-option (S) corporation’s taxable year

Part I – Compute any underpayment of required install m ents and the amount

or 3 1/2 months after the close of a partnership’s, limited liability company

of interest due in Part I.

treated as a partnership’s, trust’s, or estate’s taxable year), enter the amount

from line 17 on Form PW-1. Otherwise, enter the amount from line 17 on

Required installments are based on the smaller of (1) 90% of 2013 Wisconsin

Part II, line 22, and complete the rest of Part II.

net tax, (2) 100% of 2012 Wisconsin net tax, provided the 2012 return

covered an entire 12-month period, or (3) 90% of the 2013 Wisconsin net

Part II – Complete Part II only if your return is not filed by the unextended

tax figured by annualizing income.

due date and shows a balance due.

Line 20. Enter estimated withholding tax payments made and withholding

Line 1a – 1c.

Line 1a. Enter the amount from Form PW-1, line 1.

tax withheld from lower-tier entities.

Line 1b. Enter the amount from Form PW-1, line 3.

Line 24. The 12% interest applies to the tax on line 23, column (b), only

Line 1c. No underpayment interest is required if the pass-through entity

for the extension periods. The 18% interest applies to the sum on line 23,

meets any of two certain thresholds: (i) If line 1c. is less than $500, enter

column (a), from the unextended due date to the date the return is filed. The

zero and go to Part II, if applicable; (ii) If line 1c. is less than $5,000, the

18% interest also applies to the tax on line 23, column (b), from the extended

pass-through entity had no withholding tax liability for the preceding taxable

due date to the date the return filed. Enter total interest from columns (a)

year, and the preceding taxable year covered 12 months, enter zero and

and (b) on column (c).

go to Part II, if applicable.

Line 25a. The “net tax due” is the total tax and economic development

Line 3. If the pass-through entity had a withholding tax liability in 2012, enter

surcharge less any allowable credits, withholding, and estimated payments

the amount from 2012 PW-1 (line 1 - line 3).

made by the due date, including extensions, of the return.

Line 10. Complete line 10 only if you have an overpayment on line 9 for one

or more installment periods. The overpayment may be carried back to prior

Part III – If you compute one or more installments under the annualized

installment periods and offset against an underpayment for such periods.

income installment method, complete Part III and enter the amounts from

If you use overpayments from more than one installment period to offset

line 45 on Part I, line 6. See section Tax 2.89, Wisconsin Administrative

an underpayment of one period, fill in separately on line 10 each carryback

Code, if the taxable year covers less than 12 months.

used to offset the underpayment.

Line 11. Any overpayment remaining after completing line 10 should be

Lines 27 and 30. Do not include on line 27 items which remain constant from

carried forward to the next period.

period to period, such as net business loss carryforwards and amortization

of adjustments for changes in method of accounting. Instead, enter these

items on line 30, columns (a) through (d), in total.

Form Pw-U - Underpayment Of Estimated Withholding Tax By Pass-Through Entities - 2013 Page 2

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