above gets at the heart of it.
all my income is either capital gain/loss or dividends (ordinary and qualified). i have no other income.
2022 I have a capital loss exceeding all of my dividends. But WI is asking me to pay tax because i can only deduct 3,000 of net capital loss from my dividend income.
My understanding is I can potentially elect all of my Qualified Dividends to be treated as "investment income" on line 4g of Form 4952, and therefore they would net off against the larger capital losses. Therefore my capital loss allowed would still be 3,000, but i would no longer pay taxes on my qualified dividends (because they have been used to "relieve" other capital losses
is this correct? thanks
