You can exclude 30% of the capital gain from your mutual fund distribution.
To make the adjustment:
- within your WI state tax return, on the screen that says Adjust Wisconsin Capital Gain Distributions, enter 70% of the amount reported on your federal return.
Per WI 2021 Schedule SB Instructions:
"If the only amount reported as a capital gain on line 7 of your federal Form 1040 or 1040-SR is a capital gain distribution from a mutual fund or real estate investment trust and you have no Wisconsin capital loss carryover, you may claim a long-term capital gain exclusion on line 5. Fill in 30% of the amount of the capital gain distribution on line 5. Do not complete Wisconsin Schedule WD."
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