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State tax filing
According to this: https://www.revenue.wi.gov/Pages/FAQS/pcs-indreq.aspx
You are required to file a Wisconsin income tax return if your Wisconsin gross income is $2,000 or more. Gross income means income before deducting expenses. While net income reported to you may be less than $2,000, gross income may be over that amount, requiring that a Wisconsin income tax return be filed.
We shouldn't need to since the gross income is less than $2k.
Our K1s are not 3K-1s. Just federal K1 (form 1065). Not seeing any listing of gross income - loss for the individual K1, just the amount in Box 2 of Part 3.
Hmmm, however, If some of the K1s had a profit totaling >$2k and others had a loss which brought the net to <0 would that qualify as needing to pay state taxes?
March 5, 2022
11:16 AM