There are two ways to get the 30% reduction that I can find:
- If the only amount reported on line 7, federal Form 1040, is a capital gain distribution from a mutual fund or REIT, and there is no Wisconsin capital loss carryover, the taxpayer may claim the capital gain exclusion by reporting 30% of the capital gain distribution as a subtraction
- Sale of business assets or assets used in farming to a related person
Follow these directions to print:
- Log in to your return
- On the left side, select Tax Tools
- select Print Center
- Click on Print, save or preview this year's return
- If you haven't paid, click Pay Now
Once paid, you can see all of the actual forms and review them.
While you are in the WI, you have to go through the income section.
When it comes to Adjustments for Gains or Losses, you may need to click Activate Gain or Loss Adjustment. It would be super easy to just click continue and miss that step. I suggest you review your WI income section again.
There is also a WI capital gains and losses section under Here's the income that WI handles differently. You should see your WI capital gain showing up there.
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