Why is my Nonresident Wisconsin capital gains showing as -0- on the summary page under investments? The Federal input amount transferred to state detail page correctly.

Forum|Forum|5 years ago
March 5, 2021
8 replies
77 views

It also does not show I owe any tax but that is not correct.
The capital gains is from a real estate sale.
I do not have any other state tax returns.

Thanks!!

TurboTax Premier Online

Best answer by AmyC

Thank you for the response, Amy!

Yes, the data is in there but showing -0- gains on the state summary and tax due in the section where federal & state tax due/refund shows. There is also a calculation where the gain is reduced by 30% for this state. I don't see that reflected nor a place to input it.

The amount is so small and spending so much time on this, lol. But I know there is a gain and I owe tax.

Is there a way to actually review the state return, something to show the calculation/explanation that results in the gain and tax of -0-? I can only see input and summaries.
It doesn't make sense that it wouldn't show properly - as with federal I should be able to confirm the gain is correct. Both the Federal refund and investment summary show correctly.
I can't submit and file my returns if I can't properly review and believe it may be incorrect.

I've done a quick pass through the WI returns on the state's website and according to it I would owe this.

I thought adding it here in TT would be a lot more time efficient, but turns out not so much!

Between this and the whole issue created this year with TT's change in brokerage account imports rounding, I've spend wayyy too much time than should be necessary!

Thanks for the help!!

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.

AmyC

Level 15

To clarify, your WI sale is not showing up in your state return. You can fill this form out for someone to call you.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

JMS23Author

Level 3

The details transferred over correctly from the Federal data input. The details show up correctly in the state return. However, the state return summary page under investments for cap gains shows zero and no tax due.

This is incorrect.

Is there contact info where I can get with someone directly that can assist with this?

This actually does not work.

I get a number to call with an ID. Then automated response that they just send a link that has no answers relating to my question. I ask to speak to an expert, and get put on hold, then silence/disconnect.

AmyC

Level 15

The state return is correct but the summary page is not correct. As long as the actual return is correct, all is well. Worksheets are not a part of a tax return, only actual forms go in to the state and federal.

I am sorry you have had such a hard time getting in touch with help. The contact form is supposed to be the best method. We are here and glad to help!

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"