Capital Gain Distribution in Wisconsin

[cjzimmer2]

We received capital gain distributions from a mutual fund.  We live in WI and it says there is a difference in reporting for certain things between federal and WI.  However, I'm not clear if this qualifies or not.  How do we tell?  Or does anyone know do we report this as it's full amount or do we make the adjustment and only report 70% of the value? 

[FangxiaL]

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."