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kengiacomino1530
Returning Member

Capital Gain Earned in WI Incorrectly included in IL Return for 2021

I sold property in WI in 2021 but included the gain in my IL return.

Subsequently I filed a non- resident return in WI and reported taxes there.

How do I recover the overpayment form IL?  

Do I only get the tax paid in WI as a refund or do I get the gain times the IL tax rate which is higher as a refund.

I am now in the process of filing and amended Illinois return for 2021

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2 Replies

Capital Gain Earned in WI Incorrectly included in IL Return for 2021

if you are an IL resident you owe IL tax on the sale. (residents are taxed on all income even out of state)  what you get is a credit on the IL return for some or all of the double taxed income.  to do it correctly in Turbotax you needed to complete WI first so the proper credit could be calculated  for IL.  form CR

 

 

kengiacomino1530
Returning Member

Capital Gain Earned in WI Incorrectly included in IL Return for 2021

Thanks much.  I appreciate it.

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