Filling out Wisconsin non resident tax form... it ...
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
adpo1234
Returning Member

Filling out Wisconsin non resident tax form... it is showing capital gains as $500 when it should be $0. How do I fully clear this out?

 
7 Replies
DawnC
Employee Tax Expert

Filling out Wisconsin non resident tax form... it is showing capital gains as $500 when it should be $0. How do I fully clear this out?

When you start the non-resident return or go back through it since you have already been through it, you will allocate your income to the non-resident return.   Click on STATE in the left menu and go back through the WI return.   Make sure it is a NON-resident return.   TurboTax will ask you about each category of income and will include the amounts you allocate to WI on the WI state return.   You should go through wages, capital gains, business income, etc.

 

How do I file a nonresident state return?

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
adpo1234
Returning Member

Filling out Wisconsin non resident tax form... it is showing capital gains as $500 when it should be $0. How do I fully clear this out?

Thank you for the response. I've tried to go back through, and yes I have confirmed it is a non-resident return. Still, it is showing $500 in capital gains and losses. I've played with the various input boxes and can't seem to get it to show $0.

 

Screen Shot 2021-03-31 at 4.26.25 PM.png

adpo1234
Returning Member

Filling out Wisconsin non resident tax form... it is showing capital gains as $500 when it should be $0. How do I fully clear this out?

On second thought, I made <$2K gross in Wisconsin. Perhaps I don't need to file a Wisconsin income tax form at all.

MaryM428
Level 6

Filling out Wisconsin non resident tax form... it is showing capital gains as $500 when it should be $0. How do I fully clear this out?

You do need to file Wisconsin taxes if you made any insome in that state.

 

  • In the income page of Wisconsin - select Investments
  • Wisconsin Capital Gains and Losses
  • Click the Edit button next to your Wisconsin Capital Gains and Losses
  • Select Yes for Do you need to make any Wisconsin adjustments?
  • Enter carryovers, if none just Continue
  • Then enter your Gains and Losses for short-term and long-term transactions
  • To remove them from Wisconsin, enter them as negative amounts
  • Continue with the state, return and review it.

Wisconsin State Tax

adpo1234
Returning Member

Filling out Wisconsin non resident tax form... it is showing capital gains as $500 when it should be $0. How do I fully clear this out?

I deleted the Wisconsin return and started fresh. I entered in capital gains as negatives as you suggested, and it did in fact show $0 for capital gains temporarily. However, once I enter in my Wisconsin 2020 income, it changes capital gains back to $500. It seems it's treating it as a loss, -$500

adpo1234
Returning Member

Filling out Wisconsin non resident tax form... it is showing capital gains as $500 when it should be $0. How do I fully clear this out?

One more thing I noticed - the Wisconsin income is also being left out of the other state wage total being transferred to Massachusetts (I'm a MA resident)

ErnieS0
Employee Tax Expert

Filling out Wisconsin non resident tax form... it is showing capital gains as $500 when it should be $0. How do I fully clear this out?

To exclude capital gain from your Wisconsin nonresident return:

  • Go to the Wisconsin section of TurboTax
  • Keep going until you reach Here's the income that Wisconsin handles differently
  • Edit Wisconsin Capital Gains and Losses
  • Say YES to Adjustments for Capital Gains and Losses?
  • Continue to Long-Term Capital Gains and Losses Summary then Edit.
  • Check the box Don't report on my Wisconsin return.

Capital gains are not included in other state wages because they are not wages. Capital gains are 12% income in Massachusetts and reported on MA Schedule B.

 

Long-Term Gain or Loss

Dynamic AdsDynamic Ads
v
Privacy Settings