You can adjust your capital gain distributions for Wisconsin in the state section. You will see a screen Adjustments for Capital Gains and Losses? Say Yes to make adjustments.
TurboTax will automatically compute the deduction of 30% of the net capital gain from assets held more than one year is allowable when computing Wisconsin taxable income (60% of net capital gain on farm assets). You do not have to make that adjustment.
Learn more at Reporting Capital Gains and Losses for Wisconsin by Individuals, Estates, and Trusts
I'm a full time WI resident. I have no capital loss carryover. In 2020, I had long term capital gains from sale of mutual fund and from a distribution from that same fund. These show up on lines 9(h) and and Line 13 of Federal Schedule D
The LTCG from sale of mutual fund shows up on line 10(h) of Wisconsin Schedule WD, but only 70% of the distributions paid by that fund appear on Line 14 of Wisconsin Schedule WD.
My question is: Am I supposed to make a Wisconsin Adjustment to the LTCG from the sale of the mutual fund? Should the the 30% deduction apply to the LTCG associated w/ sale of mutual fund?
Thank you
No adjustment, Yes correct. The long term capital gains are given a 30% reduction. Farm assets are 60%. See Pub 103 Reporting Capital Gains and Losses for Wisconsin for more information.
Please tell me how to navigate to Wisonsin tax TT Premier to change the subraction for long term capital gain for sale of farmland to 60% instead of the 30% subrtaction I'm now receiving. Reference Schedu1 SB line 5.
Wisconsin allows a deduction for 30% of the net capital gain from assets held more than one year (60% of net capital gain on farm assets).
You can make this adjustment in TurboTax Premier CD/Download:
Follow up request on: "Please tell me how to navigate to Wisonsin tax TT Premier to change the subtraction for long term capital gain for sale of farmland to 60% instead of the 30% subtraction I'm now receiving. Reference Schedu1 SB line 5."
Same question rephrased for my situation:
Please tell me how to navigate to Wisconsin TT Premier to reflect the subtraction for long term capital gain for 30%. It appears to me that Wisconsin is taxing the full amount even though it is a long-term gain. I have already submitted my forms but have been told by financial advisor that amount owed Wisconsin is higher than one would expect (got a federal refund) so I'm looking for where I went wrong with state return.