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Level 1
posted May 16, 2019 11:19:33 AM

Is this correct usage of capital gain for state of Wisconsin?

Lived in Wisconsin and sold Michigan property in 2018. State of Wisconsin is applying capital gain information from Michigan. Is this correct or should it only be on federal and Michigan state form?

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1 Best answer
Level 15
May 16, 2019 5:32:39 PM

6 Replies
Level 15
May 16, 2019 12:07:23 PM

Level 15
May 16, 2019 1:23:44 PM

if you are using TT for the two state returns, TT should handle this automatically 

Level 15
May 16, 2019 1:36:21 PM

Level 1
May 16, 2019 2:16:55 PM

Turbo pulled in my Wisconsin state automatically before my other two states. So I completed it in this order Wi( part year), Michigan( non resident), IL (part year). Should I delete the returns and revise them so Michigan is first? Asking because I do not want issues and seems like my states were bringing up some conflict-ions originally. 

Level 15
May 16, 2019 2:25:41 PM

Look at the return where you are a resident and you should see a credit for the taxes paid to the other two states

While TT suggests doing the non- resident first, I can’t imagine it really matters .... the software recalculates every time you change an input ... and.... if there software was calculating incorrectly, their guarantee would kick in for an incredible number of users who file in multiple states.... could be over a million!

I am actually surprised TT states the order as much of the information is filled in every time you enter a document .

Low risk and if it is wrong, TT would cover penalties and interest

Level 15
May 16, 2019 5:32:39 PM