Wisconsin State Form reporting long term capitol loss

Forum|Forum|6 years ago
March 16, 2020
1 reply
0 views

I am do not understand to make the corrections turbo tax says I need to make.

KathrynG3

Level 14

It depends on what is missing for the long term capital loss on how to answer this question.

Go back to the original input for Stocks, Bonds, etc. and make sure that all the details are entered exactly as you received them.

Here are the 2019 Wisconsin Form 1 Individual Income Tax Instructions page 14 and 17. The rules are that you may have to add back part of your loss to the Wisconsin return on line 3. While you can deduct up to $3,000 of capital losses on the federal return, Wisconsin only allows you to deduct up to $500. However, Wisconsin also will give you up to 30% (60% in the case of farm assets) long-term gain exclusion if there is no long term capital loss carryover from a prior year.

vangielover

Level 2

Why does Turbo Tax Premier not transfer the Federal Gains/Losses automatically? Why do I need to manually enter the Wisconsin adjustments after reading through the Wisconsin tax laws pertaining to Gains/Losses. I thought upgrading to Premier would make my Wisconsin Gains/Losses easier. My head is swimming!