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Level 2
posted Apr 5, 2022 11:33:41 AM

Cares act distribution and multiple states

I was a Wisconsin resident in 2020 when I took a Cares Act withdrawal of both my IRA and Pensions and Annuities (as defined by TT).   I claimed the 1/3rd process and claimed Wisconsin as my state in 2020.

 

In September 2021 I moved to Illinois.  Does it matter which state I choose to record the second third of income?  When I choose Wisconsin, the penalty is much higher than Illinois.

 

FYI:  I remained a resident of Illinois for the remainder of 2021.

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1 Best answer
Expert Alumni
Apr 6, 2022 8:18:26 AM

I suspect that Wisconsin would argue that since you were a Wisconsin resident when you received the distribution, the second and third portions are also Wisconsin income.  

 

It sounds like you are filing part-year resident Wisconsin and part-year resident Illinois tax returns for 2021.

 

In 2022 you would report the income on a non-resident Wisconsin tax return.

 

See also here.

 

@AngusIL

 

2 Replies
Expert Alumni
Apr 6, 2022 8:18:26 AM

I suspect that Wisconsin would argue that since you were a Wisconsin resident when you received the distribution, the second and third portions are also Wisconsin income.  

 

It sounds like you are filing part-year resident Wisconsin and part-year resident Illinois tax returns for 2021.

 

In 2022 you would report the income on a non-resident Wisconsin tax return.

 

See also here.

 

@AngusIL

 

Level 2
Apr 6, 2022 9:10:09 AM

Thanks.  I confirmed with another tax company that indeed the income has to be reported under the first state I was living in when I received the distribution.