turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Wisconsin Adjustment to Capital Gains Question

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

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies
ErnieS0
Expert Alumni

Wisconsin Adjustment to Capital Gains Question

The Wisconsin capital gains adjustment is in Part III of Schedule WD so line 14 should show the full amount. TurboTax will ask, "Do you need to make any Wisconsin adjustments?" Perhaps you changed the number?

 

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

Wisconsin Adjustment to Capital Gains Question

Yes, the step-by-step was unclear to me - I must have "changed the number"   I deleted my state return and restarted it and immediately  looked at schedule WD and confirmed that the 30% deduction was applied to the sum (Line 17) of the LTCG from sale of mutual fund - line 10(h)  AND the LTCG from the distribution paid by that fund, line 14.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies