2014 Wisconsin: Depreciation Adjustment
Starting with 2014, adjustments are to be made over a 5-year period for the difference between Wisconsin and federal adjusted basis of assets owned on the last day of 2013.
Certain taxpayers, who have depreciable assets in Wisconsin, may have filed an incorrect Wisconsin state return.
TurboTax has fixed this issue.
How to tell if you may be impacted
You may be affected if ALL of the following apply to you:
- You filed your Wisconsin resident, non-resident, or part year resident tax return prior to February 6, 2015 AND
- Your tax return includes depreciable assets prior to 2014 that are related to your business AND
- You have an amount on Wisconsin Form 1, Line 11, with a Code 33 or (Wisconsin Form 1NPR, Line 15)
If you are affected, you may have underpaid your state tax. You may need to amend your 2014 Wisconsin return.
To amend your return:
- Follow these amend instructionsto amend with our TurboTax CD Download product.
- After you make the changes to your tax return, you will need to mail a copy of your amended state return.
- Your printed return will include instructions on how and where to mail it.
If you need to contact us, please use the phone number in the email from TurboTax and tell the representative you’re calling about the 2014 Wisconsin: Depreciation Adjustment.