Question

Wisconsin Adjustment to Capital Gains Question

Forum|Forum|5 years ago
March 26, 2021
1 reply
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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

TurboTax Home & Biz Windows

E

ErnieS0

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?

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E

eoltmanAuthor

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.