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Can I recover the amount of federal itemized deductions that was taxable on my Wisconsin return in prior year?

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Question
Can I recover the amount of federal itemized deductions that was taxable on my Wisconsin return in prior year?

Answer

Fill in any amount included as income on your federal tax return that is a recovery of a federal itemized deduction from a prior year for which you did not receive a Wisconsin tax benefit. Example You claimed an itemized deduction on your 2013 federal tax return for a casualty loss of $2,000. You could not claim the casualty loss for the itemized deduction credit on your 2013 Wisconsin income tax return. During 2014 you received a reimbursement of $1,000 from your insurance company for part of the casualty loss. The $1,000 reimbursement is included on your 2014 federal tax return as a recovery of an amount previously claimed as an itemized deduction. Because you did not claim the casualty loss for the itemized deduction credit for Wisconsin for 2013, the $1,000 is not taxable to Wisconsin for 2014. Fill in the $1,000 recovery on line.              


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Article Details
Views: 1774 Created on: Jun 15, 2013
Date updated: Aug 07, 2015
Posted in: STATES, Wisconsin

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