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Recoveries of Federal Itemized Deductions

Article ID: 33591  

Question
Recoveries of Federal Itemized Deductions

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 11.


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Views: 1493 Created on: Jun 15, 2013