Wisconsin Taxes

CORPORATE INCOME TAX—Electronic returns publication updated.

The Wisconsin Department of Revenue has updated its publication on the electronic filing of wage statements and information returns. Information in the publication reflects the position of the Department of laws enacted by the Wisconsin Legislature as of October 1, 2010. There are no substantive changes since the previous update of December 1, 2009.

CORPORATE INCOME TAX—Withholding and information statements.

The Department of Revenue has issued an updated version of its guide to annual W-2 reporting and reporting on Forms 1099-R, 1099-Misc and W2-G. One important change is that the advance payment of the federal earned income credit (EIC) has been eliminated for tax years beginning on or after January 1, 2011. Since the federal advance EIC is being eliminated, the Wisconsin advance EIC will not be available for tax years beginning on or after January 1, 2011. Also effective January 1, 2011, Wisconsin will add a field to the IRS Publication 1220 specifications for 1099Rs, 1099-Misc. and W-2Gs. This field is composed of the 15-digit Wisconsin Tax Account Number, and begins at position 663 (Special Data Entries) of the B record. Finally, employers who file 1099s and W-2Gs for Wisconsin payees to the Internal Revenue Service as part of the Combined Federal/State Filing Program also must file these forms with the Department if they are withholding Wisconsin taxes. (Wisconsin Dept. Rev. Tax Publication CO-001, 10/01/2010.)

PERSONAL INCOME TAX—Tax information or retirees.

The Department of Revenue has updated its publication on tax information for retirees. Retired taxpayers can use this information in preparing their tax year 2010 returns in 2011. The filing thresholds and tax rate schedules have been updated for those who must file returns. Part-year residents or nonresidents of Wisconsin must file a Wisconsin income tax return if gross income (or combined gross income of the taxpayer and his or her spouse) is $2,000 or more for 2010. Social Security and railroad retirement benefits are not taxable for Wisconsin. Up to $5,000 of certain retirement income may be excluded from Wisconsin income if: (1) the taxpayer (or spouse if married filing a joint return) were age 65 or older on December 31, 2010; and (2) the taxpayer's federal adjusted gross income (AGI) is less than $15,000 ($30,000, if married). (Wisconsin Dept. Rev. Tax Publication 106, 10/01/2010.)

PERSONAL INCOME TAX—Homestead credit situations and solutions.

The Wisconsin Department of Revenue has updated its publication on homestead credit situations and solutions. Information in the publication reflects the position of the Department of laws enacted by the Wisconsin Legislature as of October 1, 2010. There are no substantive changes since the previous update of December 1, 2009.

PERSONAL INCOME TAX—Reciprocity publication revised.

The Wisconsin Department of Revenue has revised its publication on reciprocity, which includes information for Wisconsin residents who work in Illinois, Indiana, Kentucky or Michigan. Information in the publication reflects the position of the Department of laws enacted by the Wisconsin Legislature as of October 1, 2010. There are no substantive changes since the previous update of January 1, 2010. (Wisconsin Dept. Rev. Tax Publication 121, 10/01/2010.)

PERSONAL INCOME TAX—Electronic returns publication updated.

The Wisconsin Department of Revenue has updated its publication on the electronic filing of wage statements and information returns. Information in the publication reflects the position of the Department of laws enacted by the Wisconsin Legislature as of October 1, 2010. There are no substantive changes since the previous update of December 1, 2009.

PERSONAL INCOME TAX—Withholding and information statements.

The Department of Revenue has issued an updated version of its guide to annual W-2 reporting and reporting on Forms 1099-R, 1099-Misc and W2-G. One important change is that the advance payment of the federal earned income credit (EIC) has been eliminated for tax years beginning on or after January 1, 2011. Since the federal advance EIC is being eliminated, the Wisconsin advance EIC will not be available for tax years beginning on or after January 1, 2011. Also effective January 1, 2011, Wisconsin will add a field to the IRS Publication 1220 specifications for 1099Rs, 1099-Misc. and W-2Gs. This field is composed of the 15-digit Wisconsin Tax Account Number, and begins at position 663 (Special Data Entries) of the B record. Finally, employers who file 1099s and W-2Gs for Wisconsin payees to the Internal Revenue Service as part of the Combined Federal/State Filing Program also must file these forms with the Department if they are withholding Wisconsin taxes. (Wisconsin Dept. Rev. Tax Publication CO-001, 10/01/2010.)