What trusts must file Wisconsin fiduciary returns?
• A Wisconsin trust must file a Wisconsin fiduciary return if it has (a) any taxable income for the taxable year, or (b) gross income of $600 or more, regardless of the taxable income. Gross income means all income, before deducting expenses, reportable to Wisconsin which is received in the form of money, property, or services. It does not include items which are exempt from Wisconsin tax. Example: A trust has $400 of interest income. It makes no distributions and therefore only has an exemption of $100, which would result in taxable income of $300. • A nonresident trust must file a Wisconsin fiduciary return if it has (a) any Wisconsin taxable income for the year, or (b) gross income from Wisconsin sources of $600 or more, regardless of the taxable income. Wisconsin source income includes income or gain from: • Real or tangible personal property located in Wisconsin. • A business, trade, profession, or occupation carried on within Wisconsin, including a corporation taxed under Subchap
Related Questions
- Which corporations and partnerships are required to file returns electronically (the mandate to electronically file fiduciary returns has been postponed)?
- How do I know if the Wisconsin Department of Revenue will require me to file my clients income tax returns electronically?
- What trusts must file Wisconsin fiduciary returns?
