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Wisconsin Schedule OS and PTE
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adam_cpa
Level 3
03-31-2022
09:11 AM
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The WI Schedule OS line 22 is not picking up the out of state tax paid by a WI resident because of IL PTE credit. The instructions say that the PTE is not allowable because the income that generated the PTE credit is not included in the WI individual tax return. That is not true. The K-1 income from the entity that generated the PTE credit is most definitely part of the WI income. Normally my client breaks even on the WI return after the OS credit. This year they owe a massive amount because of paying income on the same money twice (in IL and now in WI). Am I missing something here?
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JRC
Level 8
03-31-2022
12:11 PM
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May have to enter it manually on Part II of the Schedule OS.
adam_cpa
Level 3
04-02-2022
06:56 AM
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I know I can enter it manually. I was curious if any WI preparers out there knew if ProSeries was bringing over the wrong number (tax net of PTE credit) because it just didn't make logical sense to me. I called WI department of Revenue and confirmed my understanding is correct (ProSeries is not computing the OS Schedule correctly). I manually adjusted the figure.
