[PDF] [PDF] 2019 I-128 2019 Wisconsin Schedule I Instructions

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Caution:

The revised version of the 2019 Schedule I instructions was placed on the internet on January

22, 2020. The instructions have been revised to include changes to federal law that were made

by the following Public Laws:

116-91 FUTURE Act December 19, 2019

116-92 National Defense Authorization Act for Fiscal Year

2020

December 20, 2019

116-94 Further Consolidated Appropriations Act, 2020 December 20, 2019

116-98 Virginia Beach Strong Act December 20, 2019

I-128 (R. 01-20) Wisconsin Department of Revenue

General Instructions

Introduction - Generally, the Wisconsin Statutes require that the computation of taxable income on the 2019 Wisconsin

income tax return is to be based on the Internal Revenue Code (IRC) enacted as of December

31, 2017. Changes

made to the IRC enacted after December

31, 2017, do not apply for Wisconsin income tax purposes unless adopted by

Wisconsin law.

Wisconsin law also provides that certain provisions of federal law do not apply for Wisconsin purposes even though the provisions were enacted into federal law prior to December 31, 2017. Some of those provisions are:

Exclusion for small business stock

• Special depreciation allowance

As a result, certain income and deduction items may be different for Wisconsin and federal purposes. Any difference

must be adjusted on this schedule. A description of certain items requiring adjustment can be found in Part IA on page

6 under IRC Differences Between Federal and Wisconsin Law.

Who Must File - If the computation of your federal adjusted gross income or itemized deductions reflects any of the

differences in Wisconsin and federal law for 2019, you must complete this schedule and attach it to your Wisconsin

income tax return, Form

1 or Form

1NPR.

To the extent Schedule

adjustments in a prior year affect income or expense items in 2019 (for example, the depreciation

difference related to bonus depreciation did not apply for 2014-2018), you must also make adjustments on Schedule

for 2019. It also may be necessary to prepare a 2019 Schedule to adjust the amount of gain or loss reportable from sales of

certain assets during 2019 (for example, gain from the sale of certain small business stock is taxable for Wisconsin but

not for federal tax purposes). See the line instructions for information on provisions of federal law that do not apply for

Wisconsin.

Using a Different Federal Election for Wisconsin - Various elections are available under the federal IRC. When an election is available under the IRC adopted for Wisconsin, a taxpayer may choose one election for federal tax purposes

and a different election for Wisconsin. For example, a taxpayer may elect to claim different amounts of IRC sec.

179
expense for federal and Wisconsin tax purposes.

Either of the following two methods may be used to claim a different election for Wisconsin and federal tax purposes.

Prepare a pro forma federal return based on the election chosen for Wisconsin. This pro forma return is to be attached

to the Wisconsin Form 1 or Form 1NPR instead of the actual return filed for federal tax purposes.• Make the election using Wisconsin Schedule ,

Itemized Deductions to the Amounts Allowable for Wisconsin.

For federal tax purposes you claim the credit under sec. 45E of the IRC for 50 percent of the startup costs of

a small employer pension plan. When claiming the credit, you must reduce your deduction for that portion of the startup

costs equal to the credit. However, sec. 45E(e)(3) of the IRC, provides an election to not claim the credit. Because an election is available, you may elect to not claim the credit on your federal return and instead claim the deduction for the

startup costs. Use either of the two methods listed above to make a different election for Wisconsin purposes.

Be sure to also adjust any other items on your federal return that are affected by the election. For example, if you

claim a different election for sec. 179 expense, this would also affect the amount of depreciation allowed and your

depreciation deduction should also be adjusted. Partners, Beneficiaries of Estates and Trusts, and Shareholders of Tax-Option (S) Corporations - The

income and deduction items computed on the Wisconsin returns of partnerships, estates and trusts, and tax-option

(S) corporations may also be affected by the differences between Wisconsin and federal law for 2019. As a result,

the distributive shares of these items which are reportable on the individual Wisconsin income tax returns of the

2019 Wisconsin Schedule Instructions

-2-

respective partners, beneficiaries, and shareholders may differ for Wisconsin and federal income tax purposes. Such

partners, beneficiaries, and shareholders should receive notification from the partnership, estate or trust, or tax-option

(S) corporation of the amounts reportable for Wisconsin purposes. By comparing the amounts reportable for Wisconsin

and federal purposes, the partner, beneficiary, or shareholder should determine the items which differ and make the

appropriate adjustments.

Caution: If the partnership or tax-option (S) corporation made an election to be taxed at the entity level, adjustments

must still be made on Schedule to report differences between Wisconsin and federal law. To remove items of income,

gain, loss, or deduction reported on Schedule 3K-1 or 5K-1, report these items as an addition or subtraction modification

on Form 1, line 4 or 11, with a code of 57 or 58. If filing Form 1NPR, do not include these amounts in column B (Wisconsin

column).

Note: When adjusting income or expenses of an entity, additional items may also require adjustment. For example,

adjusting depreciation allowed to a partnership would change the amount of income or loss from the entity. If the

entity is subject to the passive activity limitations, federal Form

8582, would need

to be recomputed for Wisconsin to substitute the Wisconsin partnership information for the amount determined on

the federal Form

8582. Any difference in the amount of passive activity loss allowed for federal tax purposes and the

amount allowed from the recomputed Form

8582 would also be a Schedule adjustment. Any other federal schedules

or forms affected by the Schedule adjustment should also be recomputed (for example, Schedule E) and attached to the Wisconsin return. Mark these recomputed forms or schedules “Revised for Wisconsin."

Specific Instructions

When an adjustment is made on the lines below, this may affect other amounts which must then also be adjusted.

For example, the amount of social security includable in federal adjusted gross income may be affected when an adjust-

ment is made to an income item. The adjustment to social security includable in federal adjusted gross income should

be reported on one of the “other" lines, as appropriate.

Part I - Line Instructions

Line 1

Fill in your 2019 federal adjusted gross income (FAGI) from line

8b of your federal Form 1040 or 1040-SR. If your FAGI

is a loss, place a minus sign (-) in front of the number.

Line 2

Enter any additions to income due to the difference between federal and Wisconsin law on the corresponding line for the

adjustments below.

Line 2a - Deduction for Tuition and Fees

Enter the amount of the deduction for tuition and fees from line 21 of federal Schedule 1 (Form 1040 or 1040-SR).

with enrollment at an institute of higher eduction is extended through D ecember 31, 2020. (Public Law 116-94).

Note: Although the federal deduction for tuition and fees cannot be claimed for Wisconsin, you may qualify for a

tuition deduction provided by Wisconsin law. If you claim the federal tuition and fees deduction, you must complete

Schedule I to remove the federal deduction. See page 20 of the Form 1 instructions or page 6 of the Schedule M instructions for more information on the Wisconsin deduction for tuition paid. Line 2b - Discharges of Indebtedness on Principle Residence

(a) Federal - Gross income does not include any amount which would be includable in gross income by reason of

discharged before January 1, 2021. (Public Law 116-94). residence does not apply for Wisconsin. -3-

Lines 2c and 4b - Depreciation

DQG in depreciation if you claimed the federal special 100 percent additiona l depreciation for assets placed in service in 2019. ႇ for property placed in service on or after January 1, 2014, Schedule each year until the property is fully depreciated or until you sell or otherwise dispose of the property. Schedule . You may then subtract the revised depreciation allowed for Wisconsin on l ine 4b.

Complete a revised federal Form 4562 and any accompanying forms and schedules. Mark these revised forms and

schedules “Revised for Wisconsin." in Part IA on page 6 under ႇ. Lines 2d, 2f, 4c and 4e - Capital Gains and Losses from Line 6 of Federa l Form 1040 or 1040-SR

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