Wisconsin DOR Publishes 2022 Guide on Individual Income Tax Treatment of Retirement Benefits

The Wisconsin Department of Revenue March 1 published a guide explaining how individual income tax applies to retirement benefits. The guide is for tax year 2022 and contains no substantive changes from the 2021 version. The guide explains that retirement benefits that state residents receive are generally treated the same for federal and state purposes but highlights the differences. These differences include: 1) railroad retirement and social security benefits; 2) individual retirement account distributions; 3) the exemption of up to $5,000 of retirement benefits for taxpayers over age 65 with income below certain limits; 4) tax-sheltered annuities; and 5) disability ...