Wisconsin DOR Publishes Guide on Credit for Income Taxes Paid to Another State

The Wisconsin Department of Revenue March 1 published a guide on the credit for taxes paid to another state for individual income, corporate income, and trust income tax purposes. A Wisconsin resident may be subject to the income tax laws of both Wisconsin and another state. The publication explains methods to prevent that resident’s income from being taxed by more than one state, including: 1) who may claim the credit; 2) how to compute the credit; 3) when and how to claim the credit; 4) what taxes qualify for the credit; and 5) tax agreements with reciprocal states. Taxpayers should ...