Get 2023 I-0103 Schedule Sb - Form 1 - Subtractions From Income (fillable)

Wisconsin individual income tax rates vary from 3.50% to 7.65%, depending upon marital status and income. Note: Nonresidents and part-year residents must prorate the tax based on the ratio of their Wisconsin income to their federal adjusted gross income. See the Wisconsin Form 1NPR for further details.

Wisconsin lowered the income tax rates of the state's bottom two tax brackets effective Jan. 1, 2023. The rate for the lowest bracket dropped from 3.54 to 3.5 percent and the rate for the second-lowest bracket was cut from 4.65 to 4.4 percent.

Taxpayers who are 65 and Older or are Blind For 2023, the additional standard deduction amounts for taxpayers who are 65 and older or blind are: $1,850 for Single or Head of Household (increase of $100) $1,500 for married taxpayers or Qualifying Surviving Spouse (increase of $100)

Instead of itemizing their deductions, individual taxpayers are allowed an itemized deductions credit in computing Wisconsin income tax. The credit is 5% of the total federal itemized deductions claimed by the taxpayer in excess of the Wisconsin standard deduction and subject to other Wisconsin exclusions.

What is Schedule SB in Wisconsin? Schedule SB is used to report differences between federal and Wisconsin income. These differences are called modifications and may affect the amount you report as a subtraction modification on line 4 of Form 1.

Federal treatment: Capital gains are generally fully taxable for federal purposes. Wisconsin treatment: Wisconsin law generally allows a deduction for 30% of the net capital gain from assets held more than one year. The deduction is 60% of net long-term capital gain from farm assets held more than one year.

As shown in Table 1, for 2022, a single tax- payer with Wisconsin AGI less than $16,990 has a standard deduction of $11,790; for single tax- payers with AGI in excess of $115,240, no standard deduction is provided.

All tax filers can claim this deduction unless they choose to itemize their deductions. For the 2022 tax year, the standard deduction is $12,950 for single filers ($13,850 in 2023), $25,900 for joint filers ($27,700 in 2023) and $19,400 for heads of household ($20,800 in 2023).