The Wisconsin 2 Form, officially known as the 1997 Fiduciary Income Tax Return, is designed for estates and trusts operating within the state. This form helps fiduciaries report income, deductions, and tax liabilities for the taxable year. Completing the Wisconsin 2 Form is essential for fulfilling state tax obligations, so be sure to fill it out by clicking the button below.
The Wisconsin Form 2 serves as the fiduciary income tax return specifically designed for estates and trusts. This form is essential for reporting the income generated by these entities for the tax year 1997, or for the taxable year beginning in 1997 and ending in the same year. Key components of the form include the identification details of the decedent or trust, such as names, social security numbers, and the address of the decedent at the time of death. It also inquires whether this is the first or final return for the estate or trust, as well as whether a closing certificate is being requested. The form requires the fiduciary to calculate the federal taxable income, report any additions or subtractions as outlined in Schedule A, and compute the Wisconsin taxable income. Furthermore, it addresses various tax credits, including exemptions and the alternative minimum tax, which may apply to the fiduciary. The form concludes with a declaration by the fiduciary, affirming the accuracy of the return, and provides spaces for signatures and preparer information. Overall, the Wisconsin Form 2 encompasses a comprehensive set of instructions and calculations that ensure compliance with state tax obligations for estates and trusts.
What is the Wisconsin 2 Form?
The Wisconsin 2 Form is the Fiduciary Income Tax Return used for estates or trusts in Wisconsin. It is specifically designed for reporting the income and tax obligations of estates or trusts for the tax year 1997. This form collects essential information about the decedent, the personal representative, and the financial details of the estate or trust.
Who needs to file the Wisconsin 2 Form?
Any estate or trust that has taxable income must file this form. If the estate or trust is required to file a federal income tax return using Form 1041, it must also file the Wisconsin 2 Form. Additionally, if the estate or trust has any income that exceeds the filing threshold set by Wisconsin law, filing is mandatory.
What information is required to complete the form?
To complete the Wisconsin 2 Form, you will need the decedent's name, Social Security number, and the trust's federal ID number (EIN). You must also provide details about the personal representative or trustee, the address of the decedent at the time of death, and information regarding the estate or trust type. Financial details such as federal taxable income, additions, subtractions, and tax credits must also be reported.
How do I determine if this is the final return for the estate or trust?
To determine if this is the final return, consider whether the estate or trust has completed its financial obligations and is ready to close. If all income has been distributed, and all debts and taxes have been settled, you may indicate that this is the final return. Additionally, if you are requesting a closing certificate, this typically signifies that it is the final return.
Where should I send the completed Wisconsin 2 Form?
The completed Wisconsin 2 Form should be mailed to the Wisconsin Department of Revenue at the following address: P.O. Box 8904, Madison, WI 53708-8904. Ensure that you attach any necessary schedules and documentation as required by the form instructions to avoid processing delays.
The Wisconsin 2 form is specifically designed for filing fiduciary income tax returns for estates and trusts. It is crucial to identify the correct type of entity being reported, whether it be an estate, bankruptcy estate, testamentary trust, or inter vivos trust.
When completing the form, ensure that you provide accurate information about the decedent, including their social security number and the date of death. This information is essential for proper identification and processing.
Check the appropriate boxes to indicate whether this is the first or final return for the estate or trust. This helps the tax authorities understand the status of the entity.
Be mindful of the calculations. Lines 1 through 14 require careful attention to detail, as they involve federal taxable income and various additions and subtractions that affect Wisconsin taxable income.
It is important to attach the necessary schedules, such as Schedule A for modifications and adjustments, as well as federal Form 1041. These documents support the information reported on the Wisconsin 2 form.
If applicable, request a closing certificate by providing the required information about the estate or trust. This certificate is crucial for finalizing the tax obligations of the entity.
Finally, always double-check the form for accuracy and completeness before submission. Errors or omissions can lead to delays or complications with the tax authorities.
Individual Service Plan Template - The form specifies participants' rights to request hearings concerning eligibility decisions.
To file an amended return, taxpayers should carefully complete the IT 1040X, ensuring they follow Ohio's guidelines. For those looking for assistance or resources related to this process, they can visit Ohio PDF Forms for more information and access to the necessary documents.
Functional Screening - This screening form is integral to the long-term care planning process in Wisconsin.
Here are five common misconceptions about the Wisconsin 2 Form, which is used for fiduciary income tax returns for estates or trusts:
This form is applicable to both estates and trusts. It accommodates various types of fiduciaries, including testamentary trusts and electing small business trusts.
Even if an estate has no taxable income, filing may still be required to obtain a closing certificate or to fulfill other legal obligations.
While both forms serve similar purposes, the Wisconsin 2 Form includes specific adjustments and calculations unique to state tax regulations.
It is essential to attach necessary schedules, such as federal Form 1041 and Wisconsin Schedules 2K-1 and WD, as required. Failing to do so can delay processing.
The deadline for filing the Wisconsin 2 Form may differ from individual tax returns. Be sure to check the specific due date for fiduciary returns.
or type
FORM
2
WISCONSIN
1997
FIDUCIARY INCOME TAX RETURN (For Estates or Trusts)
For 1997 or taxable year beginning __________________ , 1997, and ending ____________________
Estate only - Last name
First name and middle initial
Decedent’s social security number
Trust’s federal ID number (EIN)
Trusts only - Name
If name change, state previous name
Please print
Name and address of personal representative, petitioner, or trustee
Address where decedent lived at time of death
Spouse’s first name
Date trust or bankruptcy estate was created or date of decedent’s death ___________________
Is this the first return of the estate or trust?
Yes
No
Age of decedent
Is this the final return of the estate or trust?
Are you requesting a closing certificate at this time?
If yes, see instructions.
The closing certificate will be mailed to the address below.
Check whether: Decedent's estate
Bankruptcy estate
Testamentary trust
Inter vivos trust
Electing small business trust
County of Jurisdiction
Probate Case Number
Name of individual/firm
Attention or c/o
Address
City
State
Zip code
Attach check or money order here
FOR DEPT USE ONLY
2OP
2CL
7AU
8AU
9OP
9CL
HOLD FOR
1.
Federal taxable income of fiduciary (from attached federal Form 1041, line 23)
. . . . .
. . . . . . . . .
.
1
2.
Additions (from Schedule A, column 2, line 6) . . . .
. . . . . .
. . . .
. . . . . . . .
3.
Add lines 1 and 2 . . . .
. . . . . . . . . . . . . . . . . . . . . .
3
4.
Subtractions (from Schedule A, column 2, line 12)
4
5.
Wisconsin taxable income of fiduciary (subtract line 4 from line 3)
5
6.
. . . . . . . . . . . . . . .Gross tax (see instructions on page 4)
6
7.
Exemption/Historic credits (see instructions)
7
8.
Subtract line 7 from line 6. If line 7 is larger than line 6, fill in zero (0) .
8
9.
Alternative minimum tax. Fill in alternative minimum tax from line 18 Schedule MT . .
9
10.
Add lines 8 and 9 . . . .
10
11.
Development zone credits (attach Schedule DC) . .
11
12.
Subtract line 11 from line 10. If Line 11 is larger than Line 10, fill in zero (0)
12
13.
Temporary recycling surcharge (see instructions)
Check if surcharge computed on worksheet.
If worksheet not used, fill in nonfarm net business income . . . .
. .
x .004345 =
13
14.
Add lines 12 and 13. . .
. . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . .
14
15.
Wisconsin income tax withheld (attach withholding statement)
15
16.
1997 estimated payments and amount applied from 1996 return . . .
16
17.
Farmland preservation credit (attach Schedule FC)
17
18.
Net income tax paid to other states (see instructions)
18
19.
Farmland tax relief credit: Farmland taxes
X
.10 =
19
20.
AMENDED RETURN ONLY — amount paid with original return
. . . . 1
20
21.
. . . . . . . . . . . . . . . . . . . .Total lines 15 through 20
21
22.
AMENDED RETURN ONLY — refund from original return less
amount applied to 1998 estimated tax
. . . . . . . . . .
. . . .2
22
(
)
23.
Subtract line 22 from line 21
23
24.
If line 23 is larger than line 14, enter
. REFUND
24
25.
If line 23 is less than line 14, enter
. . .
. BALANCE DUE
25
26.
Amount of line 24 to be applied to your 1998 ESTIMATED TAX
26
I, as fiduciary, declare under penalties of law that I have examined this return (including accompanying schedules, statements, and copy of federal income tax return) and to the best of my knowledge and belief it is true, correct and complete.
Signature of fiduciary or trust officer
Date
Telephone number
PERSON PREPARING THE RETURN (individual and firm) if other than the preceding signer
Name of preparer other than fiduciary
Signature of preparer
Mail this return to:
I-020 Area below this line for department use only
R
M O N
Y R
T
M A N
D
A
P
C
Wisconsin Dept.
of Revenue
P.O. Box 8904
Madison, WI 53708-8904
Form 2 (1997)Page 2
SCHEDULE A — MODIFICATIONS AND ADJUSTMENTS
COL. 1
COL. 2
ADDITIONS:
Distributable Income
Non-Distributable Income
Adjustment to convert 1997 federal taxable income to the level allowable under
the Internal Revenue Code in effect on August 5, 1997 (Schedule B)
Interest (less related expenses) on state and municipal obligations
State and local taxes (see instructions)
Capital gain/loss adjustment (see instructions)
Other (specify)
Total additions (add lines 1 through 5)
SUBTRACTIONS:
Interest (less related expenses) on obligations of the United States
. . . . . . . . . . . . . . . . . . .10. State and local income tax refunds (see instructions)
12. Total subtractions (add lines 7 through 11)
SCHEDULE B — ADJUSTMENTS TO CONVERT 1997 FEDERAL TAXABLE INCOME TO THE LEVEL ALLOWABLE UNDER THE INTERNAL REVENUE CODE IN EFFECT ON AUGUST 5, 1997 (see instructions on page 11)
Adjustments for 1997
1 NATURE OF ADJUSTMENT—EXPLAIN FULLY. SHOW DEFICIT AMOUNT IN PARENTHESES
Distributable
Non-Distributable
TOTAL
(If total increases federal taxable income, enter on Schedule A, line 1)
(If total decreases federal taxable income, enter on Schedule A, line 7)
TOTAL (enter, as appropriate, on Wisconsin Schedule 2K-1)
SCHEDULE C — ADJUSTMENTS TO CAPITAL GAINS/LOSSES BECAUSE CAPITAL ASSETS DISPOSED OF
HAD DIFFERENT BASIS FOR WISCONSIN AND FEDERAL INCOME TAX PURPOSES
1a
DESCRIPTION OF CAPITAL ASSETS HELD ONE YEAR OR LESS
A. FEDERAL
B. WISCONSIN
C. DIFFERENCE
AND REASON FOR DIFFERENCE IN BASIS
ADJUSTED BASIS
1b TOTAL – Combine amounts in column C. Fill in here and on line 4 of Wisconsin Schedule WD (Form 2)
.........................
2a
DESCRIPTION OF CAPITAL ASSETS HELD MORE THAN ONE YEAR
2b TOTAL – Combine amounts in column C. Fill in here and on line 12 of Wisconsin Schedule WD (Form 2)
.......................
INFORMATION REQUIRED WHEN REQUESTING A CLOSING CERTIFICATE FOR AN ESTATE
Did the decedent have a will?
yes
no
Type of Probate
formal
informal
other
Is there a requirement to file a federal estate tax return (Form 706)? Yes
No If Yes, date filed
4 If the decedent did not file tax returns prior to death, state the decedent’s approximate income for: 1997 - $
,
1996 - $
, 1995 - $
, 1994- $
5Attach a copy of the inventory and will. Attach a copy of the final account to the final fiduciary return.
6If an estate does not have enough income to require filing and needs a Closing Certificate for Fiduciaries, or if the estate will be filing only one fiduciary return when the estate is closed and needs the closing certificate before filing that return, see page 2 of the instructions for procedures to be followed.
INFORMATION REQUIRED WHEN REQUESTING A CLOSING CERTIFICATE FOR A TRUST
1Attach a copy of the trust instrument with amendments and copies of annual court accountings for past three years.
2a. Name(s) of grantor(s) ______________________________________________________________________________________________
Social Security Number(s) _____________________________________ __________________________________________
b. Name(s) of grantee(s) _____________________________________________________________________________________________
Social Security Number(s) _____________________________________
__________________________________________
3State reason for closing the trust ________________________________________________________________________________________
__________________________________________________________________________________________________________________
4 Is a certificate required by the court?
No See page 2 of instructions (requests for closing certificates).
ATTACH A COPY OF FEDERAL FORM 1041 AND SCHEDULES TO THIS RETURN.
ALSO ATTACH COPIES OF WISCONSIN SCHEDULES 2K-1 AND WD (FORM 2), IF REQUIRED.