Wisconsin 2011: Farm Section 179 Expense Adjustment
Wisconsin taxpayers who purchase new assets for their farm-related business may use various methods to recover the cost of these assets.
Certain customers, who made the Section 179 expense election for eligible farm assets they placed into service during 2011, may have filed an incorrect Wisconsin tax return.
TurboTax has fixed this issue.
How to tell if you may be impacted
You may be affected if ALL of the following are true:
- You filed your 2011 Wisconsin tax return before February 16, 2012 AND
- You filed a Schedule F for your farm-related business AND
- You placed an new asset into service for your Schedule F farm-related business AND
- You had the description “Increase in Section 179 Expensing” on a Line between 5a and 5h of Wisconsin Schedule I AND
- You had an amount over $25,000 in Column II of a line-item matching the description above
If you are affected, you may have underpaid your Wisconsin tax. You may need to amend your Wisconsin tax return.
You can make the corrections yourself.
- To do it yourself, please follow these step-by-step-instructions.
- After you make the changes to your tax return, you will need to mail a copy of your amended state return.
- Your printed return will include instructions on how and where to mail it.
- If you need assistance, call us at the phone number in the email.
Or let us do the work for you.
- Please download and print this Authorization Form.
- Complete the form and fax it to us at the number printed at the top of the form.
- A TurboTax representative will contact you (within 15 days) when your corrected return is ready to be securely emailed back to you.
- You can print, sign, and mail the corrected return to the state taxing authority.
If you need to contact us, please use the phone number in the email from TurboTax and tell the representative you’re calling about the Wisconsin 2011: Farm Depreciation.