2006 Instructions For The Wisconsin Fiduciary Return Form 2 And Schedules Cc, Wd, And 2k-1 (Page 7 of 18) in pdf

NOTE: If you are also claiming farmland preservation credit on

SPECIAL INSTRUCTIONS

Form 2 and have enclosed a copy of your 2006 property tax

bill(s) with your Schedule FC, you do not have to enclose an

additional copy of your property tax bill(s). If the farmland on

A. Penalties and Interest

which the credits are based was purchased or sold during the

year, only the buyer must enclose a copy of the 2006 property

Any return which is not filed by the due date or within the

tax bill(s); however, both the buyer and seller must enclose a

extension period is subject to a late filing fee of $2 when the net

copy of the closing agreement.

tax is less than $10, $3 when such tax is $10 or more but less

than $20, or $5 when such tax is $20 or more. Returns filed 60

If any of the 2006 property tax bills show unpaid prior year taxes,

or more days late are subject to a $30 late filing fee. The late

enclose a statement signed by your county treasurer indicating

fee is assessed even if there is no tax due. Income taxes become

the date the 2005 property taxes were paid in full.

delinquent if not paid when due and are subject to interest at

the rate of 1.5% per month until paid. Taxes do not become

Line 21. Amount Paid With Original Return (Amended

delinquent during an extension period but are subject to interest

Return Only) Enter the amount paid with the original Form 2

at the rate of 12% per annum during the extension period.

plus any additional amount paid after it was filed.

B. Internal Revenue Service Adjustments and Amended

Line 23. Refund From Original Return Less Amount

Returns

Applied to 2007 Estimated Tax (Amended Return Only)

Enter the refund from the original Form 2 plus any additional

If a federal fiduciary return is adjusted by the Internal Revenue

refunds received after it was filed less the amount applied to

Service (IRS) and the adjustments affect the amount of

2007 estimated tax.

Wisconsin income reportable, any credit, or tax payable on

Form 2, report the adjustments to the department within 90 days

Line 25. Amount Overpaid If line 24 is larger than line 16,

from the date the adjustments become final. If an amended

complete line 25 to determine the amount overpaid.

fiduciary return is filed with the IRS or another state and the

changes affect the amount of income reportable, any credit, or

NOTE: If estimated tax payments were required to be made

tax payable on Form 2, file an amended Wisconsin fiduciary

and were not made in a timely manner, see Schedule U to de-

return reflecting these changes. The amended Wisconsin return

termine if underpayment interest is owed. See page 3 for

is due within 90 days from the date the amended return is filed

information on how to obtain this schedule. If underpayment

with the IRS or another state.

interest is owed and an overpayment is shown on line 25, re-

duce the amount on line 25 by the amount of underpayment

If you are filing an amended return, check the box below the

interest on line 29.

name and address area of Form 2. Prepare the return using the

corrected amounts. Complete line 21 or 23 as appropriate.

Line 26. Refund Fill in on line 26 the amount from line 25 that

Enclose a copy of any IRS audit report or federal amended

you want refunded to you.

return. You should also explain why the amended return was

necessary and what changes were made. If you have already

Line 27. Amount Applied to 2007 Estimated Tax Fill in on

received a Closing Certificate for Fiduciaries, you do not need

line 27 the amount, if any, of the overpayment on line 25 you

to request another one unless the court requires it.

want applied to your 2007 estimated tax.

C. Estimated Tax Payments Required for Next Year?

Line 28. Balance Due If line 24 is less than Line 16, complete

line 28 to determine the balance due. The balance due must be

If the 2007 Wisconsin income tax return of an estate or trust will

paid in full with the return. Make remittance payable to the Wis-

show a balance due to the department of $200 or more, you

consin Department of Revenue.

must use Wisconsin Form 1-ES (Form 4-ES for trusts subject

to tax on unrelated business income) to prepay the 2007 tax

NOTE: If estimated payments were required to be made and

in installments beginning April 16, 2007, for calendar year

were not made in a timely manner, see Schedule U to deter-

fiduciaries or 3 1/2 months after the close of a fiscal year

mine if underpayment interest is owed. See page 3 for

(March 15, 2007, or 2 1/2 months after the close of a fiscal year

information on how to obtain this schedule. If underpayment

for trusts using Form 4-ES).

interest is owed, increase the amount on line 28 by the amount

of underpayment interest on line 29.

EXCEPTION: Estates and grantor trusts which are funded on

account of a decedent’s death are exempt from making

Line 29. Underpayment Interest If estimated payments were

estimated tax payments for tax years ending within two years

required to be made and were not made in a timely manner,

after the date of death.

see Schedule U to determine if underpayment interest is owed.

See page 3 for information on how to obtain this schedule. If

D. Requesting Copies of Returns

underpayment interest is owed, fill in the amount from

Schedule U on line 29. Add the amount of the underpayment

The Department of Revenue will provide copies of prior year

interest to any tax due and fill in the total on line 28. If you are

returns. There will be a fee for each return requested, which is

due a refund, subtract the underpayment interest from the over-

required to be prepaid. Requests must be made in person or in

payment shown on line 25 and adjust lines 26 and 27 if

writing. You must provide a copy of the domiciliary letters or

necessary. Enclose Schedule U with your Wisconsin Form 2

letters of trust and the trust instrument. If you want certified

and check the box to the left of line 29.

copies, there is an additional charge for each certification. Call

(608) 266-2890 for more information.

2006 Instructions For The Wisconsin Fiduciary Return Form 2 And Schedules Cc, Wd, And 2k-1 Page 7

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