Wisconsin Retirement System - Annuity Adjustments Beginning May 1, 2019 (see below)

WDOR answers tax practitioner questions (WDOR site, updated 1-10-19)

WDOR - Individual Income Tax New Articles (WDOR site)

WDOR - Recent Tax News for Professionals (WDOR site)

WDOR - Wisconsin Tax Publications (WDOR site)

WDOR - Wisconsin “Fact Sheets” (WDOR site)

2018 Wisconsin FINAL Forms & Schedules (updated 2-4-19)

2018 Tax Software Survey

No more short form or EZ form, beginning 2018

Wisconsin Tax Bulletin #204 (January 2019), Released Feb 1, 2019 (PDF)

Wisconsin Tax Bulletin #205 (April 2019), Released April 9, 2019 (PDF)
 

New 2018 tax laws from Wisconsin Tax Bulletins

WTB #199 (Oct 2017)

    Beginning 1-1-18, Wisconsin follows Federal law as regards a tax-free qualified charitable distribution from an IRA directly to a charitable organization.
    Beginning 1-1-18, “disqualified losses” must be included in household income (Homestead Credit). See WTB #199, page 12 (PDF).

WTB #200 (Jan 2018)

    None

WTB #201 (April 2018)

    Beginning 1-1-18, the Wisconsin reference to Federal’s Internal Revenue Code is updated to the IRC as of 12-31-17.
    Provisions of the Federal Tax Cut & Jobs Act of 2017 that apply to Wisconsin beginning 1-1-18 (PDF)
    Wisconsin AMT exemption & phase-outs are federalized for 2018. Wisconsin AMT is discontinued completely beginning 2019.
    Beginning 4-5-18, expenses allowed for establishing a College Savings Account now include tuition at elementary or secondary public, private, or religious schools.
    Beginning 1-1-18, a subtraction may NOT be claimed for Private School Tuition if the source of payments is withdrawn from a College Savings Account.

WTB #202 (July 2018)

    None

WTB #203 (Oct 2018)

    None (other than a reminder that Forms 1A & WI-Z have been eliminated beginning 2018.

WTB #204 (Jan 2019)

    None

WTB #205 (April 2019)

    None

Social Security Cost-of-Living Adjustments

SSB - Yearly Increase

Medicare Part B Premium Increases

medicare premiums

 

Wisconsin State Retirement Benefits
May 1, 2019, Annuity Adjustment

ADJUSTMENT ... In March 2019, Wisconsin Employee Trust Funds announced the increase or decrease in pension benefits for retired state workers. The annual adjustment takes place on May 1 of every year, but it’s helpful for preparers to know the amounts ahead of time to help the taxpayer adjust their withholding or estimated payments for 2019.

The ACTUAL adjustments beginning May 2019:
 FIXED/CORE:       0% (no change)
 VARIABLE:     - 10% (decrease)

SHORTCUT ... Once again, for estimate purposes, we have calculated a “shortcut method” to easily compute the total retirement benefit for the entire year, which includes the first 4 months and the lower amounts for the remaining 8 months.

D.A.T. Publisher's Shortcut Method for 2019:
Current (Jan, Feb, Mar, Apr) gross monthly annuity amount ...
(Note: keep in mind that this computation is based on the annuity amount received BEFORE the change in May!)

     Current Monthly FIXED/CORE x 12 = Total Fixed for the entire year (no change from first 4 months of 2019)
     Current Monthly VARIABLE x  11.2 = Total Variable for the entire year

 

Example as PROOF ...

Suppose Judy's gross monthly annuity for March 2019 is
         $1,000 for fixed and
         $1,000 for variable. 

$1,000 fixed x 12 = $12,000
   (1st 4 months at $1,000/mo = $4,000)
   (Last 8 months at $1,000/mo = $8,000)
           (NO CHANGE = all 12 months of 2019 will be the same gross amount for the FIXED portion of the annuity payment)

$1,000 variable x 11.2 = $11,200
   (1st 4 months at $1,000/mo = $4,000)
   (Last 8 months at $ 900/mo  = $7,200)
           ($ 900 reflects monthly decrease by 10%)

Judy's total fixed amount for 2019 will be $12,000
Judy's total variable amount for 2019 will be $11,200