Below are credits that are available on your Wisconsin return:
Renter's and Homeowner's School Property Tax Credit: Available if you paid rent during 2023 for living quarters that was used as your primary residence OR you paid property taxes on your home. Not available if you or your spouse claims the veterans and surviving spouses property credit.
Special conditions may apply. Visit the Wisconsin Instructions for more information.
Homestead Tax Credit: This credit is designed to provide relief to homeowners and renters. For more information pertaining to this credit, click here.
Itemized Deduction Credit: If the total of your itemized deductions exceed your WI standard deduction, you can claim the itemized deduction credit. These items are pulled from your federal return and include:
- Medical and dental expenses
- Interest paid form federal Schedule A
- Gifts to Charity
- Casualty Losses
- Amounts allocated to you on Schedule 5K-1 or 3K-1 by a tax option (S) Corp or partnership if the entity elected to be taxed at the entity level
The entire amount may not be deductible on your WI return. See the WI Instructions for limitations.
Credit for Taxes Paid to Another State: If you pay taxes to Wisconsin and another state from the same income, you may be able to claim a credit for the taxes you paid to the other state. Credit cannot be claimed for taxes paid to Illinois, Indiana, Kentucky or Michigan on earned income from working in one of these states. See our article regarding Reciprocity for more information.
Farmland Preservation Credit: This is a credit for Wisconsin residents who own farmland in Wisconsin. However, if you claim the homestead credit or the veterans and surviving spouse credit, you cannot claim the farmland preservation credit.
Veterans and Surviving Spouse Property Credit: You can claim this credit if you are an eligible surviving spouse that has not remarried or an eligible veteran. The credit is equal to the property taxes paid during the year. You cannot take this credit if you are already claiming the Farmland Preservation Credit, the School Property Tax Credit or the Homestead Credit. For additional information, see the WI Instructions.
Working Families Tax Credit: If you are married filing a separate return, are under age 65, and your Wisconsin income (line 5) is less than $10,000, you may claim the working families tax credit.
- If your Wisconsin income is $9,000 and below, the credit is equal to your tax.
- If your income is over $9,000, the credit is figured using the worksheet in the instructions.
This credit is automatically calculated by the program. You do not need to make any entries.
Contributions to College Savings Accounts (Sch CS) (EdVest and Tomorrows Scholar): You may be able to deduct contributions made to an EdVest or Tomorrow's Scholar account if you are the owner of the account or permitted to make contributions to the account by the owner. If rolled over form another 529 plan, only the principal amount qualifies for the subtraction (no earnings).
Carryforward of Unused credits (Sch CF)
Manufacturing Credit and Agricultural Credit (MA-M): Amount of credit taken on 2022 return (line 16) must be added to income on your 2023 Wisconsin return.
Business Development Credit (Sch BD): Based on wages paid to an eligible employee, training costs, and personal and real property investment. Available to taxpayers who are certified by the WEDC.
Technology Zone Credit (Sch TC): Available on Schedule CF only
Low-Income Housing Credit (Sch LI): Available to qualified development owners who are allocated a credit amount by WHEDA.
Wisconsin Research Credits (Sch R): Available for increasing research activities in Wisconsin. Includes credits related to internal combustion engines and certain energy efficient products.
Additional Child and Dependent Care Tax Credit: New for tax year 2022, this credit is for taxpayers claiming the Child and Dependent Care Tax Credit on their federal return.
Married Couple Credit: Applies to married couples who:
- File married filing jointly
- both parties have qualified earned income
- Do not file a federal Form 2555 or 2555-EZ or Form 4563
- Postsecondary Education Credit Carryforward
- Water Consumption Credit Carryforward
- Biodiesel Fuel Credit Carryforward
- Health Insurance Risk-Sharing Plan Assessments Credit Carryforward
- Veteran Employment Credit Carryforward
- Film Production Company Investment Credit Carryforward
- Schedule ES – Employee College Savings Account Contribution Credit
- Schedule CM – Community Rehabilitation Tax Program Credit
- Research Facilities Credit Carryforward
- Schedule LI – Low-Income Housing Credit
- Schedule HR – Supplement to Federal Historic Rehabilitation Tax Credit
- Schedule MA-A or MA-M – Manufacturing and Agricultural Credit
- Schedule HR – State Historic Rehabilitation Credit
- Schedule R – Research Credits
- Film Production Services Credit Carryforward
- Schedule MS – Manufacturer’s Sales Tax Credit
- Schedule MI – Manufacturing Investment Credit
- Dairy and Livestock Farm Investment Credit Carryforward
- Ethanol and Biodiesel Fuel Pump Credit Carryforward
- Schedule DC – Development Zones Credits
- Schedule DC – Capital Investment Credit
- Opportunity Zone Investment Credit Carryforward (Schedule CF)
- Technology Zone Credit Carryforward (Schedule CF)
- Schedule ED – Economic Development Tax Credit
- Schedule VC (Part I) – Angel Investment
- Schedule VC (Part II) – Early Stage
- Electronic Medical Records Credit Carryforward (Schedule CF)
- Internet Equipment Credit Carryforward (Schedule CF)
For additional information regarding these credits, click here.