Wisconsin has made the following changes to the tax laws for the 2022 tax year:
- Additional Child and Dependent Care Tax Credit: As of tax year 2022, the child and dependent care subtraction will no longer be available. It is being replaced by the Additional Child and Dependent Care Tax Credit.
- Educator Expense Deduction: The federal educator expenses deduction has been increased to $300. Wisconsin will follow this same increase.
- College Savings Account: The subtraction available for contributions made to a Wisconsin state-sponsored savings account has increased to $3,560 from $3,380 ($1,780 per beneficiary if filing a married filing separate return or a divorced parent).
- Tuition and Fees Expenses: The tuition and fees expenses subtraction has been increased to $6,976 from $6,973 per student. Please see Schedule SB instructions for phase-out information.
Reminders:
IRS Adjustments – If the IRS adjusted any of your federal income tax returns, you must notify the department within 180 days of any adjustment that affects your Wisconsin income tax returns. See page 8.
For more information regarding these changes, please click here.