Tax returns are due April 18th, 2023 Extensions
due October 15, 2023.
Earned Income Credit is a percentage of Federal EIC
Tuition subtraction for private schools K-8, $4,000; 9-12, $10,000. This does NOT include "pre"
K.
Social Security, Military uniformed services and Railroad retirement benefits
are not taxable to Wisconsin.
Also, WI state teachers, Federal civil
service, and some Milwaukee city/county IF members of system on 12/31/1963.
Tuition subtraction increased to $6,976
per student subject to phase out. WI and MN have tuition reciprocity
Standard mileage deduction for Homestead purposes
is 21 cents.
Debt forgiveness is taxable in WI. Insolvency and bankruptcy is
not.
Late filing fees for WI filers are $50 for individuals
after April 18th, or October 15th if an extension is filed. Other states vary.
Insurance premiums out-of-pocket
are deductible from WI income.
Day Care maximum, $3,000.
Medical insurance
premiums paid out of pocket offer a subtraction for WI taxpayers.
A child does not have to be a dependent in order for you to deduct contributions to an authorized college savings
account.
Gambling Winnings are taxable. You are able to deduct losses, HOWEVER, there are conditions. Basically, whatever
your net is in a session is considered income if a profit. Losses in a session are not allowed. Ex: If you
play the slots in the AM then eat lunch and play in the PM, each is a different session. So.... if you win in the AM
and lose in the PM, PM loses do not apply to AM winnings. For more exact information click below:
