Instructions for Form I-832 Schedule ES Employee College Savings Account Contribution Credit - Wisconsin

Form I-832 Schedule ES Employee College Savings Account Contribution Credit - Wisconsin

This document contains official instructions for Form I-832 Schedule ES, Employee College Savings Account Contribution Credit - a form released and collected by the Wisconsin Department of Revenue. An up-to-date fillable Form I-832 Schedule ES is available for download through this link.

FAQ

Q: What is Form I-832 Schedule ES?A: Form I-832 Schedule ES is a tax form used in Wisconsin to claim the Employee College Savings Account Contribution Credit.

Q: What is the Employee College Savings Account Contribution Credit?A: The Employee College Savings Account Contribution Credit is a tax credit that allows eligible individuals to claim a credit for making contributions to a college savings account.

Q: Who is eligible to claim the Employee College Savings Account Contribution Credit?A: Residents of Wisconsin who made contributions to a college savings account are eligible to claim this credit, subject to certain income limitations.

Q: What is the purpose of the Employee College Savings Account Contribution Credit?A: The purpose of this credit is to encourage individuals to save for higher education expenses by providing a tax incentive.

Q: How do I claim the Employee College Savings Account Contribution Credit?A: To claim this credit, you need to complete Form I-832 Schedule ES and attach it to your Wisconsin income tax return.

Q: Is there an income limit for claiming this credit?A: Yes, there are income limitations for claiming the Employee College Savings Account Contribution Credit. You should refer to the instructions for Form I-832 Schedule ES to determine if you are eligible based on your income.

Q: Are there any other requirements to claim this credit?A: In addition to the income limitations, you must also meet certain eligibility requirements, such as being a Wisconsin resident and making eligible contributions to a college savings account.

Q: Can I claim this credit if I made contributions to a 529 plan?A: Yes, contributions to a 529 plan are generally eligible for the Employee College Savings Account Contribution Credit.

Q: What documentation do I need to keep to support the credit claim?A: You should keep records of your contributions to a college savings account, as well as any other supporting documentation that may be required by the Wisconsin Department of Revenue.