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26 Jan 2015

WI Offers $10,000 Tax Deduction for Private School Tuition

Wisconsin parents with a child in a private school will be able to receive a tax deduction for private school tuition beginning in tax year 2014 (filed in 2015).

2014 I-094 Schedule PS, Private School TuitionYou can download the tax credit form here.

Under the program, parents statewide will be able to deduct up to $10,000 per high school student. The full language of the state statute is included below for reference.

Language of State Statute:

49.
a. Subject to the definitions provided in subd. 49. b. to g. and the limitations specified in subd. 49. h. to j. for taxable years beginning after December 31, 2013, tuition expenses that are paid by a claimant for tuition for a pupil to attend an eligible institution.
b. In this subdivision, “claimant” means an individual who claims a pupil as a dependent under section 151 (c) of the Internal Revenue Code on his or her tax return.
c. In this subdivision, “elementary pupil” means an individual who is enrolled in grades kindergarten to 8 at an eligible institution.
d. In this subdivision, “eligible institution” means a private school, as defined in s. 115.001 (3r), that meets all of the criteria under s. 118.165 (1).
e. In this subdivision, “pupil” means an elementary pupil or secondary pupil.
f. In this subdivision, “secondary pupil” means an individual who is enrolled in grades 9 to 12 at an eligible institution.
g. In this subdivision, “tuition” means any amount paid by a claimant, in the year to which the claim relates, for a pupil’s tuition to attend an eligible institution.
h. For each elementary pupil, in each year to which the claim relates, the maximum amount of tuition expenses which a claimant may subtract under this subdivision in a taxable year is $4,000.
i. For each secondary pupil, in each year to which the claim relates, the maximum amount of tuition expenses which a claimant may subtract under this subdivision in a taxable year is $10,000.
j. If an individual is an elementary pupil and a secondary pupil in the same taxable year, the claimant may claim the subtraction under this subdivision for only one grade for that pupil for that taxable year.