ScheduleLI: ScheduleLI (2024)
Wisconsin · Wisconsin DOR · Used for tax years 2024
Wisconsin Schedule LI calculates your 2024 low-income housing tax credit. It reports credits allocated by the Wisconsin Housing and Economic Development Authority (WHEDA), credits passed through from other entities, and unused credits carried over.
Who files this form
Use 2024 Wisconsin Schedule LI to report Wisconsin low-income housing tax credits allocated by the Wisconsin Housing and Economic Development Authority (WHEDA), credits passed through from other entities, and unused credit carryovers.
File Schedule LI with Wisconsin Form 1, 1NPR, 2, 3, 4, 4T, 5S, or 6.
What you'll need
- Your name and identifying number.
- WHEDA certification for credits allocated by WHEDA. Include it with the schedule.
- The entity name, FEIN, and credit amount for credits passed through from other entities. Line 2c provides space for total credits from an additional schedule.
- Schedule CF if reporting an unused credit carryover or if the available credit was not used in full.
- For fiduciaries, the amount of credit allocated to beneficiaries.
How to file
File Schedule LI with Wisconsin Form 1, 1NPR, 2, 3, 4, 4T, 5S, or 6.
- Enter WHEDA-allocated credits on line 1 and include WHEDA certification.
- Enter credits passed through from other entities on lines 2a through 2c. Add them on line 2d.
- Add lines 1 and 2d on line 3 to calculate your 2024 low-income housing tax credit.
- If you are a fiduciary, enter the credit allocated to beneficiaries on line 3a, then subtract it from line 3 on line 3b.
- Enter unused credit carryovers on line 4 and include Schedule CF.
- Add lines 3 and 4, or lines 3b and 4 for a fiduciary, on line 5. Include Schedule CF if the credit was not used in full.
Common mistakes
- Filling out the schedule without reading the instructions first. The form tells you to read them before starting.
- Not rounding amounts to the nearest dollar.
- Leaving out WHEDA certification for credits entered on line 1.
- Leaving out Schedule CF when reporting a carryover on line 4 or when the credit was not used in full.
Questions people ask
Can I report credits passed through from other entities?
Yes. Lines 2a and 2b ask for each entity’s name, FEIN, and credit amount. Enter the total from any additional schedule on line 2c.
How do I calculate my 2024 credit?
Add the WHEDA-allocated credits on line 1 to the total passed-through credits on line 2d. Enter the result on line 3.
What do fiduciaries enter for credits allocated to beneficiaries?
Enter the amount allocated to beneficiaries on line 3a. Subtract that amount from line 3 and enter the result on line 3b.
When do I include Schedule CF?
Include Schedule CF when reporting an unused credit carryover on line 4. The form also requires Schedule CF if the available credit was not used in full.