ScheduleQI: ScheduleQI (2024)
Wisconsin · Wisconsin DOR · Used for tax years 2024
Wisconsin Schedule QI reports the sale of an investment in a qualified Wisconsin business, including the sales price, Wisconsin-adjusted basis, and deferred long-term gain. It reports non-taxable qualified gain and calculates net taxable long-term gain or loss, and is included wi
Who files this form
Schedule QI is for reporting the sale of an investment in a qualified Wisconsin business. The form lists stock purchases, partnership interests, and LLC memberships as investment types.
Include Schedule QI with Wisconsin Form 1 or 1NPR. The initial investment purchase date must be after December 31, 2010. The form refers to instructions for additional details, including investments in single-member LLCs.
What you'll need
Have these forms and details available:
- Wisconsin Form 1 or 1NPR, including the name(s) shown on that return and your Social Security number.
- The sale date and the purchase date of the initial investment.
- The investment type and the qualified Wisconsin business’s name and FEIN.
- The pass-through entity’s name and FEIN, if a pass-through entity sold the investment.
- Federal Form 8949, for the reported sales price.
- The cost or other basis adjusted for Wisconsin, and any deferred long-term gain included in the investment.
- Schedule WD, where the non-taxable qualified gain from line 10 is entered.
How to file
Include the completed Schedule QI with Wisconsin Form 1 or 1NPR. Enter Schedule QI’s line 10 amount on line 15a of Schedule WD.
The supplied form does not state a mailing address or provide e-filing directions.
Common mistakes
- Entering the broker’s information on line 4. Enter the qualified Wisconsin business’s name and FEIN instead.
- Using an initial investment purchase date that is too early. Line 2 says the date must be after December 31, 2010, and refers you to the line 2 instructions.
- Failing to reduce Wisconsin basis for deferred long-term gain. Line 6 specifically requires this adjustment and refers you to its instructions.
- Skipping the instructions. The form says to read them before completing the schedule. It specifically directs single-member LLC investors to the General Instructions. Those instructions were not supplied here.
Questions people ask
Which investment type should I select?
Check one: stock purchase, partnership interest, or LLC membership. For an investment in a single-member LLC, the form says to see the General Instructions.
What if a pass-through entity sold the investment?
Enter that entity’s name and FEIN on line 4a. The form also refers you to the line 4a instructions.
Where do I get the sales price for line 5?
Use the sales price reported on federal Form 8949.
Where do I report the non-taxable qualified gain?
Enter the amount you computed on line 10, then enter it on line 15a of Schedule WD. The form refers to the line 10 instructions for computing that amount.
How does the form calculate net taxable long-term gain or loss?
Add line 6 and line 10 to get line 11. Then subtract line 11 from the sales price on line 5 to get line 12.