ScheduleT: ScheduleT (2024)
Wisconsin · Wisconsin DOR · Used for tax years 2024
Wisconsin Schedule T reports transitional adjustments for assets with different Wisconsin and federal tax bases. It covers capital assets, assets reported on federal Form 4797, and adjustments or amortization for changing basis assets, and is included with Wisconsin Form 1 or For
Who files this form
Use 2024 Wisconsin Schedule T to report these transitional adjustments, and include it with Wisconsin Form 1 or Form 1NPR:
- Part I: You sold or otherwise disposed of capital assets during 2024, recognized a gain or loss, and had a different Wisconsin basis than federal basis.
- Part II: You reported an asset sale or other disposition on federal Form 4797, and the asset had different Wisconsin and federal bases.
- Part III: You are claiming a 2024 adjustment or amortization for a difference between the Wisconsin and federal bases of changing basis assets.
If your share of partnership, tax-option (S) corporation, estate, or trust income includes gains or losses reportable on federal Form 4797 that differ for Wisconsin and federal purposes, the form directs you to the Part II instructions.
What you'll need
Have the information and forms needed for the parts you complete:
- Your Wisconsin Form 1 or Form 1NPR, including the name(s) shown on it and your Social Security number.
- Asset descriptions, federal and Wisconsin adjusted bases, and reasons for the basis differences.
- For Part I, information showing whether each capital asset was held one year or less or more than one year, plus Wisconsin Schedule WD.
- For Part II, federal Form 4797 and “Wisconsin” Form 4797 ordinary gain or loss amounts.
- For Part III, property acquisition dates, the number of months elected to adjust or amortize, basis differences, and 2024 adjustment or amortization amounts.
- Schedule AD or Schedule SB, as applicable, to report the adjustments directed by Schedule T.
How to file
Include Schedule T with your Wisconsin Form 1 or Form 1NPR. The provided form does not give a mailing address or e-file instructions.
Transfer the applicable totals as directed:
- Part I: Enter line 1b on Wisconsin Schedule WD, line 6, and line 2b on Schedule WD, line 15.
- Part II: Enter lines 4c and 4h on Schedule AD, line 10. Enter lines 4d and 4g on Schedule SB, line 39.
- Part III: Enter line 6 on Schedule AD, line 10, and line 8 on Schedule SB, line 39. Form 1NPR filers are directed to see the instructions, which were not provided here.
Common mistakes
- Using negative numbers for losses in Part II: The form says to enter losses as positive numbers when computing lines 4e through 4h.
- Leaving certain Form 4797 amounts blank: For lines 4a, 4b, 4e, and 4f, enter zero if the corresponding Form 4797 line is blank.
- Overlooking special instructions: Nonresidents and part-year residents are directed to see the instructions for line 4. Form 1NPR filers are also directed to see the instructions for Part III totals. Those instructions were not provided here.
- Not including Schedule T with the return: The form says to include it with Wisconsin Form 1 or Form 1NPR.
Questions people ask
How do I separate capital assets in Part I?
List assets held one year or less on line 1a and assets held more than one year on line 2a. Include a description and the reason for each basis difference.
What if my Wisconsin ordinary gain is higher than my federal ordinary gain?
If line 4b is more than line 4a, subtract line 4a from line 4b. Enter the result on line 4c and Schedule AD, line 10.
What if my Wisconsin ordinary loss is higher than my federal ordinary loss?
Enter losses as positive numbers. If line 4f is more than line 4e, subtract line 4e from line 4f. Enter the result on line 4g and Schedule SB, line 39.
Where do I list changing basis assets in Part III?
Use line 5 when federal adjusted basis is greater than Wisconsin adjusted basis. Use line 7 when Wisconsin adjusted basis is greater than federal adjusted basis. Column D is for the 2024 adjustment or amortization.