ScheduleU: ScheduleU (2024)
Wisconsin · Wisconsin DOR · Used for tax years 2024
Wisconsin Schedule U calculates underpayment of estimated tax and any related interest for individuals, partnerships, and fiduciaries for 2024. It includes short and regular calculation methods and an annualized income installment worksheet.
Who files this form
Wisconsin Schedule U is for individuals, partnerships, and fiduciaries to figure interest on underpaid estimated tax for 2024. It is included with Wisconsin Form 1, 1NPR, 2, or 3.
All filers must complete Part I to determine the required annual payment. The form tells you not to complete or file Schedule U if:
- Line 3, your 2024 net tax minus the other credits on line 2, is zero or less.
- Line 6, your line 3 amount minus Wisconsin tax withheld for 2024, is less than $500.
When it's due
For tax year 2024, the estimated-tax installment due dates printed for calendar-year taxpayers are:
- April 15, 2024
- June 17, 2024
- September 16, 2024
- January 15, 2025
Fiscal-year taxpayers must adjust these dates accordingly.
For the 2024 underpayment-interest calculation, April 15, 2025, is also a cutoff date. Under the regular method, line 26 counts days through the date the balance due on the return was paid or April 15, 2025, whichever is earlier.
What you'll need
Have the following tax-return information and payment details available:
- Your legal name and identifying number as shown on your tax return.
- Your 2024 Wisconsin net tax from Form 1, line 22; Form 1NPR, line 52; Form 2, line 10; or Form 3, line 1.
- Your other credits, Wisconsin tax withheld for 2024, and estimated-tax payment amounts.
- Your prior-year tax for 2023.
- Payment dates needed to calculate underpayment interest.
If you use the annualized income installment method, you also need Wisconsin income for each period, deductions, exemptions, and refundable and nonrefundable credits.
How to file
Include Schedule U with your Wisconsin Form 1, 1NPR, 2, or 3. The supplied form does not provide a mailing address or e-filing instructions.
Complete Part I first. You may use the short method in Part II if you made no estimated-tax payments, or if you made four equal estimated-tax payments on the due dates. Otherwise, use the regular method in Part III.
Complete Part IV only if you are using the annualized income installment method.
Enter the underpayment interest from line 15 or line 29 on the applicable return:
- Form 1, line 44
- Form 1NPR, line 74
- Form 2, line 24
- Form 3, line 3
Increase the amount you owe or decrease your refund accordingly.
Common mistakes
Watch for these cautions when using the annualized income installment worksheet:
- Complete one column through line 50 before starting the next column.
- If you use the worksheet for any column of line 16, use it for all four columns.
- Check that the total of the amounts on line 50 equals line 8 of Part I.
- Adjust the printed period-ending dates for fiscal-year returns.
- Estates and trusts must use the substitute period-ending dates and annualization amounts printed on the form, not the standard ones shown in the worksheet.
Questions people ask
How is the required annual payment calculated?
Line 8 uses the smaller of line 4, which is 90% of line 3, or your prior-year tax on line 7. The form refers you to instructions for these entries, but those instructions were not supplied.
Can I use the short method if I made no estimated-tax payments?
Yes. The form allows the short method if you made no estimated-tax payments. It also allows it if you made four equal payments on the due dates. Otherwise, use the regular method.
What if line 12 is zero or less?
Stop there. The form states that you do not owe underpayment interest.
Does underpayment interest affect my refund?
Yes. The form tells you to transfer the interest to your Wisconsin return and either increase the amount you owe or decrease your refund.