With the new year in full swing, it’s time to start preparing for tax season.
New for the 2014 Wisconsin state tax return, Edvest College Savings Plan holders – as well as Tomorrow’s Scholar account holders – must file a Wisconsin Department of Revenue Schedule CS to be eligible for any potential reduction in Wisconsin state taxes.
To review, download and print the Schedule CS, please visit: http://www.revenue.wi.gov/forms/2014/ScheduleCS.pdf
For Schedule CS instructions, please visit: http://www.revenue.wi.gov/forms/2014/ScheduleCS_inst.pdf
You may also print copies at public libraries throughout Wisconsin. Please note, if you use online tax preparation software, you may need to contact that service directly to ensure the form is filed appropriately.
Have questions? Contact the Edvest College Savings Plan directly at 1-888-338-3789, Monday – Friday, 7 a.m. to 7 p.m. CST or visit the Wisconsin Department of Revenue Web site at http://www.revenue.wi.gov/. Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor.
Also, don’t forget these additional updates made to the Edvest College Savings Plan!
- You have until April 15, 2015 to contribute in order to be eligible for a potential reduction of your Wisconsin 2014 taxes – up to $3,050 per beneficiary. The amount increases to $3,100 for 2015!
- Friends and family members may also qualify for the state tax reduction as long as they are Wisconsin residents. No immediate familial relationship to the beneficiary is required.
- Contributions greater than the eligible amount each year may be used for subsequent years’ state tax benefits until exhausted. For example, a $10,000 contribution may qualify for benefits over three, four, or more tax years.
The tax information contained herein is not intended to be used, and cannot be used, by any taxpayer for the purpose of avoiding tax penalties. Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor. Non-qualified withdrawals may be subject to federal and state taxes and the additional federal 10% tax.