Fillable Schedule Pe - Postsecondary Education Credit

Schedule PE

Page

Credit is Income

Line 5: Add line 3 and line 4 .

The credit you compute on Schedule PE is income and

Line 5a: Fiduciaries - Prorate the credit from line 5

must be reported on your Wisconsin franchise or income

between the entity and its beneficiaries in proportion to

tax return in the year computed .

the income allocable to each. Show the beneficiaries’

portion of the credit on line 5a . Show the credit for each

beneficiary on Schedule 2K-1.

Carryover of Unused Credits

Any unused credit may be carried forward for 15 years .

Line 5b: Fiduciaries - Subtract line 5a from line 5 . This

If there is a reorganization of a corporation claiming the

is the estate or trusts portion of the credit . Enter the

credit, the limitations provided by Internal Revenue Code

amount of credit from line 5b on the appropriate line of

sec . 383 may apply to the carryover of the unused credit .

Schedule CR .

Specific Line Instructions

Line 6: Enter any unused post-secondary education

credit carried over from prior years .

Line 1: Enter the amount paid to reimburse an individual

for the tuition that the individual paid or incurred to attend

Line 7: Add lines 5 and 6 (lines 5b and 6 if fiduciary).

a qualified postsecondary institution.

Enter the amount of credit from line 7 on the appropriate

line of Schedule CR . See the following exceptions:

The credit may be claimed only for the taxable year in

which the individual graduates from a course of instruction

•

If the claimant is a combined group member, enter

in an amount equal to the total amount paid or incurred

the amount of credit on Form 4M instead of Schedule

for all taxable years in which the claimant paid or incurred

CR .

such amounts related to that individual .

•

Tax-option (S) corporations, partnerships, and LLCs

A “qualified postsecondary institution” means (a) a

treated as partnerships should prorate the amount of

University of Wisconsin System institution, a technical

credit on line 5 among the shareholders, partners, or

college system institution, or a regionally accredited

members based on their ownership interest . Show the

4-year nonprofit college or university having its regional

credit for each shareholder on Schedule 5K-1 and for

headquarters and principal place of business in Wisconsin,

each partner or member on Schedule 3K-1 .

and (b) a school approved by the Educational Approval

Board if the delivery of education occurs in Wisconsin .

•

Fiduciaries who file Form 2 must complete lines 5a

and 5b .

“Course of instruction” means a series of classroom or

correspondence courses having a unified purpose which

Required Attachments to Return

lead to a diploma or degree or to an occupational or

vocational objective .

File your completed Schedule PE with your Wisconsin

franchise or income tax return . Shareholders of tax-option

Line 2: Enter one of the following amounts on line 2:

(S) corporations, partners of partnerships, members of

LLCs treated as partnerships, and beneficiaries of estates

•

Twenty-five percent (0.25) if the individual was

or trusts must file a copy of Schedule 5K-1, 3K-1, or 2K-1,

enrolled in a course of instruction and eligible for a

as appropriate, with Schedule PE .

grant from the federal Pell Grant Program .

Additional Information

•

Thirty percent (0.30) if the individual was enrolled in a

For more information, you may:

course of instruction that relates to a projected worker

shortage in Wisconsin, as determined by the local

•

E-mail your question to corp@revenue .wi .gov

workforce development board, and if the individual

was eligible for a grant from the federal Pell Grant

•

Call (608) 266-2772 [TTY: Call the Wisconsin

Program .

Telecommunications Relay System at 711]

Line 4: Enter the amount of postsecondary education

•

Send a FAX to (608) 267-0834

credit passed through from tax-option (S) corporations,

partnerships, LLCs treated as partnerships, estates or

•

Write to the Audit Bureau, Wisconsin Department of

trusts . The pass-through credit is shown on Schedule 5K-1

Revenue, Mail Stop 5-144, PO Box 8906, Madison

for shareholders of tax-option (S) corporations,

WI 53708-8906 .

Schedule 3K-1 for partners and LLC members, and

Schedule 2K-1 for beneficiaries of estates or trusts.

Schedule Pe - Postsecondary Education Credit - 2012 Page 2

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