Line 31 Repayment Credit
If you had to repay during 2023, an amount that you had included in income in an earlier year because at that time you thought you had an unrestricted right to it, you may be able to claim a credit based on the amount repaid. To qualify for the credit, the amount repaid must be over $3,000 and the amount repaid cannot have been subtracted in computing Wisconsin adjusted gross income.
Use the following steps to compute your credit:
(1) Refigure your tax from the earlier year without including in income the amount you repaid in 2023.
(2) Subtract the tax in (1) from the tax shown on your return for the earlier year. The difference is your credit.
Fill in the amount of your credit on line 31 of Form 1. Include a statement showing how you computed your credit