Applying for the Wisconsin homestead rebate is a wise way to save money at tax time. In Wisconsin, according to the Wisconsin Department of Revenue (DOR), residents with a low annual income are eligible for the rebate. As of 2010, any Wisconsin resident making a maximum of $24,680 per year should file form Schedule H-EZ. Renters or property owners are both eligible for the rebate. Completing Schedule H-EZ using its instructions will guide you through the required calculations necessary to process the form.
Log online and visit the Wisconsin Department of Revenue website. Type the words "Homestead Credit" into the search box at the top of the home page. Click the "Search" tab. Select the "Homestead Credit: Frequently Asked Questions" tab.
Click on the "Schedule H or Schedule H-EZ" link. Read the requirements for each of the forms in section three on the following page to see which form you must fill out. Fill out Schedule H if you sold your home property during the calendar year, for example. Fill out Schedule H-EZ, on the other hand, if you made money during the calendar year resulting in wages, salary or tips.
Download and print either Schedule H or H-EZ. Enter your name, address, Social Security number and any other required personal information at the top of the form. Write in block letters and with a black pen. Follow all instructions on the form to calculate your homestead credit.
Using your federal tax W-2 or W-11, pay stubs, checking account statements or any other personal financial information, fill in your household income. List all your taxable income, unemployment compensation, state and federal benefits in the designated boxes. Include any received pension, contributions to retirement accounts and the full annual amount of any child support payments. Add the totals associated with your household income together.
Multiply each individual financial dependent by $500. List the total in the designated box. Subtract the total financial dependent number from your current annual income.
Write your annual net property taxes -- paid or unpaid -- in the designated box. Include your annual rent if you rent your current residence. Multiply your total rent cost by 0.20 if heat is included in your monthly rental payments. Multiply your total rent cost by 0.25 if heat is not included in your monthly rental payments. Add your net property taxes and total rent together.
Calculate the credit computation section. Subtract your total annual income from the total of your property taxes and rent. Sign and date the form. All the total listings from step four through step seven will allow the DOR agent to determine your total homestead rebate.