Get the POWER of PRO!
Support Center > Knowledge base> Category: Illinois
Category: Illinois
38 Articles
Orange arrow How Do I Obtain My Illinois Property Index Number?

1552 views
  Property Index Number You must include your Property Index Number on Schedule ICR, Illinois Credits, if you are claiming a property tax credit. You may get this number from your property tax bill, your assessment notice, your mortgage lender (if your property taxes are escrowed), or from the count...
Posted in: STATES, Illinois

Orange arrow What Items are Illinois Additions on Schedule M?

1827 views
  Line 1 — Your child’s federally tax-exempt interest and dividend income Write the amount of any federally tax-exempt interest and dividends earned by your child if you elected to report your child’s interest and dividend income on U.S. Form 8814, Parents’ Election To Report...
Posted in: STATES, Illinois

Orange arrow What Are Some Examples of Retirement Income That is Not Taxable in Illinois?

936 views
  Federally taxed Social Security benefits and certain retirement plans are not taxable to IL. You may subtract most retirement income if it is included in Form IL-1040, Line 1. This includes income from: qualified employee benefit plans (including railroad retirement and 401(K) plans) Ind...
Posted in: STATES, Illinois

Orange arrow What Categories Fall Under Illinois Other Subtractions?

1238 views
  Other Subtractions to Income Include: Line 12 — Contributions you made to "Bright Start" and "Bright Directions" College Savings Pools and "College Illinois" Prepaid Tuition Program Enter the amount of contributions you made during the tax year to the "Bright Start" and "Bright Directions" ...
Posted in: STATES, Illinois

Orange arrow Who is eligible for the Illinois Property Tax Credit?

1581 views
  The Illinois Property Tax Credit is a credit on your individual income tax return equal to 5 percent of Illinois Property Tax (real estate tax) you paid on your principal residence. You must own your residence in order to take this credit. If you and your spouse each have a principal residence or...
Posted in: STATES, Illinois

Orange arrow Who can take the Illinois credit for K-12 education expenses?

798 views
  You may figure a credit for qualified education expenses, in excess of $250, you paid during the tax year if you were the parent or legal guardian of a full-time student who was under the age of 21 at the close of the school year, you and your student were Illinois residents when you paid the e...
Posted in: STATES, Illinois

Orange arrow Illinois Payment Options

1219 views
  You may pay by: Bank account debit. Use OLTPRO to set up an Electronic Funds Withdrawal for Illinois. WebPay - (An electronic payment taken from your checking or savings account) Credit Card - The credit card service provider will assess a convenience fee ACH Credit - Specially formatted (Tax...
Posted in: STATES, Illinois

Orange arrow How can I use Illinois unused credit carry forward ? 

942 views
  Unused credit carryforwardavailable from previous years is used first, beginning with the credit that will expire first. “Unused credit carryforward” is any credit amount that you earned in a previous year, less any credit that you applied to unpaid tax in following tax years, less any ...
Posted in: STATES, Illinois

Orange arrow Illinois Tax Credit for Affordable Housing Donations

952 views
  a) For tax years ending on or after December 31, 2001 and on or before December 31, 2016, a taxpayer who makes a donation under Section 7.28 of the Illinois Housing Development Act [20 ILCS 3805/7.28] is entitled to a credit under IITA Section 214. b) The credit shall be equal to 50% of the value ...
Posted in: STATES, Illinois

Orange arrow Illinois Economic Development for a Growing Economy (EDGE) Tax Credit

718 views
  Economic Development For a Growing Economy Tax Credit Program (EDGE) Page Content The EDGE program is designed to offer a special tax incentive to encourage companies to locate or expand operations in Illinois when there is active consideration of a competing location in another State. The pr...
Posted in: STATES, Illinois

Orange arrow Illinois High Impact Business Investment Credit

1106 views
  Please review the illinois.gob website for further updates and information. You may take this credit if • your business has been designated as a high impact business, • you placed qualified property, as defined below, in service on or after the date the business was designated as a hi...
Posted in: STATES, Illinois

Orange arrow Illinois Jobs Tax Credit

461 views
  This credit has expired on July 25th 2013: http://www.revenue.state.il.us/legalinformation/regs/part100/100-2120.pdf Jobs Tax Credit To qualify for the credit: - you must be an employer who increased the total number employed within the enterprise zone, river edge redevelopment zone, or foreign tr...
Posted in: STATES, Illinois

Orange arrow Who are qualified to claim Illinois dependent care assistance program tax credit ?

734 views
  To qualify for this credit: • you must be primarily engaged in manufacturing, and• your on-site facility dependent care assistance program must be in Illinois and on the premises of your workplace....
Posted in: STATES, Illinois

Orange arrow Illinois TECH-PREP Youth Vocational Programs Credit

926 views
  You may take this credit if: • you are primarily engaged in manufacturing, and• you have direct payroll expenses for qualifying cooperative secondary school youth vocational programs in Illinois, or you pay for personal services performed by a TECH-PREP student or instructor who would be...
Posted in: STATES, Illinois

Orange arrow Illinois High Impact Business Dividend Subtraction

1200 views
  You may claim a subtraction for dividends you received from a corporation that is designated by the Department of Commerce and Economic Opportunity (DCEO) as a “High Impact Business” and conducts business operations in a federally designated foreign trade zone (or sub-zone) located in I...
Posted in: STATES, Illinois


Page: 1 of 3