OLT.com Customer Service Knowledge Base
Support Center > Knowledge base> Category: Illinois
Category: Illinois
31 Articles
Orange arrow How Do I Receive Credit for Taxes Paid to a State Other Than Illinois?

2148 views
  What is the purpose of Schedule CR? Schedule CR, Credit for Tax Paid to Other States, allows you to take a credit for income taxes you paid to other states on income you received while a resident of Illinois. You are allowed this credit only if you filed a required tax return with the other state. ...
Posted in: States, Illinois

Orange arrow How Do I Amend My Illinois State Tax Return?

1780 views
  You should file Form IL-1040-X, Amended Individual Income Tax Return, if you need to change a previously filed Form IL-1040, Individual Income Tax Return, due to a change that affects items used to figure your Illinois net income or credits. Your change can occur from a state change or a federal c...
Posted in: States, Illinois

Orange arrow What Categories Fall Under Illinois Other Subtractions?

1437 views
  Other Subtractions to Income Include: Contributions you made to "Bright Start" and "Bright Directions" College Savings Pools and "College Illinois" Prepaid Tuition Program Distributive share of subtractions from a partnership, S corporation, trust, or estate Restoration of amounts he...
Posted in: States, Illinois

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

1120 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 How Do I Obtain My Illinois Property Index Number?

1333 views
  You must enter your property number exactly as it appears on your property tax bill or assessment notice. Your property number is found near the top of your property tax bill or assessment notice. If your property taxes are paid through your mortgage, you may contact your lender for your property ...
Posted in: States, Illinois

Orange arrow What are the options for Illinois Contributions or Donations?

1216 views
  Schedule G, Voluntary Charitable Donations, allows you to figure the amount of donations that you wish to make to one or more of the eligible funds. You may contribute any whole-dollar amount of $1 or more. Once you designate the funds to which you wish to contribute and the amount of your contrib...
Posted in: States, Illinois

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

2001 views
  Dependent Care Assistance Program (Credit Code 2200) 35 ILCS 5/210 You qualify for this credit, for tax years ending on or after June 30, 1995, if • you are primarily engaged in manufacturing, and • you have an on-site facility dependent care assistance program that is in Illinois a...
Posted in: States, Illinois

Orange arrow What is the Illinois High Impact Business Investment Credit?

1586 views
  High Impact Business Investment (Credit Code 5220) 35 ILCS 5/201(h) “Qualified property” is property that • is tangible; • is depreciable according to Internal Revenue Code (IRC) Section 167; • has a useful life of four or more years as of the date placed in service i...
Posted in: States, Illinois

Orange arrow Who Must File an Illinois Tax Return?

1523 views
  If you were an Illinois resident, you must file Form IL-1040 if you were required to file a federal income tax return, or you were not required to file a federal income tax return, but your Illinois base income from Line 9 is greater than your Illinois exemption allowance. an Illinois res...
Posted in: States, Illinois

Orange arrow What Forms Must I FIle if I Am A Illinois Part-Year or Nonresident?

2373 views
  If you were a part-year resident, you must file Form IL-1040 and Schedule NR, Nonresident and Part-Year Resident Computation of Illinois Tax, if you earned income from any source while you were a resident, you earned income from Illinois sources while you were not a resident, or you want a ...
Posted in: States, Illinois

Orange arrow What States Have a Reciprocal Agreement with Illinois?

1780 views
  An Illinois resident who worked in Iowa, Kentucky, Michigan, or Wisconsin, you must file Form IL-1040 and include as Illinois income any compensation you received from an employer in these states. Compensation paid to Illinois residents working in these states is taxed by Illinois. Based on recipro...
Posted in: States, Illinois

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

1410 views
  “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 credit that has expired. For example, if you earned a Dependent Care Assistance Program Credit in 2019 the amount of $5,0...
Posted in: States, Illinois

Orange arrow Do I Qualify for the Illinois Tax Credit for Affordable Housing Donations?

1306 views
  Affordable Housing Donations (Credit Code 5260) 35 ILCS 5/214 You may take this credit if • you have made a donation under Section 7.28 of the Illinois Housing Development Act for the development of affordable housing in Illinois, and • you made the donation in a tax year ending on ...
Posted in: States, Illinois

Orange arrow What is the Illinois High Impact Business Dividend Subtraction?

1788 views
  High Impact Business within a Foreign Trade Zone (or sub-zone) Dividend Subtraction You may claim a subtraction for dividends you received from a corporation that is designated by the DCEO as a “high impact business” and conducts business operations in a federally designated foreign t...
Posted in: States, Illinois

Orange arrow Illinois Enterprise Zone or River Edge Redevelopment Zone Dividend Subtraction

1834 views
  River Edge Redevelopment Zone Dividend Subtraction You may claim a subtraction for dividends you received from a corporation that conducts substantially all of its business operations in an Illinois river edge redevelopment zone. NOTE: You may deduct only the portion of these dividends that is inc...
Posted in: States, Illinois


Page: 1 of 3