How can I calculate the
credit for the property tax I paid?
This credit is generally five
percent of the property tax you paid in the previous tax year for
real estate that included your principal residence. Use
Schedule ICR, Illinois Credits to
calculate this credit. For more information, please refer
to
Pub-108, Illinois Property Tax Credit.
For tax years 2007 and prior you must use the Property Tax Worksheet in the IL-1040 Instructions to calculate this credit.
What is the Education Expense
Credit?
See
Education
Expense Credit.
How do I know
if I qualify for the Earned Income Tax Credit?
See
Earned Income Credit.
Do contributions to my
529 plan qualify as a deduction?
Only contributions made during the tax year to the
"Bright Start" or "Bright Directions"
College Savings Pool and the "College Illinois"
Illinois Prepaid Tuition Trust Fund may be deducted when
filing your IL-1040, Individual Income Tax Return.
The subtraction for contributions made to
the "Bright Start" or "Bright Directions"
College Savings Pool and the "College Illinois"
Illinois Prepaid Tutition Trust Fund are limited to $10,000 if single
and $20,000 if married filing a joint return during the tax
year.
If your
contributions were made by rolling over funds from another college
savings program into a “Bright Start,” “Bright Directions,” or “College
Illinois” account, you may not subtract that income.
Contributions to any other 529 programs do not qualify for
the deduction.
