Credits and Deductions

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. There is a Homeowners' Property Tax Credit (PT) Worksheet in your IL-1040 , Individual Income Tax Instructions to assist you in calculating your credit. For more information, please refer to Pub-108, Illinois Property Tax 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.

Contributions to any other 529 programs do not qualify for the deduction.