Back-to-School Expenses Could Yield Tax Benefits
Taxpayers should save receipts to take
advantage
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[September 07, 2018]
SPRINGFIELD
With back-to-school time upon us, the Illinois
Department of Revenue (IDOR) reminds taxpayers that they may be able
to claim school expenses for their K-12 student on their 2018
Illinois individual income tax return.
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Qualified education expenses include tuition, and
book and lab fees in excess of $250 paid to the school where the
student is enrolled on a full-time basis. For home schooled
students, tuition, book rental and lab fees greater than $250 are
eligible when attending a qualified home school program. IDOR
reminds parents to keep their receipts if they plan to take
advantage.
“Parents invest a great deal in their children’s education year in
and year out,” said Connie Beard, IDOR Director. “I encourage them
to save the receipts for qualifying expenses to take advantage of
Illinois’ education expense credit when it comes time to file
taxes.”
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The Illinois Education Expense Credit allows parents or legal
guardians of a full-time student under the age of 21 to take a 25% tax credit on
qualified education expenses over $250. The total credit may not exceed $750 for
tax years ending on or after December 31, 2017, regardless of the number of
qualifying students.
Based on the latest final IL-1040 return data, 297,994 taxpayers
claimed the Illinois Education Expense Credit in TY2016. The total amount
claimed was $77.6 million, with an average credit of $261.
To learn more about the Illinois Education Expense Credit, please read IDOR
Publication 132 and Publication 119 (for home schooled students) located on
IDOR’s website tax.illinois.gov.
[ILLINOIS DEPARTMENT OF REVENUE]
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