Illinois Department of Revenue
Reminds Eligible Taxpayers to Take Advantage of Back-to-School Tax
Benefits
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[August 28, 2024]
As
the new school year gets underway, the Illinois Department of
Revenue (IDOR) is reminding eligible taxpayers that they may claim
back-to-school expenses for their K-12 students on their 2024
Illinois individual income tax returns.
“Both teachers and parents spend a lot of money in preparation for
each school year and that is why I encourage them to utilize
valuable savings offered through both the Illinois Educational
Expense Credit (for parents) and the Instructional Materials and
Supply Credit (for teachers)," explained IDOR Director David Harris.
"It is important they keep receipts for all qualifying purchases in
a safe place so they can be accessed when it is time to file their
taxes.”
The Illinois Education Expense Credit allows parents or legal
guardians of a full-time K-12 student under the age of 21, to take a
25% tax credit on qualified education expenses over $250 this year.
The total credit may not exceed $750, regardless of the number of
qualifying students. For tax years ending on or after December 31,
2017, the credit is not allowed if a taxpayer's federal Adjusted
Gross Income (AGI) exceeds $500,000 for returns with a federal
filing status of married filing jointly, or $250,000 for all other
returns.
Qualified educational expenses include tuition, book rental, 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 - book
rental and lab fees greater than $250 are eligible when attending a
qualified home school program.
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Based on the latest final IL-1040
return data, over 203,000 taxpayers claimed the Illinois
Education Expense Credit in Tax Year 2023. The total amount
claimed was more than $65.4 million, with an average credit of
$322. The K-12
Instructional Materials and Supplies Tax Credit allows eligible
teachers of full-time K-12 students to receive a tax break for
qualified expenses on classroom materials paid during the taxable
year. To qualify, taxpayers must be teachers, instructors,
counselors, principals, or aides in a qualified school for at least
900 hours during a school year. They can claim a credit of up to
$500 for qualified expenses they paid in the current taxable year.
If spouses are both educators and are filing jointly, the maximum
credit is $1,000.
Based on the latest final IL-1040 return data, over 68,500 taxpayers
claimed the Instructional Materials and Supply Tax Credit in Tax
Year 2023. The total amount claimed was more than $29.1 million.
Additional information regarding both tax credits may be found by
visiting IDOR’s website at tax.illinois.gov and at
Pub-112, Education Expense Credit General Rules and Requirements for
Schools, Home Schools, Parents, and Guardians.
[Illinois Office of Communication and
Information]
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