Illinois makes submitting state revenue taxes simple with its flat tax price of 4.95% for all particular person taxpayers. Not like states with complicated tax brackets that enhance charges based mostly on revenue, Illinois’s flat tax system applies the identical proportion to each taxpayer, simplifying calculations and submitting.
For individuals who stay in Illinois or earn revenue from the state, this predictable tax construction removes a lot of the guesswork from tax season. In distinction, states like California implement a tiered system, with tax charges that climb as revenue rises, generally breaking into the double digits for the best earners. Whether or not you’re an Illinois resident or solely earned revenue within the state, understanding its simple strategy is vital for submitting your 2024 return (the taxes you’ll file in 2025).
*Observe you might be nonetheless answerable for federal taxes in the event you meet the IRS revenue submitting threshold. This text addresses state-specific taxes solely.
Who has to file Illinois state revenue tax?
In Illinois, you have to file a state revenue tax return in the event you meet any of the next standards:
Illinois residents: You’re required to file Kind IL-1040 (the Illinois Particular person Earnings tax return type) if:
You filed a federal revenue tax return
Your Illinois base revenue exceeds your exemption allowance (the revenue you may exclude from taxation for your self, your partner, and dependents), even in the event you’re not required to file federally.
Half-year residents: You will need to file in the event you earned revenue whereas a resident, in the event you earned revenue from Illinois sources when not a resident, or in case you are due a refund for any Illinois Earnings Tax withheld.
Nonresidents: Submitting is important when you have taxable revenue from Illinois sources or search a refund of Illinois Earnings Tax withheld in error.
Residents of Iowa, Kentucky, Michigan, or Wisconsin: In case you labored in Illinois and acquired revenue apart from wages (resembling playing winnings), or in order for you a refund of Illinois revenue tax withheld, you have to file.
What’s Illinois’ customary deduction?
Illinois doesn’t have a normal deduction for state revenue tax functions. As an alternative, Illinois gives a private exemption to scale back taxable revenue. In Illinois, an exemption allowance is a certain quantity deducted from taxable revenue for every taxpayer (together with you and a partner) and dependents, instantly lowering the quantity topic to tax.
That is totally different from a normal deduction, which is a hard and fast quantity that reduces taxable revenue, out there to all taxpayers no matter dependents.
For the 2024 tax 12 months, Illinois gives a private exemption allowance of $2,775 per particular person, totaling $5,550 for married {couples} submitting collectively.
Taxpayers 65 or older and people who are legally blind obtain an additional exemption of $1,000 every. You additionally might qualify for exemptions for every dependent, additional decreasing taxable revenue.
Sure high-income taxpayers in Illinois aren’t eligible for the exemption allowance. In case your federal adjusted gross revenue (AGI)—your complete revenue for the 12 months, together with wages, curiosity, dividends, and different earnings minus particular deductions like pupil mortgage curiosity or sure retirement contributions—exceeds these thresholds, you received’t qualify for an exemption.
Married submitting collectively: No exemption allowance if federal AGI exceeds $500,000.
Single, head of family, married submitting individually, or widowed: No exemption allowance if federal AGI exceeds $250,000.
Supply: Illinois Division of Income
Different revenue tax issues in Illinois
In Illinois, the way you earn your revenue impacts how the state taxes it. Listed here are some revenue tax issues to pay attention to:
Retirement and pension revenue: Retirement revenue—together with pensions, 401(okay), particular person retirement accounts (IRAs), and sure annuities—is usually exempt from Illinois state revenue tax. Subtract federally taxed retirement revenue out of your AGI when submitting Illinois taxes.
Funding revenue: Capital positive aspects, dividends, and curiosity revenue are taxed at Illinois’s flat 4.95% particular person revenue tax price, similar to different taxable revenue.
Social Safety revenue: Social Safety advantages are absolutely exempt from Illinois state taxes. Subtract any federally taxed advantages out of your AGI.
Army revenue: Energetic obligation and retirement pay for army service are exempt from Illinois state taxes. Particular eligibility necessities apply.
Discuss to a tax professional without spending a dime
Do you could have tax questions? Get solutions from certainly one of our tax specialists. Consultants out there 5am – 8pm PST – 7 days every week
Widespread Illinois state tax credit
Illinois gives a number of tax deductions and credit that may cut back your taxable revenue or decrease your tax legal responsibility. Right here’s a fast overview of key choices.
Tax credit score Description Quantity Earned Earnings Tax Credit score (EITC) For working households with revenue beneath $66,819; based mostly on the variety of qualifying kids. As much as $1,566. Training Expense Credit score 25% of certified pupil bills above $250. Credit score is capped whatever the variety of certified college students. As much as $750. Property Tax Credit score Credit score for property taxes paid in your principal residence. As much as 5% of taxes. Volunteer Emergency Employee For volunteer hearth/emergency staff. Requires software and approval. $500 nonrefundable.
For extra particulars, overview the Illinois Division of Income’s full listing of particular person revenue tax credit.
Methods to file Illinois state revenue tax
Submitting your Illinois state revenue tax doesn’t need to be overwhelming. Whether or not you’re a full-year resident, part-year resident, or nonresident, TurboTax is right here to assist simplify the method.
We’ll provide help to get Illinois-specific deductions and credit you qualify for to maintain more cash in your pocket. From earned revenue tax credit to property tax credit, we’ll information you each step of the best way to maximise your refund. Searching for additional assist? Join with a TurboTax professional for customized tax recommendation or to deal with submitting for you. We make submitting your taxes stress-free and correct each time.
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