Illinois Offers Tax Breaks to Teachers and Parents for Back-to-School
Taxpayers in Illinois might be able to deduct their children’s and pupils’ back-to-school expenses.
In Illinois, full-time K-12 students under the age of 21 are eligible for a 25% tax credit on approved school expenses above $250 thanks to the Illinois school Expense Credit.
There is a cap of $750 on the overall credit, regardless of the number of eligible pupils.
Qualified educators of full-time K-12 students can claim a tax credit for eligible expenses incurred on teaching materials and supplies paid throughout the tax year thanks to the K-12 Instructional Materials and Supplies Tax Credit.
Eligibility for the Tax Breaks for Teachers and Students
Taxpayers must work as teachers, instructors, counselors, principals, or aides in an eligible school for a minimum of 900 hours during a school year in order to be eligible for the K-12 Instructional Materials and Supplies Tax Credit.
This credit can be used to offset the cost of purchasing instructional materials and supplies for students in grades K-12.
They are now allowed to claim a credit of up to $500 for eligible expenses that they paid during the current tax year, which is an increase from the previous year’s limit of $250.
The maximum credit of $1,000 is available to married couples who both have teaching jobs and file their taxes jointly.
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Deduction for School Supplies for Taxpayers
The Illinois Department of Revenue is informing taxpayers that they might be able to deduct school expenses for their children who are enrolled in kindergarten through twelfth grade on their individual income tax returns for the tax year 2023. The new school year has begun.
Over 62,000 taxpayers submitted claims for the Instructional Materials and Supply Tax Credit in Tax Year 2022, as indicated by the data from the IL-1040 return. Over sixteen and a half million dollars was stated as the total sum demanded.
Source: INTELLIGENCER
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