With the new school year here, the Illinois Department of Revenue reminds parents, guardians, and educators that they may be able to claim school expenses for K-12 students on their income tax returns. Illinois individuals of 2022.
The Illinois Education Expense Credit allows parents or legal guardians of a full-time K-12 student under age 21 to receive a 25% tax credit on qualified education expenses of more than $250 this year. The total credit cannot exceed $750, regardless of the number of eligible students.
Eligible educational expenses include tuition, books, and lab fees in excess of $250 paid to the school where the student is enrolled full-time. For home-schooled students, book and lab rentals over $250 are eligible when participating in a qualified home-schooling program.
Based on the latest IL-1040 final filing data, more than 192,500 taxpayers claimed the credit in the 2021 tax year, according to a news release. The total amount claimed was over $63 million, with an average credit of $327.
The Education Materials and Supplies Tax Credit provides eligible teachers of full-time K-12 students with tax relief for eligible expenses on school materials paid in the school year. ‘taxation.
To qualify, taxpayers must be teachers, instructors, counselors, principals, or aides at a qualified school for at least 900 hours in a school year. They can claim a credit of up to $250 for qualifying expenses they paid in the current tax year, increasing to $500 in 2023. If the spouses are both educators and are filing a joint application, the maximum credit is $500.
Based on the latest final IL-1040 filing data, more than 60,000 taxpayers claimed the credit in the 2021 tax year, according to the release. The total amount claimed was over $15.6 million.