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Ptax 340 illinois 2021

Ptax 340 illinois 2021-2026

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The document is the PTAX-340 form for the 2021 Senior Citizens Assessment Freeze Homestead Exemption in Illinois. It provides instructions for eligible senior citizens to apply for a property tax exemption that freezes their home's assessed value, preventing increases due to inflation. The form requires personal and property information, details about household income, and an affidavit confirming eligibility criteria such as age and income limits. The application must be submitted by a specified deadline to qualify for the exemption.

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Click ‘Get Form’ to open the PTAX-340 in the editor.
In Part 1, provide your applicant information. Fill in your first name, last name, mailing address, date of birth, and contact details.
Move to Part 2 and enter the property information. Specify the street address and property index number (PIN). Answer the questions regarding previous exemptions.
In Part 3, detail your household income for 2020. Include all relevant income sources such as Social Security benefits and wages. Ensure accuracy as this determines eligibility.
Complete Part 4 by marking applicable statements in the affidavit section. Sign and date the form before submission.

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What is my Illinois exemption allowance?

This is different from a standard deduction, which is a fixed amount that reduces taxable income, available to all taxpayers regardless of dependents. For the 2024 tax year, Illinois offers a personal exemption allowance of $2,775 per individual, totaling $5,550 for married couples filing jointly.

Who qualifies for homeowners exemption in Illinois?

Taxpayers whose primary residence is a single-family home, townhouse, condominium, co-op or apartment building (up to six units) are eligible. First-time applicants must have been the occupants of the property as of January 1 of the tax year in question.

What is the personal exemption for 2021?

The deduction for personal exemptions is suspended (reduced to $0) for tax years 2018 through 2025 by the Tax Cuts and Jobs Act. Although the exemption amount is zero, the ability to claim an exemption may make taxpayers eligible for other tax benefits.

What is the state tax rate in Illinois 2021?

Illinois has a flat 4.95 percent individual income tax rate. Illinois has a 9.5 percent corporate income tax rate.

What is the Illinois exemption allowance for 2021?

The personal exemption amount for tax year 2021 is $2,375. Taxpayers are now allowed to take credit for payments of tax made on their behalf by a partnership or subchapter S corporation. Line 28 was added to Form IL-1040 to claim the pass-through entity tax credit provided on Schedule K-1-P or Schedule K-1-T.

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Who is eligible for the senior property tax freeze in Illinois?

Senior homeowners are eligible for this exemption if they are over 65 years of age and have a total household annual income of $65,000 or less in the 2023 calendar year.

What is the exemption allowance for 2019 in Illinois?

The personal exemption amount for tax year 2019 is $2,275. Public Act 101-31(SB 690) required the addition of a line to report the income from the sale of assets by a gaming licensee surcharge. See specific instructions for more information.

Ptax 340 illinois 2021-2026

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