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The Illinois income tax rate is 4.95 percent (. 0495). The personal exemption amount for tax year 2022 is $2,425.
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.
The earned income threshold for which a tax dependent would be required to file a tax return has increased from equal to or greater than $517 per month to greater than $525 per month. The taxable unearned income amount increased from greater than $83 per month to greater than $87 per month.
What is the purpose of Schedule M? Schedule M, Other Additions and Subtractions for Individuals, allows you to figure the total amount of additions you must include on Form IL-1040, Individual Income Tax Return, Line 3 and subtractions you may claim on Form IL-1040, Line 7.
Historical Sales Tax Rates for Chicago MonthCombined TaxState TaxFebruary 202310.75%6.25%January 202310.75%6.25%
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The Illinois income tax rate is 4.95 percent. The personal exemption amount for tax year 2022 is $2,425.
The Illinois income tax rate is 4.95 percent (. 0495). The personal exemption amount for tax year 2022 is $2,425.
Part-year residents must file Form IL-1040 and Schedule NR, Nonresident and Part-Year Resident Computation of Illinois Tax, if they earned income from any source while they were a resident, they earned income from Illinois sources while they were not a resident, or they want a refund of any Illinois Income Tax withheld
Illinois residents who are at least 65 years old are eligible for a homestead exemption of up to $5,000 ($8,000 in Cook County and, starting in 2023, bordering counties). Seniors with household income of $65,000 or less can get their propertys assessed value frozen.
○ The 2022 personal exemption amount is $2,425. ○ The original due date for filing your 2022 Form IL-1040 and paying any tax you owe is April 18, 2023. The extended due date for filing your return is October 16, 2023.

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