2008 IL-1040 Schedule M: Fill out & sign online

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What income is not taxed in Illinois?

Illinois doesnt tax pension distributions or retirement plan income, including IRAs, 401(k) plans and government retirement plans.

What can I deduct from Illinois taxes?

Illinois tax deductions Some contributions to college savings accounts. Contributions to ABLE accounts, which are savings plans for people with disabilities. Income from tax-exempt bonds issued by the state or local Illinois governments. Illinois Revenue. 2022 Schedule M. Accessed May 15, 2023. View all sources. .

Is US government interest taxable in Illinois?

For example: Interest on U.S. Treasury notes is included in your federal gross income and is, therefore, included in your total income on your Illinois Income Tax return.

Are gambling losses deductible in Illinois?

Gambling losses - Illinois does not allow a deduction for gambling losses. Your federal itemized deductions from federal Form 1040 Schedule A, Itemized Deductions.

Is US government interest taxable to the state?

Interest income from Treasury bills, notes and bonds - This interest is subject to federal income tax, but is exempt from all state and local income taxes.

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