Illinois Income Tax Rates for 2022

illinois income tax rate

Click on the income amounts below to see how much tax you may pay based on the filing status and state entered above. Illinois remains one of a handful of states that does not tax retirement income, but that’s not because of the constitution. The Pritzker amendment does not change anything about taxing illinois income tax rate retirement income. In other words, Illinois lawmakers already had the option to tax retirement income but chose not to. They would still have that option, whether the amendment passes or fails. This site is a free public service not affiliated with the IRS or any governmental organization.

You can’t claim this credit if your federal AGI exceeds $250,000, or $500,000 if you’re married and file a joint return. Complete Schedule ICR with your Illinois tax return to claim it. Free Worry-Free Audit Support is available only for clients who purchase and use H&R Block desktop software solutions to prepare and successfully file their 2022 individual income tax return . It does not provide for reimbursement of any taxes, penalties, or interest imposed by taxing authorities and does not include legal representation.

Do Unto Others: The Case for State Income Tax Reciprocity

Some calculators may use taxable income when calculating the average tax rate. Illinois provides the WebPay portal for all taxpayers to electronically file their IL-1040 forms. If you eFile your taxes, you can expect to receive your income tax refund sooner and will be able to get instant verification of your tax return submission. Unlike the Federal income tax, the Illinois income tax does not allow itemized deductions. You may claim the Illinois standard deduction if applicable, and specific deductions may be available to Illinois taxpayers as limited deductions or tax credits. In endorsing the Fair Tax proposal, a coalition of 125 labor unions in the state argued that it would reduce economic inequality and would enable increased funding for public education and healthcare.

Schedule I-CR – Illinois CreditsIf you qualify for certain tax credits that are not listed on your other tax forms, you need to file schedule CR to claim those credits. Electricity tax rates are based on kilowatt hours used. The credit is limited to single taxpayers with federal AGIs of $250,000, or $500,000 if married and filing jointly. You must file Schedule ICR to claim this credit as well. The starting point for your Illinois tax return is your federal adjusted gross income .

Income Exemption Allowance for Illinois

Oanda Currency Converter – Current and historical currency exchange rates dating back to 1990. City of Chicago Department of Finance, Tax Division – License and tax information, forms and instructions. Cook County Department of Revenue – Links to ordinances and forms. Illinois General Assembly Legislative Research Unit Publications – Includes the Illinois Tax Handbook for Legislators, an annual publication that provides information on every significant Illinois state tax. A $1,000 bonus will generate an extra $654 of net incomes. A $5,000 bonus will generate an extra $3,270 of net incomes.

illinois income tax rate