Lemont, IL…As the new school year gets underway, State Representative Nicole La Ha (R-Lemont) and the Illinois Department of Revenue (IDOR) are reminding eligible taxpayers that they may claim back-to-school expenses for their K-12 students on their 2024 Illinois individual income tax returns.
“As inflation takes its toll on hardworking families, every cost savings is important,” Rep. Nicole La Ha said. “This tax credit can potentially help ease the financial burden of back-to-school expenses for K-12 students.”
Rep. La Ha continues to support legislation relieving the burden on families in the 82nd district, including voting for the elimination of the grocery tax and co-sponsoring numerous pieces of legislation to lower taxes and the cost of living for families.
The Illinois Education Expense Credit allows parents or legal guardians of a full-time K-12 student under the age of 21 to take a 25% tax credit on qualified education expenses over $250 this year. The total credit may not exceed $750, regardless of the number of qualifying students. For tax years ending on or after December 31, 2017, the credit is not allowed if a taxpayer’s federal Adjusted Gross Income (AGI) exceeds $500,000 for returns with a federal filing status of married filing jointly, or $250,000 for all other returns.
Qualified educational expenses include tuition, book rental, and lab fees in excess of $250 paid to the school where the student is enrolled on a full-time basis. For home schooled students – book rental and lab fees greater than $250 are eligible when attending a qualified home school program.
Based on the latest final IL-1040 return data, over 203,000 taxpayers claimed the Illinois Education Expense Credit in Tax Year 2023. The total amount claimed was more than $65.4 million, with an average credit of $322.
The K-12 Instructional Materials and Supplies Tax Credit allows eligible teachers of full-time K-12 students to receive a tax break for qualified expenses on classroom materials paid during the taxable year. To qualify, taxpayers must be teachers, instructors, counselors, principals, or aides in a qualified school for at least 900 hours during a school year. They can claim a credit of up to $500 for qualified expenses they paid in the current taxable year. If spouses are both educators and are filing jointly, the maximum credit is $1,000.
Based on the latest final IL-1040 return data, over 68,500 taxpayers claimed the Instructional Materials and Supply Tax Credit in Tax Year 2023. The total amount claimed was more than $29.1 million.
Additional information regarding both tax credits may be found by visiting IDOR’s website at tax.illinois.gov and at Pub-112, Education Expense Credit General Rules and Requirements for Schools, Home Schools, Parents, and Guardians.
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