![]() ![]() You may qualify for the federal EITC/EIC if your adjusted gross income (AGI) is under $63,398 (actual threshold varies by filing status and number of dependents). ![]() You can only claim the Illinois EITC/EIC if you qualify for it on your federal income tax return and it’s worth 30% of your federal EITC/EIC. The credit is refundable, which means that if this credit exceeds the tax you owe, it may result in a refund. The Illinois Earned Income Tax Credit/Earned Income Credit is for working people with low to moderate income to help reduce the amount of tax they owe. Illinois State Income Tax Credits Earned Income Tax Credit (EITC/EIC) Taxpayers over 65 (or legally blind) who file tax returns jointly are allowed an additional $1,000. Illinois does not have a standard or itemized deduction instead, it offers a personal exemption of $2,425 for tax years beginning in 2022. The state of Illinois has one flat tax rate for individual income: 4.95%. The state of Illinois offers a personal exemption and tax credits, such as the earned income tax credit and the education expense credit. The state income tax rate for individuals is 4.95% the sales tax rate is 1% for qualifying food, drugs and medical appliances and 6.25% on general merchandise. Illinois requires you to pay taxes if you’re a resident or nonresident that receives income from an Illinois source. On Intuit's Website What You Need To Know About Illinois State Taxes Here is a list of our partners who offer products that we have affiliate links for. While we work hard to provide accurate and up to date information that we think you will find relevant, Forbes Advisor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content on Forbes Advisor. Second, we also include links to advertisers' offers in some of our articles these “affiliate links” may generate income for our site when you click on them. This site does not include all companies or products available within the market. The compensation we receive for those placements affects how and where advertisers' offers appear on the site. First, we provide paid placements to advertisers to present their offers. This compensation comes from two main sources. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. The Forbes Advisor editorial team is independent and objective.
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