(WAND) — The Illinois Department of Revenue reminds taxpayers they can claim back-to-school expenses on their 2024 individual State income returns.
The Illinois Education Expense Credit allows parents or legal guardians of full-time K-12 students under the age of 21 to get a 25% tax credit on educational expenses over $250. The credit can not be over $750 and is not allowed if the taxpayer's federal adjusted gross income exceeds $500,000.
The expenses that qualify include book rental, tuition, and lab fees. For home-schooled students, the fees may be more than $250.
Last year, the State says over 203,000 taxpayers claimed the tax credit, with the average amount credited being $322. The total amount claimed throughout the State was $65.4 million.
“Both teachers and parents spend a lot of money in preparation for each school year and that is why I encourage them to utilize valuable savings offered through both the Illinois Educational Expense Credit (for parents) and the Instructional Materials and Supply Credit (for teachers)," explained IDOR Director David Harris. "It is important they keep receipts for all qualifying purchases in a safe place so they can be accessed when it is time to file their taxes.”
Teachers are also eligible for the K-12 Instructional Materials and Supplies Tax Credit. The credit is for full-time teachers to receive a break on their classroom materials. Teachers, instructors, principals, counselors, or aides at a qualified school may claim up to $500 if they work at least 900 hours during the school year. If filing jointly and both spouses are educators, the maximum credit is $1,000.
It's worth noting that over 68,500 taxpayers claimed this credit last year, bringing the total amount claimed to $29.1 million.
For more information, simply go to IDOR's website.
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