Illinois State Tax Brackets, Standard Deductions, Forms

The amount a homeowner must pay depends on the property value and its location. The Omni Calculator tool includes the property tax rates of all Illinois counties. The Income tax rates and personal allowances in Illinois are updated annually with new tax tables published for Resident and Non-resident taxpayers. The Tax tables below include the tax rates, thresholds and allowances included in the Illinois Tax Calculator 2024. The Tax tables below include the tax rates, thresholds and allowances included in the Illinois Tax Calculator 2023.

Illinois Salary Tax Calculator for the Tax Year 2024/25

The earned income credit (EIC) is Illinois’ only refundable tax credit. It’s equal to 18% of the EIC amount received on your federal tax return. Income limits and other rules apply, but you’ll qualify if you’re eligible for the federal EIC offered by the IRS. You can save time and money by electronically filing your Illinois income tax directly with the . Benefits of e-Filing your Illinois tax return include instant submission, error checking, and faster refund response times.

Quick Illinois tax facts

The Illinois K-12 education expense credit can knock up to $750 off of your tax bill if you spent more than $250 on qualified education expenses. That Illinois median of $5,055 was also more than double the national property tax bill of $2,457. Topping the tax what is state income tax in illinois bills at $8,609 was Lake County in the northeast corner of Illinois. The lowest at $694 was Pulaski County, at the far southern tip of the state. Prepare and e-File your Illinois Income Taxes here on eFile.com together with your Federal Income Tax Return.

How to calculate your Illinois income taxes

Itemized and standard deductions are not allowed in Illinois, which is consistent with the state’s flat tax system. Available tax credits can reduce the amount of tax owed, however. Taxpayers are allowed to claim personal exemptions of $2,375 as of the 2021 tax year—the return filed in 2022. The state of Illinois has a flat income tax, which means that everyone, regardless of income, is taxed at the same rate. That makes it relatively easy to predict the income tax you will have to pay.

• Will County homeowners stood to save the most – $3,035 – by moving across the border to Lake County, Indiana.
• Cook, Kane and Warren counties are home to the state’s highest combined sales tax rates of 11.50%, 11% and 11%, respectively.
• After a few seconds, you will be provided with a full breakdown of the tax you are paying.
• The Federal income tax also has a standard deduction, personal exemptions, and dependant deductions, though they are different amounts than Illinois’ and may have different rules.
• In addition, the calculator potentially omits information relevant to determining the exact income tax figures.

The federal standard deduction for a Head of Household Filer in 2023 is $ 20,800.00. As bad as the tax burden is, Amendment 1 on the ballot Nov. 8 would guarantee Illinoisans’ total tax burdens continue to grow as pensions crowd out a greater share of state and local spending. The public union-backed change to the Illinois Constitution would protect union power and prevent it from ever being diminished without another statewide vote. All residents and non-residents who receive income in the state must pay the state income tax. You must pay tax to Illinois on any income you earn there if you work there and live in any other state except Wisconsin, Iowa, Kentucky, or Michigan.

Federal Income Tax Tables in 2024

The result is a messy tax system covering largely illicit products, and no one knows whether taxes are being collected and remitted on most products sold nationwide. Graduated corporate rates are inequitable—that is, the size of a corporation bears no necessary relation to the income levels of the owners. A financial advisor can help you understand how taxes fit into your overall financial goals. If you’re ready to find an advisor who can help you achieve your financial goals, get started now. If you’re paid more frequently, each of your paychecks will be smaller.

Property Tax Credit

It’s one of nine states that use a flat tax system rather than a progressive system. Below is a table of the general merchandise sales tax rates for all of the counties in Illinois. The Federal income tax also has a standard deduction, personal exemptions, and dependant deductions, though they are different amounts than Illinois’ and may have different rules.

Please remember, filing your return electronically and requesting direct deposit is still the fastest way to receive your refund. You can file for free using MyTax Illinois, our online account management program for taxpayers. For more information, go to mytax.illinois.gov or visit our website. Our enhanced efforts to protect Illinois taxpayers from identity theft and tax fraud have proven to be highly successful.