Search results
Education Expense Credit. You may figure a credit for qualified education expenses, in excess of $250, you paid during the tax year if. you were the parent or legal guardian of a full-time student who was under the age of 21 at the close of the school year, you and your student were Illinois residents when you paid the expenses, and.
The maximum amount of the credit is $750 per family. The credit is not allowed for taxpayers filing a joint return with a federal AGI exceeding $500,000 ($250,000 for all other returns).
You may figure a credit for qualified education expenses, in excess of $250, you paid during the tax year if you were the parent or legal guardian of a full-time student who was under the age of 21 at the close of the school
3 wrz 2024 · Illinois offers a tax credit worth up to $750 for “qualified education expenses” at both public and private schools, including book rental, lab fees and tuition, in excess of $250.
It is a tax credit of up to $2,500 of the cost of tuition, certain required fees and course materials needed for attendance and paid during the tax year. Also, 40 percent of the credit for which you qualify that is more than the tax you owe (up to $1,000) can be refunded to you.
18 gru 2023 · To get the maximum $750 credit, parents must spend $3,250 on educational expenses; they also must have a state tax liability of at least $750 because the credit is nonrefundable and thus cannot reduce an individual’s tax burden to less than zero.
You or your parents may be eligible for up to $2,500 through the American Opportunity Credit or up to $2,000 through the Lifetime Learning Credit. While these tax credits aren’t financial aid grants, they’re intended to help you pay for your education expenses.
