Search results
1 Withdrawals for tuition expenses at a public, private or religious elementary, middle or high school can be withdrawn free from federal tax. For Illinois taxpayers, these withdrawals may include recapture of tax deduction, state income taxes well as penalties.
Illinois 529 Programs. Illinois First Steps helps families jump start their college savings with a $50 seed deposit. Children born or adopted on or after January 1, 2023 to parents or legal guardians who are residents of Illinois at the time of birth or adoption can claim a $50 seed deposit through Bright Start or Bright Directions.
Illinois offers a state tax deduction for contributions to a 529 plan of up to $10,000 for single filers and $20,000 for married filing jointly tax filers. Bonus Contribution: Illinois will automatically deposit $50 into a 529 college savings account for every child born or adopted in the state.
Illinois employers can now claim a tax credit of up to $500 per contributing employee for one-fourth of the amount contributed each year toward employee 529 tuition plans. *Please see the Disclosure Statement and Master Agreement for details regarding tax advantages and implications.
Each year, Illinois taxpayers can deduct contributions made to Illinois 529 plans up to: 1. $10,000 per individual taxpayer; $20,000 for a married couple filing jointly; The Illinois tax deadline is December 31.
Bright Start will still offer all the same great tax benefits you’re used to, including an Illinois tax deduction for contributions (up to $10,000 for individuals and $20,000 for joint filers) 1. Tax-Free Withdrawals. 529 funds can still be used for tuition and fees, room and board (if enrolled at least ½ time), books, supplies and equipment ...
The Illinois advisor-sold 529 plans will still offer all the same great tax benefits you’re used to, including an Illinois tax deduction for contributions (up to $10,000 for individuals and $20,000 for joint filers1). There is no action required from you at this time.
