IDOR Reminds Taxpayers to Deduct K-12 Students’ Educational Expenses on 2023 Illinois Tax Returns

The IDOR reminds taxpayers that they could be able to deduct school expenses for their K–12 students on their 2023 Illinois individual income tax returns as back-to-school season approaches.

IDOR Reminds Taxpayers to Deduct K-12 Students' Educational Expenses on 2023 Illinois Tax Returns
IDOR Reminds Taxpayers to Deduct K-12 Students’ Educational Expenses on 2023 Illinois Tax Returns

IDOR Reminds Taxpayers that they could be Able to Deduct School Expenses for their K–12 Students

IDOR reminds taxpayers that on their 2023 Illinois individual income tax returns they might be allowed to deduct school expenses for their K–12 pupils. Under the Illinois Education Expense Credit parents or legal guardians of full time K–12 students under the age of 21 may claim a 25% tax credit on eligible education costs that exceed $250 this year. No matter how many that the IDOR reminds taxpayers students qualify the total credit cannot exceed $750.

Tuition, book rentals and lab fees over $250 paid to the institution where the student is enrolled full time are the one who IDOR reminds taxpayers and considered qualified educational expenses. When enrolled in an approved home school program students who are homeschooled are eligible for book rental and lab expenses that total more than $250.

A tax credit considered qualified expenses on classroom supplies purchased during the tax year is available to the one who IDOR reminds taxpayers and considered qualified instructors of full time K–12 pupils under the K–12 Instructional Materials and Supplies Tax Credit. To the one who IDOR reminds taxpayers must work at least 900 hours as teachers, instructors, counselors, principals or assistants in a recognized school to be eligible to the one who IDOR reminds taxpayers. They can now claim a credit of up to $500 for qualified expenses they paid in the most recent taxable year an increase from previous year. The maximum credit is $1,000 for spouses who are both educators and are filing jointly.

Leave a Comment