2015, 2016 Illinois Earned Income Tax Credit IL EITC

Illinois residents who claim the federal EITC may also get a State EITC which can be worth up to $624! The State EITC is worth 10 percent of the federal EITC and is fully refundable. The Federal Earned Income Tax Credit (EITC or EIC) gives certain taxpayers a credit back on their federal tax return. Even if you don’t owe income tax, you can get the credit and the cash.

 

Illinois Earned Income Tax Credit IL EITC

If you work, you could claim the EITC to reduce your federal income taxes and/or get a bigger refund if: you meet household earning restrictions; meet special rules to determine which children qualify; and in most cases, all household members must have Social Security Numbers.

 

Who can claim the Illinois EITC?

In general, if you qualified for a federal Earned Income Credit (EIC), you also qualify for the Illinois Earned Income Credit. If you filed a joint federal return and you elected to file separate Illinois returns because one spouse is an injured spouse, you may each claim the EIC. However, the total federal credit reported on Schedule ICR, Line 10a for both spouses cannot exceed the EIC amount claimed on your joint federal return.

Using IL Schedule ICR to Claim 2015 EITC

Schedule ICR, Illinois Credits, allows you to figure the total amount of property tax, K-12 education expense, and earned income credits you may claim on Form IL-1040, Individual Income Tax Return. You must complete Form IL-1040 through Line 15 and Schedule CR, if applicable, before completing this schedule.

The total amount of Illinois Property Tax Credit and K-12 Education Expense Credit cannot exceed tax. Only the Earned Income Credit may exceed tax

 

What is the 2015 Illinois Earned Income Tax Credit Worth?

If you worked in 2015, you could claim the EITC to reduce your federal income taxes and/or get a bigger refund if:

* Your household earnings were less than $47,747 (or $53,267 if married filing jointly) and you were raising three or more qualifying children in your home – you could get up to $6,242

* Your household earnings were less than $44,454 (or $49,974 if married filing jointly) and you were raising two qualifying children in your home – you could get up to $5,548!

* Your household earnings were less than $39,131 (or $44,651 if married filing jointly) and you were raising one qualifying child in your home – you could get up to $3,359!

* Your household earnings were less than $14,820 (or $20,330 if married filing jointly), you had no qualifying children, and you are between the ages of 25 and 64 – you could get up to $503!

There are special rules to determine which children qualify for the credit. In most cases, all household members must have Social Security Numbers. Investment income must be $3,400 or less for the year.