Illinois Illinois Tax Credits
Extracted from PDF file 2020-illinois-schedule-icr.pdf, last modified May 2020
Illinois Tax CreditsUse your mouse or Tab key to move through the fields. Use your mouse or space bar to enable check boxes. *60512201W* Illinois Department of Revenue 2020 Schedule ICR Attach to your Form IL-1040 Read this information first Complete this schedule only if you are eligible for the Illinois Property Tax Credit - See Publication 108. K-12 Education Expense Credit - See Publications 112, 119, and 132. Illinois Credits You must complete Form IL-1040 through Line 14 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. Step 1: Provide the following information Your name as shown on your Form IL‑1040 IL Attachment No. 23 – Your Social Security number – Step 2: Figure your nonrefundable credit 1 Enter the amount of tax from your Form IL-1040, Line 14. 2 Enter the amount of credit for tax paid to other states from your Form IL-1040, Line 15. 3 Subtract Line 2 from Line 1. 1 .00 2 .00 3 .00 Section A - Illinois Property Tax Credit (See instructions for directions on how to obtain your property number) 4 a Enter the total amount of Illinois Property Tax paid during the tax year for the real estate that includes your principal residence. 4a b Enter the county and property number of your principal residence. See instructions. .00 4b County Property number c Enter the county and property number of an adjoining lot, if included in Line 4a. 4c County Property number d Enter the county and property number of another adjoining lot, if included in Line 4a. 4d County Property number e Enter the portion of your tax bill that is deductible as a business expense on U.S. income tax forms or schedules, even .00 if you did not take the federal deduction. 4e .00 f Subtract Line 4e from Line 4a. 4f .00 g Multiply Line 4f by 5% (.05). 4g 5 Compare Lines 3 and 4g, and enter the lesser amount here. 5 .00 6 Subtract Line 5 from Line 3. 6 .00 Section B - K-12 Education Expense Credit You must complete the K-12 Education Expense Credit Worksheet on the back of this schedule and attach any receipt(s) you received from your student’s school to claim an education expense credit. 7 a Enter the total amount of K-12 education expenses from Line 11 .00 of the worksheet on the back of this schedule. 7a b You may not take a credit for the first $250 paid. 7b 250.00 c Subtract Line 7b from Line 7a. If the result is negative, enter “zero.” 7c .00 d Multiply Line 7c by 25% (.25). Compare the result and $750, and enter the lesser amount here. 7d .00 8 Compare Lines 6 and 7d, and enter the lesser amount here. 8 .00 Section C - Total Nonrefundable Credit 9 Add Lines 5 and 8. This is your nonrefundable credit amount. Enter this amount on Form IL-1040, Line 16. IL-1040 Schedule ICR Front (R-12/20) Printed by authority of the State of Illinois - web only, 1. 9 .00 This form is authorized as outlined under the Illinois Income Tax Act. Disclosure of this information is required. Failure to provide information could result in a penalty. *60512202W* K-12 Education Expense Credit Worksheet You must complete this worksheet and attach any receipt(s) you received from your student’s school to claim an education expense credit. 10 Complete the following information for each of your qualifying students. If a student attended more than one qualifying school during the calendar year, please list separately. If you need more space, attach a separate piece of paper following this format. A B C D E F G Student’s name School name School city School type Total tuition, Social Security number Grade (K-12 only) (IL K-12 schools only or enter (IL cities only) (check only one) book/lab fees “home school,” if applicable) P = Public N = Non-public H = Home school a b d h c e f g i j P N H P N H P N H P N H P N H P N H P N H P N H P N H P N H 11 Add the amounts in Column G for Lines 10a through 10j (and the amounts from Column G of any additional pages you attached). This is the total amount of your qualified education expenses for this year. Enter this amount here and on Step 2, Line 7a of this schedule. Warning: Intentionally submitting false information is a crime under Section 1301 of the Illinois Income Tax Act. IL-1040 Schedule ICR Back (R-12/20) Reset Print 11 .00
2020 Schedule ICR - Illinois Credits
More about the Illinois Schedule ICR Individual Income Tax Tax Credit TY 2020
If you qualify for certain tax credits that are not listed on your other tax forms, you need to file schedule CR to claim those credits.
We last updated the Illinois Tax Credits in February 2021, so this is the latest version of Schedule ICR, fully updated for tax year 2020. You can download or print current or past-year PDFs of Schedule ICR directly from TaxFormFinder. You can print other Illinois tax forms here.
Other Illinois Individual Income Tax Forms:
|Form Code||Form Name|
|Form IL-1040-ES||Estimated Income Tax Payments for Individuals|
|Form IL-1040||Individual Income Tax Return|
|Form IL-1040-V||Payment Voucher for Individual Income Tax|
|Schedule ICR||Illinois Tax Credits|
|Schedule NR-1040||Nonresident and Part-Year Resident Computation of Illinois Tax|
Illinois usually releases forms for the current tax year between January and April. We last updated Illinois Schedule ICR from the Department of Revenue in February 2021.
Schedule ICR is an Illinois Individual Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
About the Individual Income Tax
The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.
Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!
Historical Past-Year Versions of Illinois Schedule ICR
We have a total of six past-year versions of Schedule ICR in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2020 Schedule ICR - Illinois Credits
2018 Schedule ICR Illinois Credits
2017 Schedule ICR, Illinois Credits
2015 (IL-1040) Schedule ICR, Illinois Credits
2014 Schedule ICR, Illinois Credits
While we do our best to keep our list of Illinois Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.