(Original press release from the Illinois Department of Revenue dated August 26, 2024)
With the start of the new school year, the Illinois Department of Revenue (IDOR) reminds eligible taxpayers that they can claim back-to-school expenses for their K-12 students on their 2024 Illinois personal income tax return.
“Both teachers and parents spend a lot of money preparing for each school year, and that’s why I encourage them to take advantage of the valuable savings offered by both the Illinois Educational Expense Credit (for parents) and the Instructional Materials and Supply Credit (for teachers).” explained IDOR Director David Harris. “It’s important that they keep receipts for all qualifying purchases in a safe place so they can access them when it’s time to file their taxes.”
The Illinois Education Expense Credit allows parents or guardians of a full-time student under age 21 to receive a 25% tax credit on qualified education expenses over $250 that year. The total credit cannot exceed $750, regardless of the number of qualified students. For tax years ending on or after December 31, 2017, the credit is not available if a taxpayer’s federal adjusted gross income (AGI) exceeds $500,000 for returns with federal joint filing status or $250,000 for all other returns.
Eligible educational expenses include tuition, book rentals, and laboratory fees over $250 paid to the school where the student is enrolled full-time. For home-schooled students, book rentals and laboratory fees over $250 are eligible if they are enrolled in an approved home-schooling program.
Based on the latest final IL-1040 tax return data, over 203,000 taxpayers claimed the Illinois Education Expense Credit in tax year 2023. The total amount claimed was more than $65.4 million, with an average credit of $322.
The tax credit for educational materials and supplies for grades K-12 allows eligible teachers of full-time students in grades 1 through 12 to receive a tax credit for qualified expenses for instructional materials paid for during the tax year. To qualify, taxpayers must be a teacher, instructor, counselor, principal, or aide at a qualified school for at least 900 hours during a school year. They can claim a credit of up to $500 for qualified expenses paid for during the current tax year. If spouses are both teachers and file a joint tax return, the maximum credit is $1,000.
Based on the latest final IL-1040 tax return data, over 68,500 taxpayers claimed the classroom supplies and materials tax credit in tax year 2023, totaling over $29.1 million.
For more information on both tax credits, visit IDOR’s website at tax.illinois.gov and at Pub-112, General Rules and Requirements for Crediting Educational Expenses for Schools, Homeschooling, Parents and Guardians.
