Web14 nov. 2024 · Yes, Illinois tax filers can claim deductions made to their Illinois 529 plan. Illinois state income tax filers can claim a state tax deductions of up to $10,000 a year … Web2 An individual who files an individual Illinois state income tax return will be able to deduct up to $10,000 per tax year (up to $20,000 for married taxpayers filing a joint Illinois …
What Is Tax Recapture? - The Balance
WebLine 7 — Recapture of deductions for contributions to Illinois college savings and ABLE plans transferred to an out-of-state plan If you made a rollover from an Illinois plan to another state’s plan, enter the smaller of the amount of deductions you claimed for amounts contributed to an Illinois college savings or ABLE plan, minus any WebTax Benefits of the Bright Start 529 Plan. Illinois taxpayers can deduct contributions of up to $10,000 ($20,000 if married filing jointly) when calculating their Illinois state taxable income. This limit covers contributions to all Illinois-sponsored 529 plans including the advisor-sold plan. hutches definition
Michael W. Frerichs - Illinois State Treasurer: College …
Web529 Tax Benefits for Illinois Residents Illinois offers tax benefits and deductions when savings are put into your child's 529 savings plan. Best 529 Plans in Illinois Illinois has two 529 college savings plans, as well as a prepaid tuition program. WebIf a taxpayer contributes to an Illinois 529 College Savings Program, a portion of the contribution may be eligible to be subtracted from income on the Illinois return. Contributions up to $10,000 per year are eligible for an Illinois state income tax deduction for those filing a single return; and $20,000 per year for those filling a joint return. WebState tax deduction or credit for contributions: Contributions to an Illinois 529 plan of up to $10,000 per year by an individual, and up to $20,000 per year by a married couple filing jointly, are deductible in computing Illinois taxable income. For a rollover contribution, only the principal portion is eligible for the deduction. mary poppins play melbourne