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Level 2
posted Mar 20, 2022 11:17:06 AM

IL Property Tax Credit

IL property tax credit for retired couple. TT shows max.  It does not show minimum.   If taxable income is low, or zero. you cannot get this credit?

0 2 1682
1 Best answer
Employee Tax Expert
Mar 20, 2022 12:35:26 PM

It is a nonrefundable credit- if your property tax credit exceeds the income tax you owe, you may not receive a refund for that amount, and you may not carry unused credit to other years. Your property tax credit may only reduce the income tax you owe to zero.

 

2 Replies
Employee Tax Expert
Mar 20, 2022 12:35:26 PM

It is a nonrefundable credit- if your property tax credit exceeds the income tax you owe, you may not receive a refund for that amount, and you may not carry unused credit to other years. Your property tax credit may only reduce the income tax you owe to zero.

 

Level 2
Mar 20, 2022 7:03:42 PM

Unfortunately, that is what I expected.  Thanks!