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Level 2
March 20, 2022
Solved

IL Property Tax Credit

  • March 20, 2022
  • 1 reply
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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?

Best answer by MaryK4

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.

 

1 reply

MaryK4
MaryK4Answer
Level 15
March 20, 2022

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.

 

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cvachlonAuthor
Level 2
March 21, 2022

Unfortunately, that is what I expected.  Thanks!