2024 Illinois Property Tax Credit does not seem to be calculating correctly.

[djf1992]

Illinois Schedule ICR line 5 is showing zero even though it says to enter lesser amount from lines 3 and 4g - both being positive numbers in my case and I do quality. Are others currently seeing this bug in TurboTax. Have not had this problem in prior years.

[daniel-ugorcak]

I encountered the same issue.  After many attempts to insert different values into IL-1040 and the ICR Schedule, I did determine that they are working correctly.  If you read the IL-1040 Instructions, you will see that there are a number of Exceptions that affect Tax Credits.  This is why TurboTax inserts a 0 in Line 5 even though Lines 3 and 4g have real values.

From IL-1040 Instructions, Page 9:

Income Exceptions for the property tax and K-12 education expense credit

If your federal filing status is married filing jointly and your federal AGI is greater than $500,000, you are not entitled to a property tax credit or a K-12 education expense credit.

If your federal filing status is single, head of household, married filing separately, or widowed and your federal AGI is greater than $250,000, you are not entitled to a property tax credit or a K-12 education expense credit.

I hope this helps.

[DawnC · Accepted solution]

As stated above, there is an income limitation on the Property Tax Credit.   TurboTax will automatically adjust the credit amount to zero if your income is over the threshold.  

• If your federal filing status is married filing jointly and your federal AGI is greater than $500,000, you are not entitled to a property tax credit or a K-12 education expense credit.   
• If your federal filing status is single, head of household, married filing separately, or widowed and your federal AGI is greater than $250,000, you are not entitled to a property tax credit or a K-12 education expense credit.

For more information, see Publication 108, Illinois Property Tax Credit