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Level 1
posted Mar 2, 2025 3:37:35 PM

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

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.

0 2 1937
1 Best answer
Expert Alumni
Mar 6, 2025 8:32:51 PM

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

2 Replies
Level 2
Mar 6, 2025 7:26:05 PM

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.

Expert Alumni
Mar 6, 2025 8:32:51 PM

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