The Schedule ICR form in Turbo Tax is different than the form on the Illinois Department of Revenue website. Previous responses noted the exceptions and limitations for income, but my income does not exceed those values. I believe the calculation is still incorrect in Turbo Tax.
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Which part is different?
The Illinois Property Tax Credit is equal to 5 percent of Illinois Property Tax (real estate tax) you paid on your principal residence.
You must own and reside in your residence in order to take this credit. For tax years beginning on or after January 1, 2017, the Illinois Property Tax Credit is not allowed if a taxpayer's federal Adjusted Gross Income (AGI) exceeds $500,000 for returns with a federal filing status of married filing jointly, or $250,000 for all other returns.
Also, The Illinois property tax is a non-refundable credit . Nonrefundable credits can only take your tax liability to zero. They do not create a refund.
For more information see Schedule ICR, Illinois Credits, Schedule ICR Instructions,
Non refrundable credit is the key. I never read that in the instructions. Thanks.
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