turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Attend our Ask the Experts event about Tax Law Changes & Forms (2024) on Mar 19! >> RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

sfredx
New Member

Illinois Property Tax Credit

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.

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies
MayaD
Employee Tax Expert

Illinois Property Tax Credit

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.

IL revenue

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,

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
sfredx
New Member

Illinois Property Tax Credit

Non refrundable credit is the key.  I never read that in the instructions.  Thanks.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question