Get Il Il-1040 Schedule Icr 2020

The IL IL-1040 Schedule ICR is an essential form for those eligible for the Illinois Property Tax Credit and K-12 Education Expense Credit. This guide provides clear, step-by-step instructions on how to fill out the form online efficiently.

Follow the steps to complete the IL IL-1040 Schedule ICR online.

1. Click ‘Get Form’ button to obtain the form and open it in the online editor.
2. Begin by entering your name as it appears on your Form IL-1040 and your Social Security number in the appropriate fields.
3. Figure your nonrefundable credit by following these sub-steps: 1. Enter the amount of tax from your Form IL-1040, Line 14. 2. Enter the amount of credit for tax paid to other states from your Form IL-1040, Line 15. 3. Subtract Line 2 from Line 1.
4. For Section A - Illinois Property Tax Credit, enter: 4a. The total amount of Illinois Property Tax paid during the tax year for your principal residence. 4b. The county and property number of your principal residence. 4c. The county and property number of any adjoining lot if included in Line 4a. 4d. The county and property number of another adjoining lot if included in Line 4a. 4e. The portion of your tax bill that is deductible as a business expense.
5. Subtract the amount in Line 4e from Line 4a. Then, multiply the result by 5%. Enter this in Line 4g. Compare Lines 3 and 4g, and enter the lesser amount in Line 5. Lastly, subtract Line 5 from Line 3 and enter this in Line 6.
6. For Section B - K-12 Education Expense Credit, complete the K-12 Education Expense Credit Worksheet on the back. Enter the total amount of K-12 education expenses from Line 11 of the worksheet on Line 7a. Remember that you may not take a credit for the first $250 paid, which should be entered in Line 7b. Subtract Line 7b from Line 7a, multiplying the result by 25% to find Line 7d.
7. In Line 8, compare Lines 6 and 7d and enter the lesser amount.
8. Finally, add Lines 5 and 8 in Section C to find your total nonrefundable credit. Enter this amount on Form IL-1040, Line 16.
9. After completing the form, ensure to save your changes. You can then download, print, or share the form as necessary.

Complete your IL IL-1040 Schedule ICR online to ensure you maximize your credits.