Get IL 7551 2008-2022

There are no special filing provisions that exempt students from filing Illinois income tax returns. You must file a Form IL-1040, Individual Income Tax Return, if you are an Illinois resident and: You were required to file a federal income tax return.

There are no special filing provisions that exempt students from filing Illinois income tax returns. You must file a Form IL-1040, Individual Income Tax Return, if you are an Illinois resident and: You were required to file a federal income tax return.

Automatic Illinois State Tax Extension The extended tax return due date is October 15, 2019. If you expect to owe income taxes, you should submit your payment with payment voucher Form IL-505-I, Automatic Extension Payment for Individuals, by April 15, 2019.

The State of Illinois recently increased the 2018 personal exemption amount to include the cost-of-living adjustment. This has resulted in the personal exemption amount for tax year 2018 to be increased from $2,000 to $2,225.

The state of Illinois has a flat income tax, which means that everyone, regardless of income, is taxed at the same rate. That makes it relatively easy to predict the income tax you will have to pay. The income tax rate in Illinois is 4.95%, after an increase (from 3.75%) in 2017.

The extended tax return due date is October 15, 2019. If you expect to owe income taxes, you should submit your payment with payment voucher Form IL-505-I, Automatic Extension Payment for Individuals, by April 15, 2019.

SPRINGFIELD The Illinois Department of Revenue ( IDOR ) will begin accepting 2018 state individual income tax returns on Monday, January 28, the same date that the Internal Revenue Service ( IRS ) begins accepting federal individual income tax returns.

Illinois State Taxes and Income Tax Forms. Illinois State Income Tax Return forms for Tax Year 2018 (Jan. 1 - Dec. 31, 2018) can be e-Filed in conjunction with an IRS Income Tax Return until October 15, 2019. In January 2020, you can e-File Tax Year 2019.

Note: It can take up to 15 weeks to receive your refund if you file a paper return. If you e-file your return and choose to have your refund direct deposited into your bank account, it should arrive sooner.

The calculation for the personal exemption is now the basic exemption amount of $2,050 plus the cost-of-living adjustment. This has resulted in the personal exemption amount for tax year 2018 to be increased from $2,000 to $2,225.

Real Property Transfer Tax (7551) ... Tax Rate: $5.25 per $500.00 of the transfer price, or fraction thereof, of the real property or the beneficial interest in real property. In general, The Buyer is responsible for $3.75 and the Seller is responsible for $1.50.

Tax Rate: $5.25 per $500.00 of the transfer price, or fraction thereof, of the real property or the beneficial interest in real property. In general, The Buyer is responsible for $3.75 and the Seller is responsible for $1.50.

Tax Rate: $5.25 per $500.00 of the transfer price, or fraction thereof, of the real property or the beneficial interest in real property. In general, The Buyer is responsible for $3.75 and the Seller is responsible for $1.50.

The state of Illinois has a transfer tax that is typically paid by sellers at a rate of $.10, or $450 per $100,000 of property value.

Who Pays Transfer Taxes: Buyer or Seller? Depending on the location of the property, the transfer tax can be paid either by the buyer or seller. The two parties must determine which side will cover the cost of the transfer tax as part of the negotiation around the sale.