CHAMPAIGN, IL (Chambana Today) – The Illinois Department of Revenue (IDOR) reminds eligible taxpayers that they can claim back-to-school expenses for their K-12 students on their 2024 Illinois individual income tax returns.
“Both teachers and parents spend a lot of money in preparation for each school year and that is why I encourage them to utilize valuable savings offered through both the Illinois Educational Expense Credit (for parents) and the Instructional Materials and Supply Credit (for teachers),” says IDOR Director David Harris.
The Illinois Education Expense Credit allows parents or legal guardians of a full-time K-12 student under the age of 21 to take a 25% tax credit on qualified education expenses over $250 this year. The total credit may not exceed $750, regardless of the number of qualifying students.
Qualified educational expenses include tuition, book rental, and lab fees in excess of $250 paid to the school where the student is enrolled on a full-time basis. For homeschooled students, book rental and lab fees greater than $250 are eligible when attending a qualified home school program.
The K-12 Instructional Materials and Supplies Tax Credit allows eligible teachers of full-time K-12 students to receive a tax break for qualified expenses on classroom materials paid during the taxable year. To qualify, taxpayers must be teachers, instructors, counselors, principals, or aides in a qualified school for at least 900 hours during a school year. They can claim a credit of up to $500 for qualified expenses they paid in the current taxable year. If spouses are both educators and are filing jointly, the maximum credit is $1,000.
Additional information regarding both tax credits may be found by visiting IDOR’s website at tax.illinois.gov.