Edly-Allen Encourages Educators, Parents to Use Educational Tax Credits

Lawndale News Chicago's Bilingual Newspaper - Business

State Senator Mary Edly-Allen is reminding taxpayers that they may be able to claim school expenses for their K-12 students on their 2023 Illinois individual income tax returns. The Illinois Education Expense Credit allows parents or legal guardians of a full-time K-12 student to take a 25 percent tax credit on qualified education expenses over $250 this year, up to $750 per household. 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 for at least 900 hours during a school year. Increasing from last year, they can now claim a credit 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. To learn more about the Illinois Education Expense Credit, visit IDOR’s website at tax.illinois.gov.

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