Tag Archives: Illinois
Often overshadowed by their tax time counterpart – the federal income tax – state income tax rates generally receive less attention. However, they can definitely impact your overall bill, depending on where you live, where you work, and the total amount you earn. State Taxation of Residents States typically use one of three methods to […]
— Read moreIn certain states throughout the US, agreements have been entered into with bordering states to make tax time a little easier on those who work and live in two separate states. These arrangements are known as reciprocal tax agreements, and allow those who work outside of their home state to be exempt from paying income […]
— Read moreThe Earned Income Tax Credit (EITC) is one of the tax benefits available to taxpayers throughout the year to help keep their money in their own hands, and also reduce poverty levels. Along with the federal EITC, twenty five states (and the District of Columbia) offer a version of their own EITC, including Illinois. Residents […]
— Read moreIllinois has a flat tax of 5% on federal AGI wages. Social Security benefits are not taxed by the state of Illinois. Other Retirement Income and exemptions; If you receive a distribution from a qualified retirement plan, such as a 401(k), IRA, self-employment retirement, traditional IRAs that have been moved to Roth IRAs, U.S. Retirement […]
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