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Illinois Tax Brackets for Tax Year 2022Ģ022 Illinois net income is taxed at a 4.95% flat rate. Illinois Tax Brackets for Tax Year 2023Ģ023 Illinois net income is taxed at a 4.95% flat rate. When you prepare your return on this is all calculated for you. Your Illinois Income is based on a flat tax rate. Income Tax Brackets, Rates, Income Ranges, and Estimated Taxes Due Calculate and Estimate your IRS Income Tax Brackets and Rates with the eFile RATEucator.
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Head over to the Federal income tax brackets page to learn about the Federal Income Tax, which applies in all states nationwide.ĭisclaimer: While we do our best to keep this list of Illinois income tax rates up to date and complete, we cannot be held liable for errors or omissions. The Federal income tax also has a standard deduction, personal exemptions, and dependant deductions, though they are different amounts than Illinois' and may have different rules. Likewise, you can take an additional dependent exemption for each qualifying dependent (like a child or family member), who you financially support. The Personal Exemption, which is supported by the Illinois income tax, is an additional deduction you can take if you (and not someone else) are primarily responsible for your own living expenses.
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The standard deduction, which Illinois does not have, is a deduction that is available by default to all taxpayers who do not instead choose to file an itemized deduction. The current values of these deductions for tax year 2023 are as follows: The three most common deductions encountered by taxpayers are the Illinois Standard Deduction, the Illinois Personal Exemption, and the Illinois Dependent Deduction. In addition to marginal tax brackets, one of the major features of the Illinois income tax is deductions. Remember that Illinois may have very different deduction laws from the Federal Income Tax, so you may have to write a whole new list of deductions for your Illinois income tax return. Qualifying deductions might include an itemized deduction, the Illinois standard deduction, exemptions for dependants, business expenses, etc. When calculating your Illinois income tax, keep in mind that the Illinois state income tax brackets are only applied to your adjusted gross income (AGI) after you have made any qualifying deductions. Keep in mind that this estimator assumes all income is from wages, assumes the standard deduction, and does not account for tax credits.įor a more detailed estimate that takes these factors into account, click "View Detailed Estimate" (this will will redirect to an external website). You can use the income tax estimator to the left to calculate your approximate Illinois and Federal income tax based on the most recent tax brackets.