On Illinois income tax return, what is the Education Expense Credit?
Illinois resident taxpayers who are parents or legal guardians may claim a credit for qualifying expenses for the education of their student (or students). Only kindergarten through 12th grade qualifies.
You may be allowed 25 percent of your family's qualifying education expenses in excess of $250. Your total credit shall not exceed $500 in any year, regardless of the number of qualifying students.
You may figure a credit for the education expenses you paid during 2001 if:
- you were the parent or guardian of a full-time student who was under the age of 21 at the close of the school year
- you and your student were Illinois residents, and
- your student attended kindergarten through twelfth grade at a public, nonpublic, elementary, middle, junior high, high, or home school in Illinois during 2001.
Note: Your family may include more than one qualifying student, but each family is allowed only one education expense credit.
You may not figure a credit for the education expenses you paid during 2001 if:
- your student attended only daycare, preschool, college, university, or a trade school at a public or nonpublic school
- your student turned 21 years of age during the school year
- another parent or legal guardian claimed an education expense credit for the same student on his or her tax return
- you are not the student's parent or legal guardian.
Your education expenses will qualify if the expenses are in the excess of $250, and you paid them to the school during the 2001 calendar year. Qualified education expenses include:
- tuition (including summer school)
- book fees covering the use of books that were required as a part of the school's education program
- lab fees covering the use of supplies, equipment, material, or instruments that were required as part of the lab course in the school's education program
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