SPRINGFIELD, Ill. (WJPF) — The Illinois Department of Revenue is reminding taxpayers that they may be able to claim school expenses for their K-12 students on their 2021 Illinois individual income tax returns.
Qualified educational expenses include tuition, and book and lab fees in excess of $250 paid to the school where the student is enrolled on a full-time basis. For home schooled students – book rental, and lab fees greater than $250 are eligible when attending a qualified home school program.
“Parents invest a great deal in education so I encourage them to take advantage of this valuable savings,” said Illinois Department of Revenue Director David Harris. “It is just important for them to remember to keep the receipts for any qualifying expenses, so they are accessible when it comes time to file their taxes.”
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. The total credit may not exceed $750 for tax years ending on or after December 31, 2017, regardless of the number of qualifying students.
