The beginning of the school year can bring many expenses for parents and teachers, and that's especially the case this time around - with rising costs spurred by inflation.
In Illinois, both parents and educators can receive a tax break for unreimbursed back to school shopping expenses. However, there's one important caveat: you must submit your receipts. So, you'll want to save them until tax season.
Under the Illinois Education Expense Credit, parents or legal guardians of students in kindergarten through 12th grade can receive a 25% tax credit on qualified educational expenses, according to the Illinois Department of Revenue.
Qualified expenses include tuition, book, and lab fees in excess of $250 paid to the school where the student is enrolled full-time. The total credit may not exceed $750, regardless of the number of qualifying students, according to state officials.
Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weekly Chicago Catch-Up newsletter here.
Similarly, educators are eligible to receive a tax break on qualified expenses under the Instructional Materials and Supply Tax Credit. To qualify, taxpayers must be teachers, instructors, counselors, principals, or aides in a qualified school for at least 900 hours during a school year. They can claim a credit up to $250 for qualified expenses they paid in the current taxable year, according to IDOR.
The credit is expected to increase to $500 in 2023. If spouses happen to be educators and are filing jointly, the maximum credit is $500.
More information about the Illinois Education Expense Credit can be found on the IDOR website. For additional specifics about the Instructional Materials Supply and Tax Credit, head here.
