With back-to-school time upon us, the Illinois Department of Revenue (IDoR) 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. 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 percent 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. To learn more about the Illinois Education Expense Credit, please read IDoR Publication 132 and Publication 119 (for home schooled students) located on IDoR’s website tax.illinois.gov.
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