Form filing deadline for Illinois tax refunds approaches as audits begin – NBC Chicago
Income tax and property tax refund checks began hitting bank accounts this week as part of the Illinois Family Relief Plan approved in April.
Although payment of refunds has begun, there is still time to file an IL-1040 form, which residents can file to find out if they are eligible for payments by October 17.
Financial relief is given to those who meet certain tax and income reporting criteria. While the rebates began to be distributed this week, Illinois Comptroller Susana Mendoza said distributing the checks would take about eight weeks.
Here’s how the program works and what you need to know.
Income tax refund
The income tax refund provides that a single person will receive $50, while those filing taxes jointly should receive a total of $100, the Mendoza office said in a news release. Residents with dependents will receive reimbursement of up to $300 – $100 per dependent, with a maximum of three.
Income limits of $200,000 per individual taxpayer, or $400,000 for joint filers, will be attached to the checks, officials said. To qualify, you must have been a resident of Illinois in 2021 and meet the income criteria. Those who have completed the IL-1040 2021 tax form will automatically receive their refunds.
Those who have not yet filed a personal income tax return and completed the form can still apply for their refund by completing the online form. Residents with dependents must also complete Schedule 2021 IL-E/EIC form.
Property tax refund
In addition to income tax refunds, some homeowners may receive additional assistance.
Qualifying homeowners will receive a refund equal to the property tax credit claimed on their 2021 Form IL-1040, with a maximum payment of $300. To be eligible, you must have paid 2021 Illinois property taxes on your primary residence and your adjusted gross income must be $500,000 or less if filing jointly. If you are filing alone, your income must be $250,000 or less.
The rebates will be distributed according to the method of sending your original income tax refund, according to the State of Illinois website. If you did not receive a refund, did not file an Illinois tax return, or are claiming the property tax refund separately, your refund will be mailed to you by paper check.
As is the case with income tax refunds, owners who have completed Form IL-1040 will automatically receive refunds. If you haven’t, you don’t have to worry.
Homeowners can still receive this refund as long as they complete Form IL-1040. To be eligible, you must submit the form by October 17.
If you did not receive a refund or if you received a refund by paper check, it may take longer to issue the refund, depending on state officials. Taxpayers who have not yet filed or submitted a Form IL-1040 will receive their refund upon review of the submission.
More information on both discounts, including frequently asked questions, can be found here.