2024 Individual Income Tax Forms

2 This number includes mandatory add-on taxes which are collected by the state but distributed to local governments. Because of this, some sources will describe California’s sales tax as 6.0 percent. State and local governments should be cautious about raising rates too high relative to their neighbors because doing so will yield less illinois tax rate 2022 revenue than expected or, in extreme cases, revenue losses despite the higher tax rate. Illinois has a flat income tax of 4.95%, which means everyone’s income in Illinois is taxed at the same rate by the state.

• (s) Connecticut’s personal exemption phases out by $1,000 for each $1,000, or fraction thereof, by which a single filer’s Connecticut AGI exceeds $30,000 and a MFJ filer’s Connecticut AGI exceeds $48,000.
• Mississippi moved to a flat individual income tax structure as a result of H.B.
• All taxes the Illinois Department of Revenue administers are below.
• Any such amount will have a tax rate of 5 percent instead of 3 percent.
• The rate is scheduled to phase down by one percentage point per year until the tax is phased out entirely in 2027.

Illinois Income Tax Brackets (Tax Year

1, signed into law in February 2023, reduced Kentucky’s flat individual income tax rate from 4.5 percent in 2023 to 4.0 percent starting in 2024, codifying a reduction that was triggered under the conditions established by H.B. Illinois’ income tax rates were last changed one year prior to 2022 for tax year 2021, and the tax brackets have not been changed since at least 2001. Of those states taxing wages, nine have single-rate tax structures, with one rate applying to all taxable income.

Recreational Marijuana Taxes by State, 2025

• While we take all precautions to ensure that the data on this site is correct and up-to-date, we cannot be held liable for the accuracy of the tax data we present.
• (bb) The standard deduction is 15 percent of income with a minimum of $1,550 and a cap of $2,350 for single filers and married filing separately filers.
• Finally, Illinois’ unemployment insurance (UI) tax structure also has substantial room for improvement.
• Income limits and other rules apply, but you’ll qualify if you’re eligible for the federal EIC offered by the IRS.
• 252, enacted in March 2024, New Mexico made notable changes to its tax bracket structure, primarily affecting low- and middle-income households.

High property taxes levied not only on land but also on buildings and structures can discourage investment in infrastructure, which businesses would have to pay additional tax on. The 2022 tax rates and thresholds for both the Illinois State Tax Tables and Federal Tax Tables Legal E-Billing are comprehensively integrated into the Illinois Tax Calculator for 2022. This tool is freely available and is designed to help you accurately estimate your 2023 tax return. A state income tax is a tax on income earned in that state.

• You must pay tax to Illinois on any income you earn there if you work there and live in any other state except Wisconsin, Iowa, Kentucky, or Michigan.
• Tax burdens in 2020, 2021, and 2022 are all higher than in any other year since 1978.
• Those earning between $13,900 and $215,400 are subject to marginal tax decreases as the corresponding rates decreased from 5.9 percent and 6.33 percent to 5.85 percent and 6.25 percent, respectively.
• Benefits of e-Filing your Illinois tax return include instant submission, error checking, and faster refund response times.
• 754, enacted in May 2023, reduced the top individual income tax rate from 5.84 percent in 2024 to 5.20 percent in 2025 and outlined the gradual reduction of the state’s top rate to 3.99 percent by 2027.
• The state has been slowly eliminating its lowest tax bracket by exempting $1,000 increments every year since 2018.

Compare Your After-Tax Income To Other States

Illinois Income Tax did not increase for Tax Year 2024, with a constant tax rate of 4.95%. Prepare and e-File your Illinois Income Taxes here on eFile.com together with your Federal Income Tax Return. Per IRS/State regulation https://www.ojanzu.com/how-to-calculate-cash-profit/ – not eFile.com – an Illinois state tax return can only be e-Filed together with an IRS tax return. Instruction how to only prepare a IL state return on eFile.com and then download, print sign and mail it in.

Illinois provides a standard Personal Exemption tax deduction of $ 2,425.00 in 2022 per qualifying filer and qualifying dependent(s), this is used to reduce the amount of income that is subject to tax in 2022. A financial advisor can help you understand how taxes fit into your overall financial goals. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.

Interest Rates

For tax year 2022, the tax rates on those levels of income were 5.85 and 6.25 percent, respectively. Surtaxes are typically enacted to fund a specific program or initiative, whereas revenue from broader-based taxes, like the individual income tax, typically cover a multitude of programs and services. For tax year 2022—the return you file in 2023—there are nine states that have a flat income tax rate.