Illinois tax calculator with tax rates

illinois tax calculator

The Illinois tax calculator is a quick tool to estimate your income tax liability in Illinois. It computes the Federal tax liability and how much of Illinois state tax liability is in the year 2022. This page also provides Illinois income tax rates, Illinois sales tax rates and property tax rates.

Illinois tax Calculator 2022

Illinois tax calculator: Income Tax Rate 2022

The personal income tax rate in the state of Illinois is 4.95%. Illinois does not tax either retirement and Social Security income, as well as distributions from a 529 college savings plan. So, you pay the Federal social security tax only and not the state tax on social security benefits.

The Illinois business tax rate for corporations is 7% whereas for trusts and estates is the same as the personal income tax rate i.e, 4.95%

Illinois Personal Property Replacement Tax

The state of Illinois imposes a personal property replacement tax on all corporations, partnerships, trusts, S corporations and public utilities to pay this tax that actually go to counties..

Corporations – (other than S corporations)Partnerships, trusts, and S corporationsPublic utilities
2.5 % of net income2.5% of net income 0.8 % tax on invested capital.

Illinois Due date for paying tax & filing a tax return

The due date for filing tax return in the state of Illinois for PPRT is as under

Type of EntityDue Dates
Corporate15th day of the 3rd or 4th month, depending on the tax year end date of the corporation filing the return
Partnerships and trusts 15th day of the 4th month following the end of their tax year. 
S-corporations15th day of the 3rd month following the end of their tax year

  • Corporate income tax due dates are generally the 15th day of the 3rd or 4th month, depending on the tax year-end date of the corporation filing the return. 
  • Tax returns for partnerships and trusts generally have a due date of the 15th day of the 4th month following the end of their tax year. 
  • Tax returns for S-corporations generally have a due date of the 15th day of the 3rd month following the end of their tax year.

Illinois Tax Credits

The Earned Income Tax Credit by the state of Illinois is currently 18% of the federal EITC. Illinois also provides the Education Expense Credit to parents who spent over $250 on eligible K-12 education expenses.

Apart from these two, the state of Illinois also provides several other tax credits that considerably reduce a taxpayer’s total tax bill. For example, the Illinois Property Tax Credit is equal to 5% of Illinois property tax paid on a principal residence.

The Earned Income Tax Credit is currently 18% of the federal credit by the same name. The Education Expense Credit provides a credit to parents who spent over $250 on eligible K-12 education expenses.

If you like income tax calculator Illinois , explore other tax calculators we published for other US states as well.

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