If a taxpayer contributes to an Illinois 529 College Savings Program, a portion of the contribution may be eligible to be subtracted from income on the Illinois return. Contributions up to $10,000 per year are eligible for an Illinois state income tax deduction for those filing a single return, and up to $20,000 per year for those filling a joint return.
To enter the deductible portion of the contributions in TaxSlayer Pro, from the Illinois Main Menu select:
- Base Income (Income - Subtractions)
- Other Subtractions to Income
- Do you wish to complete Schedule M? - Answer Yes.
- Figure Subtractions
- Contributions to Bright Star, Bright Directions, and/or College - Select New and enter the account number and the contribution amount. Also indicate whether the contribution was a gift.
Additional Information:
Illinois State Tax Information
While TaxSlayer Pro strives to make the information and links contained on this page as timely and accurate as possible, TaxSlayer Pro makes no promise or guarantee about the timeliness, accuracy or completeness of the contents of this page. The information contained on this page is for general information and is not intended to be tax advice. The user is also encouraged to review the underlying state resources and publications.