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Form 1040-X Illinois: What You Should Know

Income and Forms. Illinois State Tax Refund Schedule ‚ÄĒ eForms.com (available to the public on the Internet) will calculate your total adjusted gross income, including any refundable credits, and show if you have any exemptions. If you qualify for an exemption and were¬† not eligible to claim it on your original return, it will show whether you are exempt. An Illinois State Tax Adjustment will be calculated based on the difference between the amount you actually paid and the amount you were¬† assessed as tax. The Illinois Department of Revenue does not charge a tax for any refunds paid within the tax year based on your adjusted gross income. ¬†The¬† Illinois Department of Revenue has changed the way their return is processed for 2018. Prior to 2017, when filing as a couple, each spouse's tax liability was¬† separately calculated from the other's. Now each spouse will have a single adjusted gross income, so it is possible for both to get a refund or for both to owe a tax due. So in 2023 a tax refund was due for each of you.¬†For example, if you and your husband had identical adjusted gross¬† Indus- ities from your job, and had identical taxable gross incomes, you would be entitled to a 100% refund (100% of 100,000). Otherwise, you would owe 100 to the State¬† and owe 100 to your spouse in taxes. Example:¬† You filed a joint return and each spouse made a personal exemption worth 2,500: you both had a 2023 adjusted gross¬† income of 50,000. A deduction on Form 8962 was allowed for both your tax and your personal exemption, so your taxable gross¬† income is 50,000 which is not deductible. Your husband also made 2,500 personal exemptions, worth 2,000. Each of the 2,500 personal exemptions¬† allows you to claim a different amount of tax (for your husband, 2,000) and a different amount of personal exemption (for you, 1,500).¬† The total of your combined personal exemption and tax are 45,000 so your first 1,500 in¬† tax owed equals 1,500: 10,000 is tax on income. You received a 1,500 refund on Form 8962 and your credit was¬† approximated.

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