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Year Ending Illinois Department of Revenue Schedule CR Attach to Your Form IL 1041 Credit for Tax Paid to Other States Month Res

Year Ending Illinois Department of Revenue Schedule CR Attach to Your Form IL 1041 Credit for Tax Paid to Other States Month Res

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Video instructions and help with filling out and completing Year Ending Illinois Department Of Revenue Schedule CR Attach To Your Form IL 1041 Credit For Tax Paid To Other States Month Residents Of Illinois Only Read This Information

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Instructions and help about Year Ending Illinois Department Of Revenue Schedule CR Attach To Your Form IL 1041 Credit For Tax Paid To Other States Month Residents Of Illinois Only Read This Information

all right for this video i wanted to cover the illinois state earned income tax credit so the federal income tax credit is computed and reported on your form 1040 right that is a credit you get against your federal income tax liability certainly most people are familiar with that but what a lot of taxpayers are not familiar with is that a lot of states will have their own version of the eitc and illinois is one such state so illinois calculates the illinois state earned income tax credit as a percentage of the federal and it's currently 18 so in order to start the process you first have to get your federal return completed right and why is that well most state returns illinois included pull information from your federal form 1040 and particularly the earned income credit right you can't take a percentage of something unless you have that amount calculated first so we have in our example here john q taxpayer he's a single filer and he has no qualifying children b

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