The 2023 Tax Season is upon us. The Illinois Department of Revenue (IDOR) has begun accepting 2022 individual income tax returns starting this week. As you file your taxes this year, here is some helpful information about what’s changed for Illinois income taxes in 2023.
Illinois Individual Income Tax Return Changes
-The 2022 personal exemption amount is $2,425.
-The original due date for filing your 2022 Form IL-1040 and paying any tax you owe is April 18, 2023. The extended due date for filing your return is October 16, 2023.
-Quarterly 2023 estimated payments can be made in four equal installments based upon 90 percent of the expected liability for year 2023 or 100 percent of the liability of year 2022 to avoid penalty if the payments are made timely.
-Per Public Act 102-0799, a check box was added to Form IL-1040, authorizing IDOR to provide you with health insurance eligibility information and to share your contact and income information with the state health benefits exchange.
-The 100 Club of Illinois Charities has been added as a donation option on Schedule G, Voluntary Charitable Donations.
-An Addendum to the IL-1040 and Schedule M Instructions was created to provide instructions for taxpayers who received a discharge of indebtedness attributable to student loan forgiveness that is not excluded from the taxpayer’s federal adjusted gross income per Public Act 102-1112 for tax years 2021 and 2022.
For more information, you can check out the Illinois Department of Revenue’s informational bulletin at FY 2023-10, What’s New for Illinois Income Taxes.