Use this tag for questions related to rules and experiences specific to the State of Illinois in the United States.

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4
votes
2answers
311 views

Property Tax Deduction When Selling a Home

We sold our home last November. During the year we paid property tax on the home, I'll say total of $6,000 for easy math. This is for the 2014 property taxes due in 2015. At closing we had to pay our ...
1
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0answers
41 views

Downsides to Property Tax Deferral?

Illinois has a property tax deferral program that allows seniors to borrow against the equity of their house (which includes a lien) up to $5K per year at 6% simple interest (!). I am considering ...
1
vote
1answer
52 views

ACA subsidy while unemployed

Suppose you currently have health insurance from your state's marketplace, and you have enough income that you are not eligible for any subsidy. Now suppose you lose your job and begin collecting ...
3
votes
1answer
89 views

Does The (US) 'First Time Home Buyer's Credit' Still Exist?

I was told by a realtor, in the state of Illinois, today that there is currently a program that will provide '$7,500 in assistance for someone who has not owned a house in the past 3 years'. I tried ...
1
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2answers
238 views

Should I Purchase Health Insurance Through My S-Corp

I currently have an S-Corp, of which I am the only employee. As of this year, I started purchasing my own health insurance through healthcare.gov. In previous years, my wife and I were insured ...
1
vote
1answer
320 views

How do we decide where to pay back debts when someone dies without a will and has both Credit Card Debt and Debts to Family Members?

I have an aunt that died without a will and with a large amount of credit card debt. She lived in Illinois before her death. Before she passed away, I physically took care of her and paid a large ...
3
votes
1answer
144 views

How should I respond to an IL 2012 “Notice of Proposed Tax Due”?

I received today a "Notice of Proposed Tax Due" for Illinois, alleging: Tax Due: $738.00 Penalty Due: $111.00 Interest Due: $34.00 This seems suspicious to me; I have been meticulous with taxes and ...
1
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2answers
1k views

Should I Have Received a 1099-G?

I received a refund from the state of Illinois last year on my income taxes. I have been expecting to receive a 1099-G due to that refund. I have not received the expected form. After some ...
0
votes
2answers
222 views

Paid My Property Taxes Late--In Which Year Do I Get the Deduction?

I paid the second installment of my property taxes late for 2014. They were due 2014, but I paid them in 2015. Can I deduct them on my 2014 taxes, or do I need to wait until I file in 2015? In ...
1
vote
1answer
249 views

Am I double taxed on a lease buyout?

I'm considering buying my car at the end of its lease. In looking at the paperwork, I paid the State of Illinois 7% sales tax on the entire negotiated value of the car, not just the portion I leased. ...
3
votes
1answer
230 views

Won an incentive trip in 2013, left employer in 2014, received an earning statement with no cash but a huge tangible bonus listed

This is a crazy one but I hope someone can help point me in the right direction. I won a trip in 2013 and went on the trip in 2013, the company did NOT list the trip as a bonus in the tax year of ...
2
votes
2answers
933 views

Live in California but work for Illinois-based company

At my office job (in Illinois), we've recently been offered the option of working from home. Many people have jumped at the chance, and the company has reported a great success rate in those who are ...
2
votes
2answers
4k views

What is my take home salary in Chicago for 110K annual?

What will be my take home salary in Chicago if I file as married jointly and I have no children. I am the only income earner. What is the effective tax rate and how much federal/state allowances do I ...
3
votes
2answers
11k views

401k early withdrawal impact on unemployment benefits

I'm helping my SO plan for the worst since being laid off from work two weeks ago. The unemployment office's (Illinois) documentation has lots of convoluted language that among other things seems to ...