Personal Finance & Money Stack Exchange
Personal Finance & Money Stack Exchange

Questions tagged [illinois]

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

Use this tag for questions related to rules and experiences specific to the State of Illinois in the United States. This will include questions about tax laws of the state.

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If the co-signer on my car loan dies, can the family take the car from me like they're threatening to?

I have a car, both me and by grandpa are on the title. As I cannot get loan on my own, my grandpa is my cosigner. My grandpa is almost 90, and chances are he may not be around till the loan is paid off. I have been paying on my car loan for almost…
JWea417
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Opportunity to buy Illinois bonds that can never default?

Today Illinois bonds were downgraded to 1 above junk. The article. Citation from article: Despite the lack of a budget, Illinois has continued to cover payments due on its bonds, and, like other states, has no ability to resort to bankruptcy to…
Tony
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Do counties in Illinois collect individual income tax (IIT)?

I did a google search on this issue and I didn't find a firm answer to this question. I did find that in Illinois a county will charge property tax (which varies with county) and there is a flat state level income tax of 4.95%. However, couldn't…
PHcoDer
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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 2013 I continued to work for the company for part of…
A P
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Official Bank Check

My mother purchased a bank check from her bank (that came from her savings account) for around $25-30K & was made out to a business partner. She passed away & I found the bank check in her purse (Apparently she did not give it to the recipient). I…
Sandra
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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 share of the property taxes for 2015 which would…
awestover89
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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 the Illinois tax form applicable to me is very…
Christos Hayward
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Income tax exemptions and deductions for Illinois part year resident?

I was a resident of IN till mid-September 2021 and then I moved to IL. I want to know what type of exemptions and deductions I should be looking for in my part year IL income tax. Like in IN we used to get deduction for rents and $2000…
PHcoDer
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Understanding 529 tax benefits and recapture (Illinois)

I'm a little confused as to how recapture works for 529 plans in Illinois (particularly with respect to playing for private school and possible changes in the state tax code.) Or rather, I want to check that I am understanding it correctly. Let's…
user105128
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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 amount of her final expenses (food, medicine, some…
mj_
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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 currently "WFH" (working from home). I was…
Joey
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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 indicate that 401(k) withdrawals qualify as wages…
novwhisky
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If I worked remotely from another state for 3 months, do I need to file in both states?

I live and work in Illinois. From March 15, 2020 to May 30, 2020, I worked remotely from Indiana for a company domiciled in Illinois. I'm trying to figure out if I need to file for Indiana. Looking at Indiana's income tax overview, they recognize 3…
Adam Freymiller
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Recapture of portion of Federal subsidy

My state offers a mortgage program which stipulates: The Internal Revenue Code includes a restriction relating to such mortgage loans. The Federal government treats homebuyers who purchase a residence with mortgage loans financed with proceeds…
PandaBearSoup
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Can I collect unemployment as an S-Corp owner and sole employee?

I am the sole owner of an S-Corp. I contract out my time at an hourly rate, and pay myself a representative salary. I pay into state (Illinois) and federal unemployment each year. My contract has ended and I am looking for my next engagement. I…
Phil Sandler
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