Do I qualify for the Lake County Residential Income Tax Credit?

You qualify for the Lake County (Indiana) Residential Income Tax Credit if you meet all of the following requirements:
  • You paid property tax to Lake County (Indiana) during 2014 on your residence. Your residence is your principal dwelling. You must either own or be buying the residence under contract, and must pay property tax to Lake County (Indiana) on that residence.
  • Your earned income must be less than $18,600. Earned income is the combination of your (and your spouse's, if filing a joint return) wages, salaries, tips, and other compensation. NOTE: Income from pensions, interest, dividends, Social Security, etc., are not classified as earned income.
Example: Sue has $17,000 wage income, $300 interest income and $7,000 pension income. Even though her total income is $24,300, Sue will qualify for the credit because her earned income is less than $18,600 (it is $17,000).

Example. Dale receives $17,000 pension income, $3,000 Social Security income and $100 interest income. He meets the income eligibility requirement because his earned income is less than $18,600 (it is zero).

Note: If you take this credit you will not be able to claim the homeowner's residential property tax deduction. In most cases, the credit is going to be more beneficial than the deduction.

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