What types of income do qualify for the Illinois retirement subtraction?
Income from the following does qualify for the Illinois retirement subtraction:
What types of income don't qualify for the Illinois retirement subtraction?
- Qualified employee benefit plans (401(k), 403(b), etc.)
- Individual Retirement Accounts (IRAs)
- Self-employed retirement plans
- Social Security benefits
- Railroad retirement benefits
- Government retirement plans
- Government disability plans
- Group term life insurance premiums paid by qualified retirement plans
- State or local government deferred compensation plans
- Capital gains on employer securities
- Retirement payments made directly to retired partners