Questions & Answers

What types of income do qualify for the Illinois retirement subtraction?

Income from the following qualifies for the Illinois retirement subtraction, if included in federal income:
  • 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
What types of income don't qualify for the Illinois retirement subtraction?

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