Yes. IL is 3% so that is why only 3% out of 3.4% is allowed.
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[Original Message]
From: jimnkelli <jbecker11@charter.net>
To: <vpFREE_Chicago@yahoogroups.com>
Date: 10/2/2005 1:18:49 PM
Subject: [vpFREE_Chicago] Re: state taxes--- In vpFREE_Chicago@yahoogroups.com, "Howard Stern"
<howard.w.stern@e...> wrote:
> IN is 3.4% but unlike MS it is state income tax and usually can be
credited
> against your state income tax. (IL only allows you to credit it against
> your IL return at their rate of 3%.) Remember that unless you
declare as a
> professional gambler , that win shows up as income which is counted
fully
> on most home-state tax returns.My very limited tax knowledge goes like this
MO: 4% withheld for state taxes but is potentially fully refundable
IL: no withholding, but they do not allow any deductions against w2
amounts, so the total of all w2s is included as income. I dont know
the current income tax ratesMS: 3% withheld and not refundable. Basically like a 'sales tax'
from what you report IN is more like MO, in that they withhold, but it
can be refunded when you file. Correct?thanks
JimvpFREE Links: http://members.cox.net/vpfree/Links.htm
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