Keyword Analysis & Research: estate tax exemption 2021 illinois

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Frequently Asked Questions

How to calculate Illinois estate tax?

Illinois Estate Tax Rate. The estate tax rate for Illinois is graduated and the top rate is 16%. Remember that in Illinois, you pay taxes on the entire estate if it is above the $4 million threshold. Find your taxable estate bracket in the chart below. The second column, Base Taxes Paid, shows what you owe on money that falls below your bracket.

Does Illinois have estate tax?

Illinois is one of twelve states to have its own estate tax separate from the federal estate tax. Residents of Illinois with estates over $4 million must file an estate tax, as well as nonresidents of Illinois who have a property in Illinois that is valued over $4 million.

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