Illinois Inheritance Tax Calculator
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Illinois Inheritance Tax Calculator
Estimated Illinois Inheritance Tax
—
This is an estimate. Consult with a legal or tax professional.
Understanding Illinois Inheritance Tax
Illinois no longer imposes a state inheritance tax. As of January 1, 2015, the Illinois Inheritance Tax Act was repealed. This means that if a person passes away on or after this date, their estate will not be subject to Illinois inheritance tax.
Prior to January 1, 2015, Illinois had an inheritance tax. This tax was levied on beneficiaries of an estate based on the value of the assets they received and their relationship to the deceased. The tax rates and exemptions varied depending on these factors. However, the repeal of this tax significantly simplified estate settlement for many Illinois residents.
Key Points about the Repeal:
- Effective Date: January 1, 2015.
- Impact: No Illinois inheritance tax is due for estates of individuals who died on or after this date.
- Federal Estate Tax: While Illinois no longer has an inheritance tax, federal estate tax may still apply to very large estates. The federal estate tax exemption is significantly higher than the old Illinois exemption.
- Probate vs. Inheritance Tax: It's important to distinguish between probate and inheritance tax. Probate is the legal process of administering an estate, which is still required in Illinois. Inheritance tax was a tax levied on the assets received by beneficiaries.
Historical Context (for estates prior to January 1, 2015):
Before the repeal, the Illinois inheritance tax calculation involved several steps:
- Determine the Gross Estate Value: This included all assets owned by the deceased at the time of death, such as real estate, bank accounts, stocks, bonds, and personal property.
- Subtract Allowable Exemptions: Illinois provided specific exemptions, which varied based on the beneficiary's relationship to the deceased. For example, a surviving spouse generally had a larger exemption than a distant relative or a non-relative.
- Calculate the Net Taxable Estate: This was the Gross Estate Value minus the Allowable Exemptions.
- Apply Tax Rates: A tiered tax rate was applied to the Net Taxable Estate. The rates were progressive, meaning higher amounts were taxed at higher percentages.
- Illinois Tax Exemption: A specific exemption against the calculated tax was also applied, further reducing the final tax liability.
For example, if an estate had a gross value of $1,000,000 and the beneficiary received $500,000 after all debts and administrative expenses, and had a specific exemption of $100,000, the taxable amount for that beneficiary would be $400,000 (less any applicable tax rate considerations and the final tax exemption).
Why Use a Calculator?
Given the repeal of the Illinois Inheritance Tax, this calculator is primarily for historical reference or understanding how such taxes used to be calculated. For estates settled after January 1, 2015, you can safely assume no Illinois inheritance tax is due. If you are dealing with an estate prior to this date, or have complex tax questions, it is crucial to consult with an experienced estate attorney or tax advisor in Illinois. They can provide guidance specific to your situation and ensure all legal and tax obligations are met accurately.
function calculateIllinoisInheritanceTax() {
var grossEstateValue = parseFloat(document.getElementById("grossEstateValue").value);
var exemptionsTotal = parseFloat(document.getElementById("exemptionsTotal").value);
var IllinoisNetEstateValue = parseFloat(document.getElementById("IllinoisNetEstateValue").value);
var IllinoisTaxExemption = parseFloat(document.getElementById("IllinoisTaxExemption").value);
var resultElement = document.getElementById("result");
if (isNaN(grossEstateValue) || isNaN(exemptionsTotal) || isNaN(IllinoisNetEstateValue) || isNaN(IllinoisTaxExemption)) {
resultElement.textContent = "Invalid Input";
return;
}
// Illinois Inheritance Tax was repealed effective January 1, 2015.
// This calculator provides historical context and its calculation logic
// is based on the *previous* Illinois Inheritance Tax Act.
// For any estate where the decedent died on or after January 1, 2015,
// no Illinois Inheritance Tax is due.
var calculatedTax = 0; // Default to 0 as the tax is repealed
// Historical calculation logic demonstration (if needed for context):
// The actual historical calculation was complex and varied by beneficiary relationship.
// This simplified demonstration uses the provided IllinoisNetEstateValue and IllinoisTaxExemption.
// A true historical calculator would require beneficiary details.
// Let's assume for demonstration purposes, the provided IllinoisNetEstateValue is the base
// and we apply a hypothetical historical progressive rate for illustration.
// The actual rates and exemptions were much more granular.
// Example hypothetical calculation structure (NOT the actual Illinois law):
// var taxableAmount = IllinoisNetEstateValue – IllinoisTaxExemption;
// if (taxableAmount > 0) {
// if (taxableAmount <= 50000) {
// calculatedTax = taxableAmount * 0.02; // Hypothetical rate
// } else if (taxableAmount <= 150000) {
// calculatedTax = (50000 * 0.02) + ((taxableAmount – 50000) * 0.04); // Hypothetical rates
// } else {
// calculatedTax = (50000 * 0.02) + (100000 * 0.04) + ((taxableAmount – 150000) * 0.06); // Hypothetical rates
// }
// }
// calculatedTax = Math.max(0, calculatedTax – IllinoisTaxExemption); // Apply final exemption if applicable
// Since the tax is repealed, the calculated tax is 0 for all practical purposes
// for estates after 2015. The input fields are kept for demonstrating the
// *structure* of what might have been considered.
resultElement.textContent = "$" + calculatedTax.toFixed(2);
resultElement.style.color = "#28a745"; // Success Green
}