Form Ptax 342 R – Fill Out and Use This PDF

Form PTax 342 R is a type of federal document that must be completed and filed annually by all partnerships to report their applicable income to the government. It bears reference to such topics as the filing of certain estimated taxes, the assessment of taxable income and contributions or receipts with respect to carried interests. This document is typically filled out by the individual partners within a partnership who are technically the taxpayers responsible for any resulting obligations therefrom. Owing in part to its refined and detailed nature, Form PTax 342 R must safeguard against even the slightest of mutations relating to both financial amounts, reported gains as well as material losses throughout an earnings cycle in order for it to retain a pristine condition for remitting timely payments towards government bureaucracies.

Form Ptax 342 R PDF Details

In most cases, when a person receives income from working for someone else, the amount of tax they owe is withheld from their paychecks. This system makes it easy for taxpayers to know how much they need to pay and eliminates the need to keep track of multiple payments throughout the year. There are some types of income, however, that are not subject to withholding. One such type is self-employment income. If you earn money through self-employment, you will need to file Form Ptax 342 R and pay your taxes quarterly. Let's take a closer look at what this form entails and how to complete it.

Question	Answer
Form Name	Form Ptax 342 R
Form Length	2 pages
Fillable?	No
Fillable fields	0
Avg. time to fill out	30 sec
Other names	PTAX 342 R WC form ptax 342 r

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PTAX-342-R Annual Veriication of Eligibility for Disabled Veterans’ Standard Homestead Exemption

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To continue to receive Disabled Veterans’ Standard Homestead Exemption (DVSHE), you must ﬁle Form PTAX-342-R each year with your Chief County Assessment Ofﬁcer (CCAO). Failure to do so may result in the termination of the exemption. Your service-connected disability must be certiﬁed by the U.S. Department of Veteran Affairs.

Note: Only an un-remarried, surviving spouse of a disabled veteran can continue to receive the DVSHE provided the spouse has legal or beneﬁcial title to the property. A surviving spouse that remarries no longer qualiﬁes for the DVSHE.

Last date to apply: ___ ___/___ ___/___ ___ ___ ___

Step 1: Complete the following information

1______________________________________________________

Property owner’s name

______________________________________________________

Street address of homestead property

	IL
City	State	ZIP

(___ ___ ___) ___ ___ ___ - ___ ___ ___ ___

Daytime phone

2Check one statement that applies.

a _______ Disabled veteran that currently has a 50% to 74% service-connected disability.

b _______ Disabled veteran that currently has at least 75% service-connected disability. If this is an increase from the prior year, you must submit documentation verifying the increase.

c _______ Un-remarried, surviving spouse of a disabled veteran.

3Assessment year for which

you are requesting the DVSHE: ___ ___ ___ ___

Year
4 Did you receive the DVSHE for the prior
assessment year on this property?	Yes	No
If “Yes”, check the amount of the DVSHE.

$2,500 EAV reduction

$5,000 EAV reduction

5Write the property index number (PIN) of the property for which you receive the exemption listed on your property tax bill. You may obtain it from your CCAO. If you are unable to obtain your PIN, write the legal description on Line b.

a PIN __ __ - __ __ - __ __ __ - __ __ __ - __ __ __ __

bWrite the legal description only if you are unable to obtain your PIN. Attach a separate sheet if needed.

___________________________________________________

Step 2: Complete the following as it applies to the property and assessment year you identiied in Step 1

5Is this the only property for which you have applied for a homestead exemption?

6On January 1, were you the owner of the property? If “No,” on January 1 did you lease the property?

7On January 1, did you occupy this property as your principal residence?

If “No”, a were you a resident of a facility licensed under the Nursing Home Care Act?

bwas this property occupied by your spouse or did it remain unoccupied?

8Are you liable for the payment of real estate taxes?

Yes

Yes Yes

Yes

No No

Step 3: Sign below

I state that to the best of my knowledge, the information contained in this application is true, correct, and complete.

____________________________________________________	___ ___/___ ___/___ ___ ___ ___
Property owner’s or authorized representative’s signature	Date

PTAX-342-R (N-03/08) IL-492-4535

PTAX-342-R (N-03/08)

Form PTAX-342-R General Information

What is the Disabled Veterans’ Standard Homestead Exemption (DVSHE)?

The Disabled Veterans’ Standard Homestead Exemption (35 ILCS 200/15-169) provides an annual reduction in the equalized assessed value (EAV) of a primary residence occupied by a disabled veteran on January 1 of the assessment year. The DVSHE amount depends on the percentage of the service-connected disability as certiﬁed by the U.S. Department of Veterans’ Affairs. A disabled veteran with at least a 75% service-connected disability will receive a $5,000 reduc- tion in property’s EAV. A disabled veteran with at least 50%, but less than 75% service-connected disability will receive a $2,500 reduction in property’s EAV.

Who is eligible?

To qualify for the DVSHE, the disabled veteran must

•฀ be an Illinois resident who served as a member of the U.S. Armed Forces on active duty or state active duty, Illinois National Guard, or U.S. Reserve Forces, and not dishonorably discharged.

•฀ have at least a 50% service-connected disability certiﬁed by the U.S. Department of Veterans’ Affairs; and

•฀ own and occupy the property as the primary residence on January 1 of the assessment year or lease and occupy a single family residence on January 1 of the assessment year and be liable for the payment of the property taxes to the county.

Note: The property’s total EAV must be less than $250,000 after subtracting any portion used for commercial purposes. “Commercial purposes” include any portion of the property rented for more than 6 months.

Is a surviving spouse eligible?

An un-remarried surviving spouse of a disabled veteran can contin- ue to receive the DVSHE on his or her spouse’s primary residence or transfer the DVSHE to another primary residence after the disabled veteran’s original primary residence is sold, provided the DVSHE had previously been granted to the disabled veteran.

An un-remarried surviving spouse must occupy and hold legal or beneﬁcial title to the primary residence on January 1 of the assess- ment year.

Form PTAX-342, Application for Disabled Veterans’ Standard Home- stead Exemption, must be submitted if you are an un-remarried surviving spouse of a disabled veteran applying for the ﬁrst time or transferring the DVSHE. You must also provide the disabled veteran’s marriage and death certiﬁcates and proof of ownership.

Do I need to provide documentation?

The CCAO may request documentation to verify your eligibility. Doc- umentation may include a disability award or veriﬁcation letter from

the U.S. Department of Veterans’ Affairs for the current assessment year with one of the following documents that is the original or a copy certiﬁed by the county recorder, recorder of deed’s, Illinois Department of Veterans’ Affairs, or the National Archives Record Center.

•Form DD 214 or separation of service from the War Department (military service prior to 1950); or

•฀ Certiﬁcation of Military Service Form.

When will I receive my exemption?

The year you apply for the DVSHE is referred to as the assessment year. The County Board of Review, while in session for the assess- ment year, has the ﬁnal authority to grant your DVSHE. If granted, your DVSHE will be applied to the property tax bill paid the year following the assessment year.

When and where do I ﬁle my Form PTAX-342-R?

To continue to receive this exemption on your residence, you must ﬁle Form PTAX-342-R, Annual Veriﬁcation of Eligibility for Disabled Veterans’ Standard Homestead Exemption, each year with your CCAO. Contact your CCAO at the address and phone number below for assistance and ﬁling information with your county.

WILL

__________________________________________ County, CCAO

302 North Chicago Street, 2nd Floor
______________________________________________________
Mailing address
Joliet	60432
_____________________________________ IL ______________
City	ZIP
740	________________4648
If you have any questions, call (_____815 )_____-

Are there other homestead exemptions available for disabled persons or disabled veterans?

Yes. However, only one of the following disabled homestead exemp- tions may be claimed on your property for a single assessment year:

•฀ Disabled Veterans’ Homestead Exemption - up to $70,000 reduction in assessed value for federally-approved specially adapted housing. This exemption is administered by the Illinois Department of Veterans’ Affairs. (35 ILCS 200/15-165);

•฀ Disabled Persons’ Homestead Exemption - annual $2,000 reduction in property’s EAV (35 ILCS 200/15-168); or

•฀ Disabled Veterans’ Standard Homestead Exemption - annual

$2,500 or $5,000 reduction in property’s EAV (35 ILCS 200/15-169).

	Oficial use. Do not write in this space.
Date received: ___ ___/___ ___/___ ___ ___ ___		Board of review action date: ___ ___/___ ___/___ ___ ___ ___
Verify proof of eligibility ____________________________		Approved
Verify proof of eligibility ____________________________
		Denied
Exemption amount		Reason for denial____________________________________
$2,500	$5,000	Reason for denial____________________________________
$2,500	$5,000	______________________________________________________
		______________________________________________________
Assessment information		Comments: _________________________________________
EAV of improvements	$___________________	______________________________________________________
EAV of land	$___________________	______________________________________________________
Total EAV of improvement/land	$___________________	______________________________________________________
EAV commercial/rented property	$___________________	______________________________________________________
Total EAV minus commercial/rented EAV $___________________		______________________________________________________

Note: An EAV of $250,000 or more, excluding commercial property or portion of the property rented for more than 6 months does not qualify for DVSHE.

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This PDF form needs specific information; in order to ensure accuracy and reliability, please make sure to take into account the following guidelines:

1. Complete your Form Ptax 342 R with a number of major fields. Consider all the important information and make sure not a single thing neglected!

Stage number 1 in filling out Form Ptax 342 R

2. Once this array of fields is done, you're ready to insert the required specifics in Step Complete the following as it, Yes, On January were you the owner of, If No on January did you lease, On January did you occupy this, If No a were you a resident of a, b was this property occupied by, Are you liable for the payment of, Step Sign below I state that to, Property owners or, Date, Yes, Yes, Yes, and Yes so you can go to the 3rd part.

Always be really mindful when filling out Date and On January did you occupy this, because this is the part in which many people make a few mistakes.

3. Within this stage, review Date received, Board of review action date, Oficial use Do not write in this, Verify proof of eligibility, Exemption amount Assessment, Approved Denied, Note An EAV of or more excluding, and PTAXR N. These should be completed with greatest accuracy.

Part no. 3 of submitting Form Ptax 342 R

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Form Ptax 342 R – Fill Out and Use This PDF

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