|
However, all seniors get standard deductions and credit for the elderly and disabled. In fact, the IRS website has free tax assistance for seniors and they should use this assistance as it does not cost a dime and they would be filing correct returns.
Most seniors are entitled to standard deduction. As a senior, if you do not itemize your deductions, you can get a higher standard deduction if you are older than 65 years of age. In addition, blind seniors get an even higher standard deduction amount.
Seniors also get credit for the elderly or disabled. However, to avail this, a senior must use Form 1040 or Form 1040A. Please remember that you cannot get credit for the elderly or disabled if you file your taxes using Form 1040EZ. This credit is based on the filing age of the person, filing status and income. You and/or your spouse have to be 65 years old or older. In addition, if you are filing single, your income on line 28 of Form 1040 has to be less than $17,500. If you are filing jointly and just one spouse qualifies for the credit, the income has to be $20,000. For those who are filing jointly and both qualify, the income on line 28 of Form 1040 has to be $25,000. It can so happen that spouses live separately. In this case the income should not exceed $12,500.
In addition, there are other qualifying criteria for credit for the elderly or disabled. The non-taxable part of the Social Security and other non-taxable pensions, annuities and disability income should be less than $5,000 for those filing single; $5,000 for those filing jointly but just one spouse qualifies; $7,500 for filing jointly and both spouses qualify; and $3,500 for spouses living separately.
More Articles :
|
