Elderly Tips For Filing Income Tax
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Elderly Tips For Filing Income Tax

If you are a senior citizen and need some help with filing your income tax, the tips mentioned below will be helpful. Often people make mistakes when it comes to the standard deduction for senior citizens, the amount that is taxable from your Social Security and the Credit for the Elderly and Disabled benefits.



First, let us look as the standard deduction seniors. If your deductions are not itemized, then you can avail of an increased standard deduction amount, provided you and/or your spouse are over the age of sixty-five. The standard deduction amount will be even higher if either your spouse or you are visually impaired.

Next, let us consider the amount of your Social Security benefits that are taxable. The worksheet on your Social Security benefits will provide you with all the guidelines you would need to fill out tax Form 1040 and Form 1040A; go through them carefully before filling out the tax return forms. Form 1040 or Form 1040A must also be used if you would like to avail of Credit for the Elderly or Disabled. Remember, using Form 1040EZ will not qualify you for this benefit.

Credit for the Elderly or Disabled is decided with the help of details like your age, income and tax filing status. You will qualify if you and/or your spouse are under 65 years of age but suffer from a permanent or total disability, or if either one of you are above the age of 65. As far as filing status is concerned, the income you show on Form 1040 line 38 must be less than $17,500, if filing singly.

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Elderly Tips For Filing Income Tax





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