Want to know if you qualify for a tax credit for the elderly disabled? Interested in finding out more about a tax credit for people over 65? Looking for details on getting more from your tax return?
There are few tax credits out there that are truly simple. Sometimes it even seems that the more complicated the credit is, the more you really need it. Well, if you’re feeling unsure or overwhelmed looking at the tax credit for the elderly or disabled, we've put together a simple but comprehensive look at the credit to help you through it!
Form to Use: 1040 or 1040A
Qualifiers:
- Age and Disability: You or your spouse must be over 65 or have a permanent disability.
- Income: Must be less than $17,500 (single), $20,000 (married filing jointly, one spouse qualifies), $25,000 (married filing jointly, both qualify).
- Non-taxable Income: from social security, pensions, etc. must be less $5,000 (single, married filing jointly and only one spouse qualifies), $7,500 (married filing jointly and both qualify).
Calculating Your Credit: Use a Schedule R to figure out your credit. The instructions for Schedule R also include information on how to have the IRS calculate the credit for you.
Other Sources: The IRS has published sources to assist seniors with this tax credit and taxes in general. These are IRS publication 524 and 554 respectively.
With our simple guide to the elderly and disabled tax credit, you can feel confident that you’re more likely to get the return you really deserve! Although our guide should be useful, because taxes can be complicated and unique to your situation, it’s recommended that you seek the advice or services of a professional before filling. If you have more questions about taxes or respite care in Ann Arbor, give us a call today. At Hillside Terrace, our family shares life with yours.
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