Tax Credit for the Elderly or Disabled: What You Need to Know

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.

Tax Credits: What You Need to Know as a Senior Taxpayer

Want to be sure you’re getting every penny of the tax credits you’re eligible for? Need a rundown of the tax credits available to senior taxpayers? Curious if you could be getting more out of your tax return as a senior taxpayer?

Tax credits can be tricky! Nobody is combing through your return at the IRS looking to get you more money. So, it’s time to take matters into your own hands and make sure you’re getting the biggest return possible. Now that you may be entering a new age bracket, or have different circumstances to consider, take a look at our guide to tax credits for the senior taxpayer and be confident you’ll get what you deserve! 

Credit for the Elderly or Disabled

Taxpayers over the age of 65 may be eligible for this tax credit. Similarly, if you’re under 65 but are retired with a permanent disability and receive disability benefits, you may be eligible for a tax credit.

Credits for Dependent Care Expenses

For those with a qualifying dependent who needs care outside of your home, the expenses for that care may qualify you for a tax credit. 

Premium Tax Credit

If you or a family member are enrolled in a health plan through HealthCare.gov or a state marketplace and get assistance to pay for the premiums, you may be eligible for this credit.

Earned Income Credit

Taxpayers over 65 with a child dependent who are working and earning less than $53,505 may qualify for this credit. 

With our simple guide to tax credits for seniors, 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 is 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.