Three Tips for Senior Citizens from the IRS
adonis hunter via flickr
The Internal Revenue Service’s (IRS) website provides three tips for senior citizens for filing their taxes.
Standard Deduction – If you and your spouse are 65 years of age or older and you do not itemize your deductions, you can get a higher standard deduction amount. ”You can get an even higher standard deductions amount if either you or your spouse is blind. (See Form 1040 and Form 1040A instruction.)”
Taxable Amount of Your Social Security – “When preparing your return, be especially careful when you calculate the taxable amount of your Social Security. Use the Social Security benefits worksheet found in the instructions for IRS Form 1040 and 1040A.”
Elderly or Disabled Credit – “You must file using Form 1040 or Form 1040A to receive Credit for the Elderly and Disabled.”
Please visit the IRS website for further details on each of these tax tips, for additional information on who is eligible for these tax credits, and how to calculate the credit.
Please also keep in mind that the IRS/AARP provides free tax assistance to Senior Citizens throughout the United States (See February 12, 2009 post by A White).
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Great list of tips! Will pass on the post to many seniors I know! Thanks!!!