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seniors tax preparationGetting ready to file your taxes? Here are important tips to help you avoid some of the common errors with the standard deduction for seniors, the taxable amount of Social Security benefits, and the Credit for the Elderly and Disabled.

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In This Article:

Standard Deduction For Seniors

Taxable Amount of Social Security Benefits
Credit For The Elderly

Standard Deduction for Seniors

If you do not itemize your deductions, you can get a higher standard deduction amount if you and/or your spouse are 65 years old or older. You can get an even higher standard deduction amount if either you or your spouse is blind. (See Form 1040 and Form 1040A instructions.)

Taxable Amount of Social Security Benefits

When preparing your tax 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 Form 1040A, and then double-check it before you fill out your tax return. See Publication 915, Social Security and Equivalent Railroad Retirement Benefits.

Credit for the Elderly or Disabled

You must file your taxes using Form 1040 or Form 1040A to receive the Credit for the Elderly or Disabled. You cannot get the Credit for the Elderly or Disabled if you file using Form 1040EZ. Be sure to apply for the Credit if you qualify.

Who Can Take the Credit?

The Credit is based on your age, filing status and income. You may be able to take the Credit if you meet all these requirements:

1. You and/or your spouse are either 65 years or older; or under age 65 years old and are permanently and totally disabled.

2. Filing Status: Your income on Form 1040 line 28 is less than $17,500 (filing single), $20,000 (married filing jointly and only one spouse qualifies), $25,000 (married filing jointly and both qualify), or $12,500 (married filing separately and lived apart from your spouse for the entire year).

And, the non-taxable part of your Social Security or other nontaxable pensions, annuities or disability income is less than $5,000 (filing single), $5,000 (married filing jointly and only one spouse qualifies), $7,500 (married filing jointly and both qualify), or $3,750 (married filing separately and lived apart from your spouse the entire year).

How Do You Calculate the Credit?

If you would like IRS to figure the amount of your Credit, then do the following:

If you use Form 1040:

  • Attach Schedule R to your return and enter “CFE” on the dotted line next to line 48 of Form 1040.
  • Check the box in Part I of Schedule R for your filing status and age.
  • Fill in Part II, and lines 11 and 13 of Part III if they apply to you.

If you use Form 1040A:

  • Attach Schedule 3 to your return and print “CFE” next to line 30 of Form 1040A.
  • Check the box in Part I of Schedule 3 for your filing status and age.
  • Fill in Part II, and lines 11 and 13 of Part III if they apply to you.

For more information, visit Seniors & Retirees section on the IRS website or call IRS Toll-Free at1-800-829-1040 from 7am to 10pm on weekdays.

If you would like to take advantage of the Free IRS Tax Return Preparation, click here. There are IRS-sponsored volunteer tax assistance programs that offer free tax help to seniors and to low- to moderate-income people who cannot prepare their own tax returns.
 

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SeniorCareHomes Admin

SeniorCareHomes Admin

Senior Advocate & Co-Founder at SeniorCareHomes.Com
Kate’s grandmother battled Alzheimer’s Disease and Kate personally understands what millions of families are going through. She not only is very passionate in making a difference in the lives of others, but also supporting organizations that are researching a cure for Alzheimer’s Disease.
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