Tips for Seniors on Filing Taxes

Many individuals make errors when they file their income tax with the Internal Revenue Service. This article will give some tips to help assist seniors.

Standard Deduction for seniors; If you do not itemize, you can get a higher standard deduction amount if you and or your spouse is 65 years old or older. You can even get more, if you or your spouse is blind.

Taxable Amount of Social security Benefits; When you prepare your return, be careful when you calculate the taxable amount of your social Security. Use the Social security work sheet found in the instructions of both your 1040 and 1040A. Then double check it.

Credit for disability. You must file the 1040 or 1040A to get credit for disability. The 1040EZ form will not help you. The credit is based on your age and filing status and income. You and/or your spouse must be 65 or older, or under age 65 and permanently disabled.

Note; Your income on line 38 of the 1040 form, must be less than $17,500, $20,000 if filing jointly and one qualifies. $25,000 if both qualify filing jointly. $12,500 if you file separately and live apart from each other, for the entire year.

And, the non taxable part of your Social Security or other non taxable pensions, annuities or disability income is less than $5,000 (single, head of the household, qualifying widow/er,with dependent child); $5,000 (married filing jointly and only one spouse qualifies); $7500 (if both qualify and file jointly); $3750 (married filing separately and living apart for at least one year).

If the above is too difficult, the IRS will figure it for you and help you out.
Form 1040
1. Attach schedule R to your return and enter CFE on the dotted line next to line 49.
2. Check the box in Part 1 of schedule R for your filing status and age.
3. Fill in Part 2, and part 3 lines 11 and 13 if they apply to you.

Form 1040A
1. Attach schedule 3 to your return and write in CFE next to line 30.
2. Check the box in part 1of schedule 3 for your filing status and age.
3. Fill in part 2 lines 11 and 13 of part 3 if they apply to you.

There is a free service to help you file your taxes. Trained individuals will help you on a volunteer basis. Just phone 800-829-1040 to get this help.

There are so many adjustments, in tax preparation, that it can be mind boggling for Seniors. Don't fight it, when there is help available. Start early as possible. Seek help and leave the math work to someone else.

sources; www.irs.gov