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Get your taxes done using TurboTax
Thanks for quick answer. Yes, I meant "Federal Credit for the Elderly or Disabled".
Lets assume an AGI of $19,999 (line 11 on 1040) and no other income (e.g. no nontaxable social security and other nontaxable pensions, annuities, or disability income).
The Standard Deduction is $26,100 (line 12 on 1040).
The Taxable Income is then $0 on Line 15 (Line 11 - Line 12).
Thus, the Tax Liability is $0, and no credit is allowed.
‎February 28, 2021
4:56 PM