There is a credit
for the elderly or disabled (you don't have to be both), that you may have heard of. But because it
has not been adjusted for inflation since 1983, very very few people
qualify. If you qualify, TurboTax (TT) will automatically calculate it. It is
not a refundable credit. That is, you must have a tax liability to offset to
get the credit. Very few people, with that little income have an actual tax to
offset.
Having any social security income at all works against
you. Essentially your potential credit is reduced by any tax you "shoulda
paid” on the untaxed Social security income. If you have more than $5000 social security ($7500 Married Filing
Jointly and both are elderly or disabled) or VA benefits, you will not qualify
for the credit.
