topic For 2016, we are filing married jointly; what is the credit for one being 65? in Get your taxes done using TurboTax

For 2016, we are filing married jointly; what is the credit for one being 65?

renfrofuneralser — Thu, 06 Jun 2019 13:15:32 GMT

There is a credit for the elderly or disabled (you don't...

Hal_Al — Thu, 06 Jun 2019 13:15:35 GMT

There is a credit for the elderly or disabled (you don't have to be both). 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.

If you think you qualify, and TT missed it, In TurboTax (TT), enter at:

Federal Taxes Tab

Deductions & Credits

“I’ll choose what I want to work on” button

-Scroll down to:

--Other deductions & Credits

-Elderly or Disabled credit

See schedule R for detailed calculations. http://www.irs.gov/pub/irs-pdf/f1040sr.pdf

http://www.irs.gov/publications/p524/ar02.html#en_US_2014_publink100038693

You get an increase in the Standard Deduction on 1040 lin...

VolvoGirl — Thu, 06 Jun 2019 13:15:40 GMT

You get an increase in the Standard Deduction on 1040 line 40.

Joint Standard Deduction is $12,600
and you get an extra $1,250 for each spouse 65+
So one person over 65 would give you $13,850

Or you take your Itemized Deductions, whichever is more. If you itemize you don't get any credit for being 65 or older.

Some states have additional deductions and/or credits on...

SweetieJean — Thu, 06 Jun 2019 13:15:43 GMT

Some states have additional deductions and/or credits on the State return.

Re: There is a credit for the elderly or disabled (you don't...

janiceblackwell54 — Sun, 16 May 2021 00:25:56 GMT

Thank you very much for the information. It was very helpful.

Re: There is a credit for the elderly or disabled (you don't...

xmasbaby0 — Sun, 16 May 2021 00:27:03 GMT

@janiceblackwell54

2020 Standard Deduction Amounts

Single $12,400 (+ $1650 65 or older)

Married Filing Separate $12,400 (+ $1300 if 65 or older)

Married Filing Jointly $24,800 (+ $1300 for each spouse 65 or older)

Head of Household $18,650 (+ $1650 for 65 or older)