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Grace and peace, where on your system do I enter the elderly tax credit of -$750 for being 68 then 69 in November 2020

where is your schedule 3 form, on line 6d IRS form I was able to deduct $750 for ederly tax credit
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2 Replies
MarilynG1
Employee Tax Expert

Grace and peace, where on your system do I enter the elderly tax credit of -$750 for being 68 then 69 in November 2020

To claim the Elderly/Disabled Credit in TurboTax Online:

 

  • Sign in to your account 
  • To your left, select Federal
  • From the top, select Deductions and Credits
  • On-screen, Your Tax Breaks, scroll down to "Other Deductions and Credits"
  • Under "Elderly or Disabled Credit", select Start

 

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Hal_Al
Level 15

Grace and peace, where on your system do I enter the elderly tax credit of -$750 for being 68 then 69 in November 2020

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 goes on Schedule 3, line 6d (2021). 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

-Scroll down to:

--Other deductions & Credits

  -Elderly or Disabled credit

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

 

A simplified  rule of thumb is:  if you have earned a  social security benefit, including SSDI, you won't qualify for the Credit for the Elderly and Disabled.

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