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Credit for the Elderly or Disabled

You may be able to take the Credit for the Elderly or the Disabled if you were age 65 or older at the end of last year, or if you are retired on permanent and total disability, according to the IRS. Like any other tax credit, it’s a dollar-for-dollar reduction of your tax bill. The maximum amount of this credit is constantly changing.

You can take the credit for the elderly or the disabled if:

  • You are a qualified individual,
  • Your nontaxable income from Social Security or other nontaxable pension is less than $3,750 to $7,500 (also depending on your filing status).

Generally, you are a qualified individual for this credit if you are a U.S. citizen or resident at the end of the tax year and you are age 65 or older, or you are under 65, retired on permanent and total disability, received taxable disability income, and did not reach mandatory retirement age before the beginning of the tax year.

If you are under age 65, you can qualify for the credit only if you are retired on permanent and total disability. This means that:

  • You were permanently and totally disabled when you retired, and
  • You retired on disability before the end of the tax year.

Even if you do not retire formally, you are considered retired on disability when you have stopped working because of your disability. If you feel you might be eligible for this credit, please contact us for assistance.

TAX TIPS FOR INDIVIDUALS
1. Tax Incentives for Higher Education
2. Check Withholding to Avoid a Tax Surprise
3. 5 Tips for Early Preparation
4. Amended Returns
5. Tips and Taxes
6. Filing an Extensions
7. Car Donations
8. Tax Credit For Hybrid Vehicles
9. Earned Income Tax Credit for Certain Workers
10. Refinancing your Home
11. Credit for the Elderly or Disabled
12. Selling your Home
13. Gift Giving
14. Name change after Marriage or Divorce
15. Filing Deadlines for CPA Firm of Rene Sarkhosh & Associates, Inc.
16. Your Appeal Rights
17. Information About IRS Notices
18. Payment Options
19. EFTPS – Electronic Federal Tax Payment System
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