2006-11-25 07:58:23 · 3 answers · asked by charles g1936@hotmail.com 1 in Business & Finance ➔ Taxes ➔ United States
If you are 65 or over, you get an increased standard deduction. Last year it was $6250 for single, $11,000 for married filing joint. It will probably go up a little this year.
If you're collecting social security, some or all of it is not subject to income taxes, depending on your other income. Up to 85% is taxed.
There is a credit for the elderly, but your income must be fairly low to take it, and you can't have more than $5000 (7500 if married filing joint) of social security or other non-taxable pension income.
2006-11-25 15:09:33 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
If you itemize deductions, your age is not a factor. The standard deduction is increased if you your age is 65 or over and/or your are legally blind. See page 35 of the Form 1040 instructions linked below for details.
2006-11-25 19:30:20 · answer #2 · answered by STEVEN F 7 · 1⤊ 0⤋
The best place to look is the IRS website. Once there look for the search option and type Elderly. This will problemly give you more information than you wanted...
2006-11-25 16:03:39 · answer #3 · answered by Jenifer C 1 · 0⤊ 0⤋