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i am in a wheelchair,paralyzed on left side due to a medical accident in 2000. do i qualify for any credits

2007-02-25 06:04:13 · 2 answers · asked by lou 1 in Business & Finance Taxes United States

2 answers

If you have any taxable income, there is a Credit for the Elderly or Disabled.

Some states have a tax credit for certain disabilities as well.

Below is a link to the IRS instructions for the Credit for the Elderly or Disabled.

2007-02-25 06:14:54 · answer #1 · answered by ninasgramma 7 · 1 1

There are no credits for disability, but if you are collecting SS Disability or State Disability, that income is not taxable. (I've updated this post. See the addendum at the botton. You might be eligible for a disability credit if you had taxable disability income and meet certain income limits.)

If you're collecting disability from a private plan that you paid for, that is not taxable either. If it was an employer-sponsored plan paid for by the employer or paid for by you with after-tax dollars, it's fully taxable.

If you are collecting a settlement for physical injury that is not taxable either although any portion of the settlement earmarked for interest, lost wages, or punitive damages is taxable.

Addendum: Sorry, but you may be eligible for a disability credit if you had taxable disability income and meet certain income tests. See IRS Pub 524 for further information. Here's a link: http://www.irs.gov/pub/irs-pdf/p524.pdf

2007-02-25 14:17:15 · answer #2 · answered by Bostonian In MO 7 · 1 0

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