Those of you over the age of 65 may qualify for an elderly tax credit from the IRS. To get this credit you are required to fill out IRS tax form 1040 Schedule R. This form is also for people that are disabled. This form isn’t well known so if you fall into either of those 2 categories make sure and take advantage of these federal tax breaks.
Line 1 of the form asks if you are 65 or older and line 2 is asking if you are on permanent or total disability. If you have a spouse that is over 65 you need to indicate that as well on line 3. If you were 65 or older and lived apart from your spouse you should identify that as well. Once you have determined your marital status you can move on to Part 2.
Part 2 of the form is the statement of permanent or total disability. If due to your disabled condition you were unable to engage in any substantial gainful activity during the year you need to check that box. You also need to include any pensions, annuities, disability income or social security benefits and any other nontaxable income that you received. Finally when you are done with Part 2 you will have determined your total credit for the elderly or disabled.
Download form 1040 Schedule R right now directly from the IRS Website!
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