How to File Federal Income Tax for the Elderly
Tax filing is a fact of life no matter your age, but it can sometimes be difficult for older people to gather the paperwork they need and drive to the tax preparation office. If you are experienced enough to do your own taxes, chances are good that you will be able to assist your elderly friends, family and neighbors with their tax preparation as well.
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Things You'll Need
- Social Security statements
- 1099 forms
- Brokerage and bank statements
- Tax preparation software
Instructions
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Check in your local area to see if free tax help is available for elderly residents. Many nonprofit agencies will provide free tax preparation and tax filing for elderly residents whose income falls under a certain threshold. For example, the IRS has teamed up with AARP to offer free tax help to low-income residents in many parts of the country.
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Gather all of the paperwork together and make sure you have everything you need. Elderly tax filers will have statements from Social Security, and they may also have 1099s from banks, mutual fund companies and brokerage firms. Even though Social Security income may not be taxable, it still must be recorded on the tax return, so be sure that you have those statements available before you begin.
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Determine what tax form you need to use for your elderly friend or relative. If the elderly person has a relatively low income and that income comes from only a few sources, he may be able to file the one-page 1040-EZ form. It is a good idea to start with this form and begin recording the income amounts there. If you run into an income source that cannot be claimed on the 1040-EZ, you can always transfer the figures over to the more complicated 1040A or standard 1040 form.
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Use a tax preparation software package to make completing the return and filing easier. Tax preparation software makes it easier to file taxes, and if the elderly person needs to file only a simple form their tax preparation may be free.
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