How to File Income Tax for Seniors
Filing income tax for a senior is the same as filing income tax for anyone else, except for the special deductions that seniors can claim. Seniors may increase their standard deduction and also file for a credit for being elderly or disabled. These two tax benefits apply to almost every senior. The increase to the standard deduction is the same for each senior, however the credit for the elderly or disabled varies among taxpayers.
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Instructions
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Senior Deductions
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Check the box on line 39a on Form 1040. Taxpayers born before January 2, 1945 should check this box. You may also check the box if your spouse was born before that date.
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2
Calculate Form 1040, line 40. Instructions for Form 1040 provide a worksheet for calculating the standard deduction. This includes an $1100 deduction, in addition to the standard deduction, if the taxpayer is age 65 or older, or blind, and married, filing jointly, or there is a $1400 deduction for singles or head of households.
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Compare the taxpayer's itemized deductions to the standard deduction. If the standard deduction is greater than the itemized deduction, use the standard deduction on Line 40. If the itemized deductions are greater than the standard deduction, use the itemized deductions. Form 1040 Schedule A is the form needed to itemize deductions.
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Fill out the schedule for the Credit for the Elderly or Disabled on Form 1040, Schedule R. Since this credit varies based on the individual, filling out Schedule R will determine the amount of the credit. This amount should go on Form 1040, line 53. If you are taking this credit, you must also check box c and write "Sch R" on line 53.
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Tips & Warnings
The Internal Revenue Service offers Tax Counseling for the Elderly (TCE). This is a free service for people who are 60 and older. To find out more about TCE, call 1-800-829-1040.
References
- Photo Credit A young woman holding a pen, doing her taxes image by Christopher Meder from Fotolia.com
