News

Is the Elderly Tax Credit Refundable?

Tax Credit Refundable

The senior tax credit for the elderly and disabled is non-refundable. This means that you cannot receive a credit larger than the remaining taxes you owe.

The tax credit for the elderly and disabled applies to the taxes you owe. For example, if you owe $2,500 in taxes, but you have a credit for $500, you will have to pay $2,000.

According to income eligibility criteria, to qualify for the elderly tax credit, your adjusted gross income (AGI) or a combination of your non-taxable income (disability, pension annuity income, and Social Security income) must fall below threshold limits listed in IRS Publication 524 – Credit for the Elderly or the Disabled.

To determine whether you qualify for this credit, you need to fill out Schedule R. IRS Publication 524.

Pinterest
LinkedIn

Leave a Comment

Leave a Reply

Your email address will not be published.

Previous Post

Who Qualifies for Elderly Tax Credit?

Next Post

Do You Pay Taxes after 70 Years Old?