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.

Previous Post

Who Qualifies for Elderly Tax Credit?

Next Post

Do You Pay Taxes after 70 Years Old?