IRS Publication 524 - Credit For The Elderly Or The Disabled

AAA

DEFINITION of 'IRS Publication 524 - Credit For The Elderly Or The Disabled'

A document published by the Internal Revenue Service (IRS) providing information about the tax credit available to the elderly or the disabled. Qualifying individuals are U.S. citizens or resident aliens over the age of 65 or retired on permanent and total disability. Nonresident aliens may be eligible for the credit if they are married to a citizen or resident alien. Married couples typically have to file a joint tax return in order to qualify.

INVESTOPEDIA EXPLAINS 'IRS Publication 524 - Credit For The Elderly Or The Disabled'

Depending on a taxpayer's filing status, the amount of adjusted gross income (AGI) or nontaxable Social Security and pension can prevent the credit from being given. An AGI or nontaxable pension or Social Security income of above specified income limits disqualifies a taxpayer.

RELATED TERMS
  1. IRS Publication 519 - U.S. Tax ...

    A document published by the Internal Revenue Service (IRS) that ...
  2. Filing Status

    A category that defines the type of tax return form an individual ...
  3. Adjusted Gross Income - AGI

    A measure of income used to determine how much of your income ...
  4. Joint Return

    A U.S. income tax return filed on behalf of a married couple, ...
  5. Resident Alien

    A foreigner who is a permanent resident of the country in which ...
  6. Internal Revenue Service - IRS

    A United States government agency that is responsible for the ...
Related Articles
  1. Retirement

    5 Tax(ing) Retirement Mistakes

    Don't let these simple errors take the luster off your golden years.
  2. Taxes

    Inaccurate Tax Return, Now What?

    If the IRS finds errors, it will cost you. Find out how to fix them, and how to prevent them in the first place.
  3. Taxes

    Safe Tax Planning For High-Net-Worth Filers

    Planning is essential for the affluent seeking tax breaks. Get to know the legal strategies for saving more.
  4. Taxes

    Should You File An Early Tax Return?

    When it comes to filing your taxes, it can often pay to wait until the deadline.
  5. Taxes

    10 Most Overlooked Tax Deductions

    The receipts you cram into your wallet could be replaced with cash come tax season.
  6. Economics

    What is the role of deficit spending in fiscal policy?

    Read about the role deficit spending can play in a government's fiscal policy, and learn why economists are torn about the efficacy of debt-related stimulus.
  7. Economics

    Who sets fiscal policy, the president or congress?

    Discover how fiscal policy is set in the United States, including how all three branches of government can affect a given policy proposal.
  8. Fundamental Analysis

    Are taxes calculated in operating cash flow?

    Learn how taxes are involved with the calculations for operating cash flow, and find out about the importance of operational cash flow.
  9. Economics

    How do debt issues affect governments' abilities to run fiscal deficits?

    Read about whether or not debt issues affect the federal government's ability to run fiscal deficits, and find out what those impacts are.
  10. Economics

    EU Probes Tax Laws To Catch Corporate Cheaters

    Recently, the EU has launched an investigation into tax deals between Amazon and the country of Luxembourg.

You May Also Like

Hot Definitions
  1. Weather Insurance

    A type of protection against a financial loss that may be incurred because of rain, snow, storms, wind, fog, undesirable ...
  2. Portfolio Turnover

    A measure of how frequently assets within a fund are bought and sold by the managers. Portfolio turnover is calculated by ...
  3. Commercial Paper

    An unsecured, short-term debt instrument issued by a corporation, typically for the financing of accounts receivable, inventories ...
  4. Federal Funds Rate

    The interest rate at which a depository institution lends funds maintained at the Federal Reserve to another depository institution ...
  5. Fixed Asset

    A long-term tangible piece of property that a firm owns and uses in the production of its income and is not expected to be ...
  6. Break-Even Analysis

    An analysis to determine the point at which revenue received equals the costs associated with receiving the revenue. Break-even ...
Trading Center