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. Income Tax

    A tax that governments impose on financial income generated by ...
  3. Internal Revenue Service - IRS

    A United States government agency that is responsible for the ...
  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. Adjusted Gross Income - AGI

    A measure of income used to determine how much of your income ...
Related Articles
  1. 5 Tax(ing) Retirement Mistakes
    Retirement

    5 Tax(ing) Retirement Mistakes

  2. Inaccurate Tax Return, Now What?
    Taxes

    Inaccurate Tax Return, Now What?

  3. Safe Tax Planning For High-Net-Worth ...
    Taxes

    Safe Tax Planning For High-Net-Worth ...

  4. Should You File An Early Tax Return?
    Taxes

    Should You File An Early Tax Return?

comments powered by Disqus
Hot Definitions
  1. Correlation

    In the world of finance, a statistical measure of how two securities move in relation to each other. Correlations are used ...
  2. Letter Of Credit

    A letter from a bank guaranteeing that a buyer's payment to a seller will be received on time and for the correct amount. ...
  3. Due Diligence - DD

    1. An investigation or audit of a potential investment. Due diligence serves to confirm all material facts in regards to ...
  4. Certificate Of Deposit - CD

    A savings certificate entitling the bearer to receive interest. A CD bears a maturity date, a specified fixed interest rate ...
  5. Days Sales Of Inventory - DSI

    A financial measure of a company's performance that gives investors an idea of how long it takes a company to turn its inventory ...
  6. Accounts Payable - AP

    An accounting entry that represents an entity's obligation to pay off a short-term debt to its creditors. The accounts payable ...
Trading Center