Investopedia

Continue to Site »

IRS Publication 524 - Credit For The Elderly Or The Disabled

Filed Under » , , ,
Dictionary Says

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 Says

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.

Articles Of Interest

  1.

    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.

  2. 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.

  3. Should You File An Early Tax Return?

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

  4. 10 Most Overlooked Tax Deductions

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

  5. 5 Tax(ing) Retirement Mistakes

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

  6. Has Income Tax Become A Class Tax On The Poor?

    With more than 33% of American families falling close to the poverty line despite their adult members holding full-time employment, a rising number of citizens are being forced to pay a rate ...

  7. How The 2014 Obama Budget Could Affect Your Finances

    Depending on which estimate you believe, Obama's proposed budget would raise the tax bill of a household with a yearly income of $50,000 to $75,000 between $63 and $100 per year. However, that’s ...

  8. IRS Special Enrollment Examination (SEE) Study Guide

    The enrolled agent status is the highest credential awarded by the IRS.

  9. Austerity: When The Government Tightens Its Belt

    When a government tightens its belt in tough economic times the entire nation feels the squeeze.

  10. How To Safeguard Your Tax Returns From Identity Theft

    Identity thieves love tax season. In 2012, there were 13 million victims of identity theft. As easy as it is for thieves to steal your information, there are also simple measures you can take ...
comments powered by Disqus
Marketplace
Hot Definitions

  1. Disaster Loss

    A special type of tax-deductible loss, similar to a casualty loss, where a loss has been incurred by taxpayers who reside in an area that has been designated as a federal disaster area by the President.

  2. Fool In The Shower

    The notion that changes or policies designed to alter the course of the economy should be done slowly, rather than all at once.

  3. Pattern Day Trader

    An SEC designation for traders who trade the same security four or more times per day (buys and sells) over a five-day period, and for whom same-day trades make up at least 6% of their activity for that period.

  4. Cost-Push Inflation

    A phenomenon in which the general price levels rise (inflation) due to increases in the cost of wages and raw materials.

  5. Happiness Economics

    The formal academic study of the relationship between individual satisfaction and economic issues, such as employment and wealth.

  6. Affluenza

    A social condition arising from the desire to be more wealthy, successful or to "keep up with the Joneses." Affluenza is symptomatic of a culture that holds up financial success as one of the highest achievements.
Trading Center