IRS Publication 554

AAA

DEFINITION of 'IRS Publication 554'

A document published by the Internal Revenue Service (IRS) that provides seniors with information on how to treat retirement income, as well as special deductions and credits that are available. IRS Publication 554 outlines what sources of income are taxable and nontaxable, including retirement plans, Social Security and insurance proceeds. The document also lists common itemized deductions, such as medical care, long-term care, nursing services, medicine and hospital services.

INVESTOPEDIA EXPLAINS 'IRS Publication 554'

Seniors who are at least 65 years old or are disabled may be entitled to a higher standard deduction than other taxpayers. In addition, the income threshold for a required tax filing is higher for individuals who are at least 65 years old.


The IRS provides extra filing assistance to seniors, and provides volunteers who can help seniors complete their returns. Free tax counseling services are also available.

RELATED TERMS
  1. Social Security Benefits

    The monetary benefits received by retired workers who have paid ...
  2. Long-Term Care (LTC) Insurance

    Coverage that provides nursing-home care, home-health care, personal ...
  3. Blind Taxpayer

    A taxpayer who qualifies for the additional standard deduction ...
  4. Internal Revenue Service - IRS

    A United States government agency that is responsible for the ...
  5. Standard Deduction

    A base amount of income that is not subject to tax and that can ...
  6. Taxable Income

    The amount of income that is used to calculate an individual's ...
Related Articles
  1. Retirement

    Simple Ways To Save In Retirement

    Balance saving and spending in your golden years with these simple tips.
  2. Home & Auto

    Reverse Mortgage Pitfalls

    Before tapping your home equity, find out what can go wrong.
  3. Taxes

    Give Your Taxes Some Credit

    A few tax credits can greatly increase the amount of money you get back on your return.
  4. Professionals

    Retirement Bliss? Not So fast: When Savings Lag

    Most people aren't saving enough for retirement. Here are some tips savers and financial advisors can use to change that.
  5. 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.
  6. Economics

    The Economic and Social Effects of Corruption

    Corruption results in inefficiencies in the operations of emerging economies, and prevents such economies from reaching the maximum level of development.
  7. Economics

    Can state and local governments in the US run fiscal deficits?

    Discover why most state and local governments do not – or cannot – run fiscal deficits in the same manner as the U.S. federal government.
  8. Professionals

    How are an employee's fringe benefits taxed?

    Discover how receiving fringe benefits can increase total compensation for employees and how it is important to understand how these benefits are taxed.
  9. Economics

    Why is President Obama hesitant to approve the Keystone XL Pipeline project?

    Find out how President Obama's hesitancy over the Keystone XL pipeline project is motivated by political pressure from two opposing factions.
  10. Taxes

    What is Value-Added Tax (VAT) and who pays it?

    Learn about the definition of value-added tax, the necessary circumstances that require a business to pay it and when a business is exempt.

You May Also Like

Hot Definitions
  1. Commercial Paper

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

    The interest rate at which a depository institution lends funds maintained at the Federal Reserve to another depository institution ...
  3. 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 ...
  4. Break-Even Analysis

    An analysis to determine the point at which revenue received equals the costs associated with receiving the revenue. Break-even ...
  5. Key Performance Indicators - KPI

    A set of quantifiable measures that a company or industry uses to gauge or compare performance in terms of meeting their ...
  6. Bank Guarantee

    A guarantee from a lending institution ensuring that the liabilities of a debtor will be met. In other words, if the debtor ...
Trading Center