IRS Publication 554


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.

BREAKING DOWN '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.

  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 ...
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