United States
"Credit for the Elderly or Disabled"

What is Credit for the Elderly or Disabled ?

Elderly or Disabled Tax Credit is a tax benefit provided by the IRS in the US. It is designed to assist low-income elderly or disabled individuals by reducing their tax liability. 

How Much is the Credit for the Elderly or Disabled ?

The credit ranges between $3,750 and $7,500. The amount of credit can vary depending on your income, filing status & whether you qualify as elderly or disabled. 

Who Qualifies for Elderly or Disabled Tax Credit ?

You must be either 65 years or older by the end of the tax year or permanently and totally disabled and received taxable disability income to be eligible for the credit.

How to Calculate Elderly or Disabled Tax Credit ?

Tax credit is calculated as 15% of the initial amount, less the total of any nontaxable benefits you have received (Social Security and other nontaxable pensions or annuities).

Credit for the elderly or disabled is non-refundable, meaning it can reduce your tax liability to zero but cannot result in a refund larger than the taxes you owe and there are income limits set by the IRS.

How to Claim the Credit for Elderly or Disabled ?

When file a tax return, complete the appropriate 1040 form and attach Schedule R to claim the elderly and disabled tax credit.