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Show Wednesday, January 30, 1991 ProvoOrem Chamber of Commerce Orem-Geneva Times Page 23 axes On Social Security Tax Law Benefits Elderly And Disabled Retirees may have to pay income fx on part of their social security xnefits. Some of the benefits are taxable if le modified adjusted gross income. jicludmg half of the benefits and all Ix-exempt interest, exceeds: $32,000, if married and filing a joint return. $25,000, if single or married, not filing a joint return and not living with spouse at any time last year. $ -0-, if married, not filing a joint return and living with spouse at any time during the last year. The same rules apply to tier I railroad retirement benefits. If the re- ipient repaid any social security or fail road retirement benefits last year, inecial rules mav annlv. J .Special Credit for Elderly and Disabled A special tax credit for the elderly and the disabled may be allowed on your tax return if you qualify. You may qualify for this credit if you are a U.S. citizen and are 65 or older, or you retired on disability and were permanently and totally disabled when retired. Also, if disabled, you cannot have reached mandatory retirement retire-ment age before 1990, and you must have received taxable disability benefits bene-fits in 1990. If your income is high enough to require you to report any part of your social security or tier 1 railroad retirement retire-ment benefits as taxable income, you I generally cannot take the credit. Schedule R is used to compute the credit and is filed with Form 1040; you may be able to use Schedule 3 with Form I040A. The credit cannot be taken if you file Form I040EZ. More information can be found in Publication 524, Credit for the Elderly El-derly or the Disabled. To order this free publication, Schedule R (Form 1040) or Schedule 3 (Form 1040A), call toll-free l-800-TAX-FORM (1-800-829-3676). A Form SSA-1099 showing the total to-tal amount of social security benefits received, or Form RRB-1099 for certain cer-tain railroad retirement benefits received, re-ceived, should be sent to each recipient recipi-ent by January 3 1 . Details on taxable social security benefits and certain tier I railroad retirement re-tirement benefits can be found in free IRS Publication 915. Social Security Benefits and Equivalent Railroad Retirement Re-tirement Benefits. It is available by calling l-800-TAX-FORM (1-800-829-3676). Special federal income tax credits and deductions may be available to elderly ordisabled persons and certain business owners employing persons with disabilities. Standard Deduction Blind or elderly taxpayers are entitled enti-tled to a higher standard deduction than other taxpayers. Publication 501 , Exemptions, Standard Deduction, and Filing Information , covers the qualifications of blindness and age requirements re-quirements and provides worksheets to help figure the proper amounts allowed. al-lowed. Credits Retirees may qualify to claim tax credit if he or she is: 1. 65 years or older or retired on disability and 2. is permanently and totally disabled upon retirement. IRS Form 1040 or I040A must be filed to claim the credit. Specific information in-formation on this credit and how to calculate it is contained in IRS Publi cation 524, Credit for the Elderly or the Disabled. Tax Incentives for Businesses Business owners may get tax incentives incen-tives for helping disabled individuals. A tax credit is available to business owners who hire persons with disabilities. disabil-ities. In addition, each year business owners may deduct up to $35,000 of the costs of improvements to make a building, public transportation vehicle vehi-cle or other facility more accessible to elderly and disabled persons. Foster Children A foster child will not qualify a taxpayer tax-payer filing as head of household for the earned income credit. More information infor-mation on the earned income credit can be found in Publication 596, Earned Income Credit. For your free copy, call toll-free 1-800-TAX-FORM (1-800-829-3676). 985 S. State 224-1844 We Make Tire Buying Easy! Ask About Our NO HASSLE Road Warrantyl mm- inaw rfcghwoy Tread . $0095 btwm or seconds rnrnSa ThBM 8TB OflW iMMMmfafe. 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