OCR Text |
Show Elderly receive Special Tax Benifits When taxpayers reach age 65, they become eligible for a number' of special tax benefits, according to the Internal Revenue Service. Filing requirements for persons who are 65 and over are more liberal than for other taxpayers. A single person, age 65, need not file an income tax return unless his or her gross income is $3,700 or more. In contrast, a single person under age 65 must file when gross income is $2,950. Married couple filing joint returns have a $5,450 requirement if one spouse is 65 or over, and $6,200 if both spouses meet the age requirements. Other benefits include a special Tax Credit for the Elderly which can be as much as $375 for single Additional information about benefits appears in the tax packages and in three free IRS publications. Publication 554, "Tax Benefits for Older Americans"; Publication 524, "Tax Credit for the Elderly"; and Publication 523, "Tax Information on Selling or Purchasing Your Home", can be obtained by sending the mail order form in the tax package, or be picked up at any IRS office. persons and $562.50 for-married for-married couples filing jointly. Also, certain types of income are nontaxable such as social security benefits, railroad retirement benefits and benefit payments from a general welfare fund. |