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Show Tax credit available for elderly More information on the credit for the elderly is available in the free IRS Publication 524, "Credit for the Elderly," which can be ordered by mail using the handy order blank contained in the tax package. Because this is a credit, it is subtracted from the amount of lax that is owed, but it cannot be greater than the total tax, the IRS says. The IRS will compute the credit if the taxpayer files a filled-in Schedule R&RP, "Credit for the Elderly," with the Form 1040. The credit cannot be claimed on Form 1040A. Over one million federal income tax returns are expected to be filed this year by taxpayers age 65 or ; older who may be eligible for a special tax credit for the elderly, according to local IRS officials. The tax credit for the elderly may be as much as $562.50 for a 65 or older married taxpayer filing a joint return, and up to $375 for a j single person who is 65 or older. ! The credit is available to some j taxpayers under 65 years old if they receive a taxable retirement income in-come from a public retirement system and meet certain other requirements. |