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#2
12-04-2008, 10:43 PM
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 Re: Age 65 Herb Smith wrote: - quote - > On Dec 4, 11:47�am, Alan <sfcnm-...[at]yahoo.com> wrote: > > yar wrote: > > > Im turning age 65 and I see a box to check for that on the tax form. > > > How does being age 65 affect taxes? > > 3 ways: > > > The threshold of taxable gross income for having to file is > > higher. (see the next item as to why this happens.) > > > The standard deduction is higher. > > > You may be eligible for the Credit for the Elderly. > A 4th possibility: You may no longer be eligible for the Earned Income > Credit. True, if you have no qualified children. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#1
12-04-2008, 07:14 PM
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| Re: Age 65 On Dec 4, 11:47�am, Alan <sfcnm-...[at]yahoo.com> wrote: - quote - > yar wrote:
A 4th possibility: You may no longer be eligible for the Earned Income> > Im turning age 65 and I see a box to check for that on the tax form. > > How does being age 65 affect taxes? > 3 ways: > The threshold of taxable gross income for having to file is > higher. (see the next item as to why this happens.) > The standard deduction is higher. > You may be eligible for the Credit for the Elderly. Credit. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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12-04-2008, 06:47 PM
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| Re: Age 65 yar wrote: - quote - > Im turning age 65 and I see a box to check for that on the tax form. > How does being age 65 affect taxes? 3 ways: The threshold of taxable gross income for having to file is higher. (see the next item as to why this happens.) The standard deduction is higher. You may be eligible for the Credit for the Elderly. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#-1
12-04-2008, 05:31 PM
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| Age 65 Im turning age 65 and I see a box to check for that on the tax form. How does being age 65 affect taxes? -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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