Question

Looking for my elderly tax credit What happened?

Forum|Forum|2 years ago
June 2, 2024
1 reply
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Filed on turbo tax on 4-15-2024

TurboTax Free Edition Online

Employee

For federal or state?

For Federal, There is a credit for the elderly or disabled (you don't have to be both). But because it has not been adjusted for inflation since 1983, very very few people qualify. If you qualify, TurboTax (TT) will automatically calculate it. It goes on Schedule 3, line 6d, which goes to 1040 line 20. It is not a refundable credit. That is, you must have a tax liability to offset to get the credit. Very few people, with that little income have an actual tax to offset.

Or do you mean the increase in the Standard Deduction for 65 and over?

For 2023 the standard deduction amounts are:
Single 13,850 + 1,850 or 65 and over or blind
HOH 20,800 + 1,850 for 65 and over or blind
Joint 27,700+ 1,500 for each 65 and over or blind
Married filing Separate 13,850 + 1,500 for 65 and over or blind

P

pyledriver1956-gAuthor

Indiana state tax 2023

J

JotikaT2

The Indiana Elderly Tax Credit is computed in the state interview section of the program. When you prepare your state return, you will get to the screen titled "Take a look at Indiana credits and taxes." The Elderly Tax Credit is located under the section titled Personal, home, and family credits as shown in the screenshot below.

To calculate the credit, select start to the right of Elderly Tax Credit. If you meet all of the qualifications of the credit, then you will be able to proceed through the interview screens to claim the credit. If your income is too high, you will see a message saying you do not qualify and the credit will not be generated.

If you have not filed your tax return, you can log back into TurboTax and review this section. If you have already filed and your return was accepted, you can file an amended return to claim the credit using these instructions.

@pyledriver1956-g

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