Looking for "Senior Tax Credit" - I meet the age and income requirement. Did I overlook something?

Forum|Forum|1 year ago
February 22, 2025
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Best answer by Mike9241

it's the Credit for the Elderly calculated on schedule R. It's not refundable so if you have no tax liability the credit is zero

Mike9241Answer

it's the Credit for the Elderly calculated on schedule R. It's not refundable so if you have no tax liability the credit is zero

ps10711Author

Mike, Thank you for the reply. Good to learn that you cannot receive Senior Tax Credit if you are receiving a refund. Appreciate the information.

Hal_Al

Employee

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 (2024). 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.

Having any social security income at all works against you. Essentially your potential credit is reduced by any tax you "shoulda paid” on the untaxed Social security income. If you have more than $5000 social security ($7500 Married Filing Jointly and both are elderly or disabled) or VA benefits you will not qualify for the credit.

If you think you qualify, and TT missed it, In TurboTax (TT), enter at:

Federal Taxes Tab

Deductions & Credits

-Scroll down to:

--Other deductions & Credits

-Elderly or Disabled credit

See schedule R for detailed calculations. https://www.irs.gov/pub/irs-pdf/f1040sr.pdf

A simplified rule of thumb is: if you have earned a social security benefit, including SSDI, you won't qualify for the Credit for the Elderly and Disabled.