IRS issued new Publication 554 entitled “Tax Guide for Seniors.” Click Here for Pub. 554
Believe it or not, IRS has a great website, IRS Website, and many publications about tax are there for download. Just below is a quoted portion from Publication 554. There are selected topics of particular interest to older taxpayers. In addition, there are several ways that Seniors can get help preparing there income tax returns. For example, see AARP Tax Taxaide, for example. For help, the IRS says:”
Return preparation assistance: The IRS wants to make it easier for you to file your federal tax return. You may find it helpful to visit a Volunteer Income Tax Assistance (VITA), Tax Counseling for the Elderly (TCE), or American Association of Retired Persons (AARP) Tax-Aide site near you.
Volunteer Income Tax Assistance and Tax Counseling for the Elderly.
These programs provide free help for low-income taxpayers and taxpayers age 60 or older to fill in and file their returns. For the VITA/TCE site nearest you, contact your local IRS office.
For the location of an AARP Tax-Aide site in your community, call 1-888-227-7669. When asked, be ready to press in or speak your 5-digit ZIP code. Or, you can visit their website on the Internet at www.aarp.org/taxaide.
From Publication 554:
“The purpose of this publication is to provide a general overview of selected topics that are of interest to older taxpayers. The publication will help you determine if you need to file a return and, if so, what items to report on your return. Each topic is discussed only briefly, so you will find references to other free IRS publications that provide more detail on these topics if you need it.
While most federal income tax laws apply equally to all taxpayers, regardless of age, there are some provisions that give special treatment to older taxpayers. The following are some examples.
Higher gross income threshold for filing: You must be age 65 or older at the end of the year to get this benefit. You are considered 65 on the day before your 65th birthday. Therefore, you are considered 65 at the end of the year if your 65th birthday is on or before January 1 of the following year.
Higher standard deduction: If you do not itemize deductions, you are entitled to a higher standard deduction if you are age 65 or older at the end of the year. You are considered 65 at the end of the year if your 65th birthday is on or before January 1 of the following year.
Credit for the elderly or the disabled: If you qualify, you may benefit from the credit for the elderly or the disabled. To determine if you qualify and how to figure this credit, see Credit for the Elderly or the Disabled.
PS: No legal advice here; see your own attorney or accountant for tax advice.