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Myfreetaxes org Index A Adjusted basis, Adjusted Basis Assessments For local benefits, Assessments for local benefits. Myfreetaxes org Homeowners association, Homeowners association assessments. Myfreetaxes org Assistance (see Tax help) B Basis, Basis C Certificate, mortgage credit, Who qualifies. Myfreetaxes org Construction, Construction. Myfreetaxes org Cooperatives, Special Rules for Cooperatives, Cooperative apartment. Myfreetaxes org Cost basis, Cost as Basis Credit Mortgage interest, Mortgage Interest Credit D Deduction Home mortgage interest, Deductible Mortgage Interest Real estate taxes, Deductible Real Estate Taxes E Emergency Homeowners' Loan Program, Hardest Hit Fund and Emergency Homeowners' Loan Programs Escrow accounts, Escrow accounts. Myfreetaxes org F Fire insurance premiums, Items not added to basis and not deductible. Myfreetaxes org Form 1098, Mortgage Interest Statement 8396, How to claim the credit. Myfreetaxes org , Figuring the Credit Free tax services, Free help with your tax return. Myfreetaxes org G Gift of home, Gift Ground rent, Ground rent. Myfreetaxes org H Help (see Tax help) HFA Hardest Hit Fund, Hardest Hit Fund and Emergency Homeowners' Loan Programs Home Acquisition debt, Home Acquisition Debt Inherited, Inheritance Mortgage interest, Home Mortgage Interest Purchase of, Purchase. Myfreetaxes org Received as gift, Gift Homeowners association assessments, Homeowners association assessments. Myfreetaxes org House payment, Your house payment. Myfreetaxes org Housing allowance, minister or military, Minister's or military housing allowance. Myfreetaxes org I Improvements, Improvements. Myfreetaxes org Inheritance, Inheritance Insurance, Nondeductible payments. Myfreetaxes org , Items not added to basis and not deductible. Myfreetaxes org Interest Home mortgage, Home Mortgage Interest Prepaid, Prepaid interest. Myfreetaxes org K Keeping records, Keeping Records L Late payment charge, Late payment charge on mortgage payment. Myfreetaxes org Local benefits, assessments for, Assessments for local benefits. Myfreetaxes org M MCC (Mortgage credit certificate), Who qualifies. Myfreetaxes org Minister's or military housing allowance, Minister's or military housing allowance. Myfreetaxes org Mortgage credit certificate (MCC), Who qualifies. Myfreetaxes org Mortgage debt forgiveness, Discharges of qualified principal residence indebtedness. Myfreetaxes org Mortgage insurance premiums, Mortgage Insurance Premiums Mortgage interest Credit, Mortgage Interest Credit Deduction, Deductible Mortgage Interest Late payment charge, Late payment charge on mortgage payment. Myfreetaxes org Paid at settlement, Mortgage Interest Paid at Settlement Refund, Refund of home mortgage interest. Myfreetaxes org , Refund of overpaid interest. Myfreetaxes org Statement, Mortgage Interest Statement Mortgage prepayment penalty, Mortgage prepayment penalty. Myfreetaxes org N Nondeductible payments, Nondeductible payments. Myfreetaxes org , Items not added to basis and not deductible. Myfreetaxes org P Points, Points Prepaid interest, Prepaid interest. Myfreetaxes org Publications (see Tax help) R Real estate taxes, Real Estate Taxes Deductible, Deductible Real Estate Taxes Paid at settlement or closing, Real estate taxes paid at settlement or closing. Myfreetaxes org , Real estate taxes. Myfreetaxes org Refund or rebate, Refund or rebate of real estate taxes. Myfreetaxes org Recordkeeping, Keeping Records Refund of Mortgage interest, Refund of home mortgage interest. Myfreetaxes org , Refund of overpaid interest. Myfreetaxes org Real estate taxes, Refund or rebate of real estate taxes. Myfreetaxes org Repairs, Repairs versus improvements. Myfreetaxes org S Sales taxes, Sales Taxes Settlement or closing costs Basis of home, Settlement or closing costs. Myfreetaxes org Mortgage interest, Mortgage Interest Paid at Settlement Real estate taxes, Real estate taxes paid at settlement or closing. Myfreetaxes org , Real estate taxes. Myfreetaxes org Stamp taxes, Transfer taxes (or stamp taxes). Myfreetaxes org Statement, mortgage interest, Mortgage Interest Statement T Tax help, How To Get Tax Help Taxes Real estate, Real Estate Taxes, Refund of real estate taxes. Myfreetaxes org Transfer taxes, Transfer taxes (or stamp taxes). Myfreetaxes org W What you can and cannot deduct, What You Can and Cannot Deduct Prev Up Home More Online Publications
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Myfreetaxes org Publication 554 - Introductory Material Table of Contents What's New Reminders IntroductionVolunteer Income Tax Assistance and Tax Counseling for the Elderly. Myfreetaxes org Ordering forms and publications. Myfreetaxes org Tax questions. Myfreetaxes org What's New Alternative minimum tax exemption increased. Myfreetaxes org The AMT exemption amount has increased to $51,900 ($80,800 if married filing jointly or qualifying widow(er); $40,400 if married filing separately). Myfreetaxes org Earned income credit. Myfreetaxes org The maximum amount of income you can earn and still get the credit has increased. Myfreetaxes org You may be able to take the credit if you earn less than: $14,340 ($19,680 if married filing jointly), do not have a qualifying child, and are at least 25 years old and under 65, $37,870 ($43,210 if married filing jointly), and you have one qualifying child, $43,038 ($48,378 if married filing jointly), and you have two qualifying children, or $46,227 ($51,567 if married filing jointly), and you have three or more qualifying children. Myfreetaxes org For more information, see Earned Income Credit , later. Myfreetaxes org Exemption phaseout. Myfreetaxes org You lose at least part of the benefit of your exemptions if your adjusted gross income is above a certain amount. Myfreetaxes org For 2013, the phaseout begins at $150,000 for married individuals filing separate returns; $250,000 for single individuals; $275,000 for heads of household; and $300,000 for married individuals filing joint returns or qualifying widow(er)s. Myfreetaxes org For more information, see Phaseout of Exemptions in Publication 501. Myfreetaxes org Limit on itemized deductions. Myfreetaxes org Beginning January 1, 2013, itemized deductions for taxpayers with adjusted gross incomes above $150,000 may be reduced. Myfreetaxes org See Overall limitation , later. Myfreetaxes org Medical and dental expenses. Myfreetaxes org Beginning January 1, 2013, taxpayers 65 and older can deduct only the part of their medical and dental expenses that exceed 7. Myfreetaxes org 5% of their adjusted gross income (10% for taxpayers under 65). Myfreetaxes org Same-sex marriages. Myfreetaxes org If you have a same-sex spouse whom you legally married in a state (or foreign country) that recognizes same-sex marriage, you and your spouse generally must use the married filing jointly or married filing separately filing status on your 2013 return, even if you and your spouse now live in a state (or foreign country) that does not recognize same-sex marriage. Myfreetaxes org For more information, see Publication 501. Myfreetaxes org Reminders Future developments. Myfreetaxes org For the latest information about developments related to Publication 554, such as legislation enacted after it was published, go to www. Myfreetaxes org irs. Myfreetaxes org gov/pub554. Myfreetaxes org Tax return preparers. Myfreetaxes org Choose your preparer carefully. Myfreetaxes org If you pay someone to prepare your return, the preparer is required, under the law, to sign the return and fill in the other blanks in the Paid Preparer's area of your return. Myfreetaxes org Remember, however, that you are still responsible for the accuracy of every item entered on your return. Myfreetaxes org If there is any underpayment, you are responsible for paying it, plus any interest and penalty that may be due. Myfreetaxes org Sale of home by surviving spouse. Myfreetaxes org If you are an unmarried widow or widower, you may qualify to exclude up to $500,000 of any gain from the sale or exchange of your main home. Myfreetaxes org For more information, see Sale of Home , later. Myfreetaxes org Third party designee. Myfreetaxes org You can check the “Yes” box in the Third Party Designee area of your return to authorize the IRS to discuss your return with your preparer, a friend, family member, or any other person you choose. Myfreetaxes org This allows the IRS to call the person you identified as your designee to answer any questions that may arise during the processing of your return. Myfreetaxes org It also allows your designee to perform certain actions. Myfreetaxes org See your income tax return instructions for details. Myfreetaxes org Employment tax withholding. Myfreetaxes org Your wages are subject to withholding for income tax, social security tax, and Medicare tax even if you are receiving social security benefits. Myfreetaxes org Photographs of missing children. Myfreetaxes org The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Myfreetaxes org Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Myfreetaxes org You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Myfreetaxes org Introduction The purpose of this publication is to provide a general overview of selected topics that are of interest to older taxpayers. Myfreetaxes org The publication will help you determine if you need to file a return and, if so, what items to report on your return. Myfreetaxes org 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. Myfreetaxes org Table I has a list of questions you may have about filing your federal tax return. Myfreetaxes org To the right of each question is the location of the answer in this publication. Myfreetaxes org Also, at the back of this publication there is an index to help you search for the topic you need. Myfreetaxes org 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. Myfreetaxes org The following are some examples. Myfreetaxes org Higher gross income threshold for filing. Myfreetaxes org You must be age 65 or older at the end of the year to get this benefit. Myfreetaxes org You are considered age 65 on the day before your 65th birthday. Myfreetaxes org Therefore, you are considered age 65 at the end of the year if your 65th birthday is on or before January 1 of the following year. Myfreetaxes org Higher standard deduction. Myfreetaxes org 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. Myfreetaxes org You are considered age 65 at the end of the year if your 65th birthday is on or before January 1 of the following year. Myfreetaxes org Credit for the elderly or the disabled. Myfreetaxes org If you qualify, you may benefit from the credit for the elderly or the disabled. Myfreetaxes org To determine if you qualify and how to figure this credit, see Credit for the Elderly or the Disabled , later. Myfreetaxes org Return preparation assistance. Myfreetaxes org The IRS wants to make it easier for you to file your federal tax return. Myfreetaxes org 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. Myfreetaxes org Volunteer Income Tax Assistance and Tax Counseling for the Elderly. Myfreetaxes org These programs provide free help for low-income taxpayers and taxpayers age 60 or older to fill in and file their returns. Myfreetaxes org For the VITA/TCE site nearest you, contact your local IRS office. Myfreetaxes org For more information, see Free help with your tax return under How To Get Tax Help. Myfreetaxes org For the location of an AARP Tax-Aide site in your community, call 1-888-227-7669. Myfreetaxes org When asked, be ready to press in or speak your 5-digit ZIP code. Myfreetaxes org Or, you can visit their website on the Internet at www. Myfreetaxes org aarp. Myfreetaxes org org/money/taxaide. Myfreetaxes org Comments and suggestions. Myfreetaxes org We welcome your comments about this publication and your suggestions for future editions. Myfreetaxes org You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Myfreetaxes org NW, IR-6526 Washington, DC 20224 We respond to many letters by telephone. Myfreetaxes org Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Myfreetaxes org You can send your comments from www. Myfreetaxes org irs. Myfreetaxes org gov/formspubs/. Myfreetaxes org Click on “More Information” and then on “Comment on Tax Forms and Publications. Myfreetaxes org ” Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Myfreetaxes org Ordering forms and publications. Myfreetaxes org Visit www. Myfreetaxes org irs. Myfreetaxes org gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 business days after your request is received. Myfreetaxes org Internal Revenue Service 1201 N. Myfreetaxes org Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Myfreetaxes org If you have a tax question, check the information available on IRS. Myfreetaxes org gov or call 1-800-829-1040. Myfreetaxes org We cannot answer tax questions sent to either of the above addresses. Myfreetaxes org Table I. Myfreetaxes org What You Should Know About Federal Taxes Note. Myfreetaxes org The following is a list of questions you may have about filling out your federal income tax return. Myfreetaxes org To the right of each question is the location of the answer in this publication. Myfreetaxes org What I Should Know Where To Find the Answer Do I need to file a return? See chapter 1. Myfreetaxes org Is my income taxable or nontaxable? If it is nontaxable, must I still report it? See chapter 2. Myfreetaxes org How do I report benefits I received from the Social Security Administration or the Railroad Retirement Board? Are these benefits taxable? See Social Security and Equivalent Railroad Retirement Benefits in chapter 2. Myfreetaxes org Must I report the sale of my home? If I had a gain, is any part of it taxable? See Sale of Home in chapter 2. Myfreetaxes org What are some of the items that I can deduct to reduce my income? See chapters 3 and 4. Myfreetaxes org How do I report the amounts I set aside for my IRA? See Individual Retirement Arrangement (IRA) Contributions and Deductions in chapter 3. Myfreetaxes org Would it be better for me to claim the standard deduction or itemize my deductions? See chapter 4. Myfreetaxes org What are some of the credits I can claim to reduce my tax? See chapter 5 for discussions on the credit for the elderly or the disabled, the child and dependent care credit, and the earned income credit. Myfreetaxes org Must I make estimated tax payments? See chapter 6. Myfreetaxes org How do I contact the IRS or get more information? See chapter 7. Myfreetaxes org Prev Up Next Home More Online Publications