IRS Publication 524: Credit For The Elderly Or Disabled (2023)

In simple terms, Publication 524 (2023) explains the Credit for the Elderly or Disabled, a tax credit available to eligible individuals in the United States. This credit helps reduce your tax burden, potentially offering financial relief if you meet specific age or disability requirements.

Who Qualifies for the Credit (524)?

A. Age 65 or older: If you were 65 or older by December 31, 2023, you automatically qualify.

B. Under 65 and disabled: If you're under 65 and:

    • Retired on permanent and total disability before the end of 2023.
    • Received taxable disability income in 2023.
    • Were not over mandatory retirement age on January 1, 2023 (defined in Publication 524).

Key things to remember about Publication 524

A. Eligibility: You must be a U.S. citizen or resident alien and file Form 1040 or 1040-SR, not Form 1040-NR.

B. Calculating the credit: The credit amount depends on your adjusted gross income (AGI) and filing status. Publication 524 provides detailed tables and instructions for calculation.

C. Maximum credit: The maximum credit for 2023 is $5,000 for single filers and $7,500 for married couples filing jointly.

D. Special rules: Joint filers have special rules for calculating their credit if only one spouse is under 65 or disabled. Publication 524 explains these scenarios clearly.

How to claim the Credit?

  • Form 1040 or 1040-SR: You must file either Form 1040 or 1040-SR to claim the Credit.
  • Schedule R: Use Schedule R to calculate and claim the Credit on your tax return.
  • Publication 524: Refer to Publication 524 for detailed instructions and examples.

For the current year's Publication 524, click here.