
Seniors may find tax preparation confusing and stressful due to various income sources. Whether or not they have to file taxes depends on their specific situation. They should ensure they have taken required minimum distributions from retirement accounts, collect necessary tax documents, and take advantage of deductions and credits available to seniors. Deciding who will file taxes (oneself, loved one, or accountant) is a crucial decision. Seniors should also be aware of potential scammers. Preparing for tax season can reduce stress and increase success.
Seniors and retirees who want to file their taxes for free or find free in-person tax help can look at a few programs available for eligible taxpayers.
Eligible taxpayers can also have their taxes prepared in person for free, through these two programs:
Taxpayers can go to the IRS Free Tax Preparation page of IRS.gov and use the available site locator tools to find a TCE or VITA site near them.
While IRS Free File has an income cutoff, taxpayers with income over $73,000 can use Free File Fillable Forms. Fillable Forms don’t include guided preparation, so taxpayers need to be comfortable completing their own tax forms.
MilTax online software is available to certain veterans, regardless of income, and is offered through the Department of Defense. MilTax allows eligible taxpayers to prepare and file their federal income tax returns and up to three state income tax returns for free.
THIS IS NOT FINANCIAL ADVICE.
Sources & Helpful Resources
https://www.irs.gov/individuals/seniors-retirees/tips-for-seniors-in-preparing-their-taxes
If you’re looking for a nurturing place where your senior loved one can thrive, we invite you to reach out to wish with any questions that you and your family may have and to schedule a tour. We’d love to show you around our comforting, uplifting, and loving home nestled in Queen Creek, Arizona.