Tag Archives: credit

Who Can Take the Credit for the Elderly or Disabled (Schedule R)?

If you are over the age of 65 at the end of the tax year or if you are totally and permanently disabled, you may be eligible to claim the Credit for the Elderly or the Disabled. Many taxpayers who are over 65 or disabled qualify for a tax credit worth between $3,750 and $7,500, but not everyone who experiences disability or meets the age requirement is eligible to claim it. To qualify for the credit for the elderly or disabled, you must: Have reached age 65 on or before the last day of the tax year (As a practical

What is the Recovery Rebate Credit?

Many taxpayers received Economic Impact Payments during 2020 and 2021 in response to difficult economic conditions caused by the COVID-19 pandemic. If you have not yet received the first or second stimulus payments from 2020, you may be eligible to claim the Recovery Rebate Credit on your 2020 tax return. Additionally, if you did not receive the third payment from the 2021 stimulus, you should be able to claim it on your 2021 tax return. Due to the coronavirus epidemic, the U.S. Treasury Department issued an Economic Impact Payment (EIP) to eligible taxpayers twice during the 2020 tax year. The amount