Income Tax Help For Senior Citizens

To calculate the tax liability of senior citizens or super senior citizens their income from all the sources is added together.

Income tax help for senior citizens. Pension income amount you may be able to claim up to 2 000 if you reported eligible pension superannuation or annuity. General citizens below 60 years of age can claim deduction up to rs 10 000 on interest on savings bank account s u s 80tta but the case is different for senior. The tax counseling for the elderly program offers free tax help to individuals who are aged 60 or older. While a person between 60 and 80 years of age is termed as a senior citizen a person above 80 years of age is called a super senior citizen.

The income tax i t law offers special tax benefits to resident senior citizens and super senior citizens. The maximum amount you may be able to claim is 7 033. You get a larger standard deduction you won t have to pay taxes on as much of your income when you get older because the irs allows you to begin taking an additional standard deduction when you turn 65. No tax on interest income.

The irs s volunteer income tax assistance vita and tax counseling for the elderly tce programs offer free basic tax return preparation to qualified individuals. Tax code offers a few breaks for those who are getting up in years including a special tax credit just for seniors. The vita program has operated for over 50 years offering free tax help to. Very senior citizens can file.

Free tax assistance programs for seniors aarp foundation tax aide. Income tax calculation for senior citizens fy 2020 21. This gives the aggregate gross total income. Similarly section 207 of the income tax act offers certain exemption from payment of advance tax to senior and very senior citizens.

There are several credits and benefits designed for seniors. The aarp foundation provides the nation s largest volunteer run tax assistance and preparation service available to all low and moderate income taxpayers with special attention given to those age 50 and older. Here are some of the most common income tax benefits available for senior citizens. Trained volunteers from non profit organizations provide free tax counseling and basic income tax return preparation for senior citizens.

The income tax for senior citizens is calculated based on the basic salary house rent allowance fixed allowances and other sources of income. Offline mode of itr filling. People who generally make 56 000 or less.