2020 Publication 554 - IRS

1 Userid: CPMS chema: tipxLeadpct: 100%Pt. size: 10 Draft Ok to PrintAH XSL/XMLF ileid: .. tions/P554/2017/A/XML/Cycle03/source(Ini t. & Date) _____Page 1 of 34 9:27 - 23-Jan-2018 The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before of the TreasuryInternal Revenue ServicePublication 554 Cat. No. 15102 RTax Guidefor SeniorsFor use in preparing2017 ReturnsGet forms and other information faster and easier at: (English) (Espa ol) ( ) ( ) (Pусский) (Ti ngVi t) ContentsWhat's 1. 2017 Filing 2. Taxable and Nontaxable for Plan Security and Equivalent Railroad Retirement and Injury Insurance of 3. Adjustments to Retirement Arrangement (IRA) Contributions and 4. 5. for the Elderly or the and Dependent Care Income Credit (EIC).

2 29 Chapter 6. Estimated Must Make Estimated Tax 7. How To Get Tax DevelopmentsFor the latest information about developments related to Pub. 554, such as legislation enacted after it was published, go to 's NewDisaster tax relief. Disaster tax relief was enacted for those impacted by certain Presidentially declared disas-ters. The tax benefits provided by this relief include the retirement plan withdrawals, repayments, and increased standard deduction based on qualified disaster to use 2016 earned income to figure the 2017 earned income 23, 2018 Page 2 of 34 Fileid: .. tions/P554/2017/A/XML/Cycle03/source9:27 - 23-Jan-2018 The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before see if you were impacted by one of the Presiden-tially declared disasters eligible for this relief or to get more information about disaster tax relief, see Pub.

3 Minimum tax exemption increased. The AMT exemption amount has increased to $54,300 ($84,500 if married filing jointly or qualifying widow(er); $42,250 if married filing separately).Earned income credit. The maximum amount of income you can earn and still get the credit has increased. You may be able to take the credit if you earn less than:$15,010 ($20,600 if married filing jointly), don't have a qualifying child, and are at least 25 years old and un-der 65;$39,617 ($45,207 if married filing jointly), and you have one qualifying child;$45,007 ($50,597 if married filing jointly), and you have two qualifying children; or$48,340 ($53,930 if married filing jointly), and you have three or more qualifying more information, see Earned Income Credit, phaseout. You lose at least part of the bene-fit of your exemptions if your adjusted gross income is above a certain amount.

4 For 2017, the phaseout begins at $156,900 for married individuals filing separate returns; $261,500 for single individuals; $287,650 for heads of household; and $313,800 for married individuals filing joint returns or qualifying widow(er)s. For more informa-tion, see Phaseout of Exemptions in Pub. on itemized deductions. Itemized deductions may be reduced for taxpayers with an adjusted gross in-come above $156,900. See Overall limitation, return preparers. Choose your preparer carefully. 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. Re-member, however, that you are still responsible for the ac-curacy of every item entered on your return. If there is any underpayment, you are responsible for paying it, plus any interest and penalty that may be party designee.

5 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, a family member, or any other person you choose. This al-lows the irs to call the person you identified as your des-ignee to answer any questions that may arise during the processing of your return. It also allows your designee to perform certain actions. See your income tax return in-structions for tax withholding. Your wages are subject to withholding for income tax, social security tax, and Medicare tax even if you are receiving social security security benefits information. Social security beneficiaries may quickly and easily obtain various infor-mation from SSA s website with a my Social Security ac-count, including getting a replacement SSA-1099 or SSA-1042S.

6 For more information, go to See Obtaining social security information, of missing children. The Internal Reve-nue Service is a proud partner with the National Center for Missing & Exploited Children (NCMEC). Photographs of missing children selected by the Center may appear in this Publication on pages that would otherwise be blank. 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 purpose of this Publication is to provide a general overview of selected topics that are of interest to older tax-payers. The Publication will help you determine if you need to file a return and, if so, what items to report on your return. 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 I has a list of questions you may have about filing your federal tax return.

7 To the right of each question is the location of the answer in this Publication . Also, at the back of this Publication there is an index to help you search for the topic you most federal income tax laws apply equally to all taxpayers, regardless of age, there are some provisions that give special treatment to older taxpayers. The follow-ing are some gross income threshold for filing. You must be age 65 or older at the end of the year to get this benefit. You are considered age 65 on the day be-fore your 65th birthday. 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 standard deduction. If you don't itemize de-ductions, you are entitled to a higher standard deduc-tion if you are age 65 or older at the end of the year. You are considered age 65 at the end of the year if your 65th birthday is on or before January 1 of the fol-lowing for the elderly or the disabled.

8 If you qualify, you may benefit from the credit for the elderly or the disabled. To determine if you qualify and how to figure this credit, see Credit for the Elderly or the Disabled, preparation assistance. the irs wants to make it easier for you to file your federal tax return. 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 2 Publication 554 (2017)Page 3 of 34 Fileid: .. tions/P554/2017/A/XML/Cycle03/source9:27 - 23-Jan-2018 The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before Income Tax Assistance and Tax Coun-seling for the Elderly. These programs provide free help for low-income taxpayers and taxpayers age 60 or older to fill in and file their returns.

9 For the VITA/TCE site nearest you, contact your local IRS office. For more infor-mation, see Preparing and filing your tax return under How To Get Tax Tax-Aide. For the location of an AARP Tax-Aide site in your community, call 1-888-227-7669. When asked, be ready to press in or speak your 5-digit ZIP code. Or you can visit their website on the Internet at and suggestions. We welcome your com-ments about this Publication and your suggestions for fu-ture can send us comments from Or you can write to:Internal Revenue ServiceTax Forms and Publications1111 Constitution Ave. NW, IR-6526 Washington, DC 20224 Although we cannot respond individually to each com-ment received, we do appreciate your feedback and will consider your comments as we revise our tax forms and publications. Visit to download forms and publications.

10 Other-wise, you can go to to order current and prior-year forms and instructions. Your order should arrive within 10 business questions. If you have a tax question not an-swered by this Publication , check and How To Get Tax Help at the end of this You Should Know About Federal TaxesNote. The following is a list of questions you may have about filling out your federal income tax the right of each question is the location of the answer in this I Should KnowWhere To Find the AnswerDo I need to file a return?See chapter my income taxable or nontaxable? If it is nontaxable, must I still report it?See chapter 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 I report the sale of my home?