As of 2015, there is no tax form specific to seniors, but the Internal Revenue Service website offers information on filing taxes during retirement. The types of tax owed determine which forms are necessary for filing, according to the IRS. The Seniors & Retirees page catalogs information on how to file, retirement plan contributions, required minimum IRA distributions and tax scams affecting seniors. IRS publication 554 addresses issues such as taxable and nontaxable compensation and how seniors find tax advice.Continue Reading
The Seniors & Retirees page of the IRS website is the gateway to information on everything from tax issues common at specific stages of life to a list of IRS publications useful for older taxpayers. These publications cover retirement planning, issues relating to mutual funds, tax information specific to the disabled, and how to handle withholding for pensions and annuities, according to the IRS.
The tax rules change a little for people of age 65 and older, reports TaxHelp. Seniors gain the ability to claim a higher standard deduction or, if itemizing, to deduct medical expenses at a lower threshold than people under age 65. They potentially gain access to the Credit for the Elderly or Disabled. They lose access to the Earned Income Tax Credit at age 65 if they do not have a qualifying child.
Pensions, annuities and investments are potentially subject to taxation, notes TaxHelp. The state in which the senior resides also affects his tax liability. State laws pertaining to income, sales and property taxes sometimes impact retirement funds significantly.Learn more about Taxes