1.Can Fred claim a credit disabled tax credit if he is a US resident, 60 years o
ID: 2536600 • Letter: 1
Question
1.Can Fred claim a credit disabled tax credit if he is a US resident, 60 years old and is not permanently or totally disabled? Why or why not? Can Donna claim an elderly tax credit if she is 70 years old? Why or why not?
2.Calculate Lisa’s income tax (10% tax rate) if she:
Earned $5,000 in wages
Paid $100 for her work uniform
Paid $200 of interest on her home mortgage
Lost her watch ($300 FMV)
Had a $400 adoption tax credit
3.Calculate Anne’s income tax (10% tax rate) if she:
Earned $3,000 in wages
Paid $100 of alimony to her former spouse
Paid $200 of interest on loan from friend
Held up at gun point and her bracelet ($300 FMV) was taken
Had a $200 child tax credit
Explanation / Answer
The following rules are prescribed in IRS who is eligible claim for tax credit for elderly or disabled
If both the above criteria is met than the person should meet both the below mentioned condition
1.Can Fred claim a credit disabled tax credit if he is a US resident, 60 years old and is not permanently or totally disabled? Why or why not?
Ans
The information on FRED is given as under
He cannot claim for tax credit for disabled as he less than threshold limit age of 65 years
Can Donna claim an elderly tax credit if she is 70 years old? Why or why not?
Ans
Donna can claim elderly tax credit as the age is above the threshold limit age of 65 and is citizen of USA and assuming the income isn't more than certain limits.
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