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Form 1040A or 1040 Schedule R Texas Dallas: What You Should Know

The Form 1040 (Schedule W) provides a deduction for payments to the IRS. IRS Form 1040 (Schedule W) provides a deduction for payments to the IRS. See Tax Topic 1.8. Tax-Exempt Retirement Plan Contributions (Roth IRA, SEP IRA, or SIMPLE IRA) Form 1040, 1040A, 1040EZ, and Schedule A. Form 1040EZ, 1040, and Schedule SE are forms for making Roth IRA, SEP IRA, and SIMPLE IRA contributions.  How Do I Figure the Credit for the Elderly or the Disabled? The Form 1040 tax package contains five separate income-based options for the credit for the elderly or the disabled. The options are: Option 1—Take the larger credit for the number of tax-exempt pension or annuity payments. This includes most pensions and annuities, but excludes self-insurance and annuities funded by life insurance policies. This is the recommended path for retirement income, in which the value of the retirement benefits are small enough so that the pension or annuity payment is not large enough to trigger the income-based deduction. Option 3—Take the smaller credit (the 10,800 exclusion) for the retirement income of the elderly or the disabled. This is most appropriate if the individual's retirement income is relatively high (200,000 or greater). If the income and expense ratio is low compared to the federal poverty guidelines, the individual can receive an even larger exclusion and still qualify for the credit. Option 4—Estimate the credit for the elderly or disabled by using the alternative method. This is the most efficient way to determine the full credit for the elderly or the disabled. The annual exclusion for the elderly or disabled is 10,800. Because the income and expense ratios are high compared to the federal poverty guidelines, the individual may qualify for a larger exclusion and still qualify for the credit. The only drawback with using this method is that the annual exclusion will be lower in tax year 1 than for tax year 2. Option 5—Estimate the credit by using the alternative method and take the larger credit. This is the easiest and the most efficient way to determine the credit for the elderly or the disabled.

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