FREE Special Report - "How to End IRS Problems Forever!"
Gabrielle R. Ransdell
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Common Errors Made by Tax Payers 65 and Older
As baby boomers reach
retirement age, more and more of the U.S. population will be dependent upon different sources of income, including social security. It is
important for persons age 65 and older to understand how their age and their new sources of income will impact their
individual income tax returns.
Calculating taxable social security benefits and failing to take
the higher standard deduction for persons age 65 years or older are the two most repeated errors made by
seniors who file paper tax returns. Calculating the tax on qualified dividends and incorrectly writing the
social security numbers of dependents are also among the top common errors made by persons 65 and older.
To help save you time and money, you can eliminate these common
errors by simply e-filing. Tax returns that are e-filed are more accurate, fast and easy, and most of
all secure.
Four Common Errors
Standard Deduction
Persons who are 65 or older are entitled to a larger standard
deduction; however, many senior citizens do not take this higher deduction.
Social Security Benefits
Income from Social Security may be taxable, depending on many
factors, including total income and filing status.
Schedule D
Income from qualified dividends is generally taxed lower than
the standard rate.
Social Security Numbers
Be careful when writing in social security numbers of
dependents, as mistakes will cause delays in processing returns and refunds.
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