Tax Guide for the Elderly or Disabled

Lesson and Objectives

Reading
Assignment

1. Can You Take the Credit

IRS Publiction 524 Credit for the Elderly or the Disabled

The learning objectives for this lesson are to introduce the tax guide for small business and gain an understanding of:

• What is a qualified individual
• Income limits

2. Figuring the Credit

IRS Publiction 524 Credit for the Elderly or the Disabled

The learning objectives for this lesson are to gain an understanding of:

• Determining the initial amount
• Totaling certain nontaxable pensions and benefits
• Determining excess adjusted gross income
• Determining your credit

3. 2006 Filing Requirements

IRS Publiction Older American's Tax Guide

The learning objectives for this lesson are to gain an understanding of:

• General requirements

4.. Taxable and Nontaxable Income

IRS Publiction Older American's Tax Guide

The learning objectives for this lesson are to gain an understanding of:

• Compensation for services
• Retirement plan distributions
• Social Security and equavalent railroad retirement benefits
• Sickness and injury benefits
• Life insurance proceeds
• Sale of home

5.Adjustments to Income

IRS Publiction Older American's Tax Guide

The learning objectives for this lesson are to gain an understanding of:

• Individual Retirement Arrangement (IRA) contributions and deductions

6. Deductions

IRS Publiction Older American's Tax Guide

The learning objectives for this lesson are to gain an understanding of:

• The standard deduction
• Itemized deductions

7. Credits

IRS Publiction Older American's Tax Guide

The learning objectives for this lesson are to gain an understanding of:

• Credit for the elderly or disabled
• Child and dependent care credit
• Earned income credit

8. Estimated Tax

IRS Publiction Older American's Tax Guide

The learning objectives for this lesson are to gain an understanding of:

• Who must make estimated tax payments