Elderly Feed

And what you might be able to do about it. But not until next year. The hubby and I recently got our COVID-19 economic impact payment, despite my grumblings last month about not being able to get into the Get My Payment online tracking tool. We knew that due to some financial moves we've made in recent years in preparation for retirement, we wouldn't get the full possible payment. In case it's slipped your mind, that's $1,200 per individual, twice that for married couples who file a joint return. If you have qualifying dependent children younger than age 17, you... Read more →


Treasury backtracks and now says Social Security recipients who qualify for the COVID-19 payments will get the money without having to file a tax return. Never underestimate the power of the older population. The U.S. government learned that lesson this week, when the Treasury Department announced, contrary to its prior assurances (and a new law), that folks on Social Security would have to file a tax return if they wanted to get their share of the coronavirus relief payments. Last night, Treasury Secretary Steve Mnuchin reversed that requirement. (Yes, on April 1. No, it was no an April Fool's Day... Read more →


Are you freaking out because you have to take a tax-mandated withdrawal from a retirement account on April 1? The Coronavirus Aid, Relief and Economic Security (CARES) Act has some good news for you. The new law that's gotten a lot of attention for the pandemic related stimulus checks that should be going out soon also offers a break to seniors who must take required minimum distributions, or RMDs. RMDs are waived for 2020 under the CARES Act. That means you can leave your money in your tax-deferred account this year or at least not take as much out as... Read more →


A first job is a major life event with obvious major tax implications. Other momentous changes throughout our lives involve taxes, too. As COVID-19 continues to spread across the United States, the White House has decided to follow state and local officials in urging continued social (aka physical) distancing. For millions of us, this new April 30 stay home recommendation means more time cooped up with loved ones. Or not-so-loved ones. My favorite non-medical virus-related debate right now is whether all the coronavirus forced togetherness ultimately will end with a baby boom (coronials, anyone?) or a marriage bust. While the... Read more →


Retailers aren't the only ones closing their doors to customers during the coronavirus crisis. So is the Internal Revenue Service and other tax-related operations. As cases of COVID-19 increased, the IRS has acted to protect not only taxpayers but its employees. The goal is the new global mantra — to flatten the curve of the potentially deadly virus' transmission. IRS in-person actions curtailed: "We're taking several immediate steps to protect employees while still delivering on the mission-critical functions," said IRS Commissioner Charles Rettig, in a message to his staff that also is posted on the tax agency's website. These virus-affected... Read more →


Friday the 13th scares a lot of folks, but there are some tax breaks that are almost as cuddly as this ebony kitten. It's another Friday the 13th, but the last thing we need in March 2020 is more stuff to worry about. So what's better help take our minds off the very scary COVID-19 pandemic and all its ramifications — like no sports to divert our attention! — than taxes? Yes, taxes. Really. There's no word yet as to whether the April 15 filing deadline and any due tax payments will be extended. But there still are a lot... Read more →


UPDATE, March 24, 2020: As the coronavirus spread across the United States, the Internal Revenue Service and many associated tax programs have been adversely impacted. Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) sites were among those affected, with most closing earlier this tax season. If COVID-19 conditions improve in some clinic areas before the new July 15 tax filing and payment deadline, some VITA and TCE operations may reopen. Meanwhile, some are offering phone help. Check with your local clinic (details on how to do that in the post below). Volunteer tax preparers help Florida... Read more →


If past years are any indication, when the 2020 tax filing season officially opens on Monday, Jan. 27, millions of taxpayers will hit the send button to electronically deliver their annual returns to the Internal Revenue Service. But millions more of us have to wait to file. We're still waiting on at least one tax statement that has information we need to finish filling out our Form 1040. Form deadline is Jan. 31: Technically, most of these tax documents aren't even required to be on their way to us until Jan. 31. Employers and other businesses that issue wage and/or... Read more →


Lots of folks will be heading home for the holidays in the next few days. For many, it will the first time they've seen family in a while. Enjoy! These get-togethers also are a great opportunity for adult children of aging parents to make sure, tactfully and discreetly, that Mom and Dad are still doing well and are able to continue living on their own. If you find that you do need to make some changes when it comes to care for older relatives, do your due diligence. Not only could your decisions affect their physical and mental well-being, but... Read more →


Welcome to Part 5 of the ol' blog's 2020 series on tax inflation adjustments. We started on Nov. 6 with a look at next year's income tax brackets and rates. Today we look at changes to some popular tax-related medical matters. Note: The 2020 figures in this post apply to 2020 returns to be filed in 2021. For comparison purposes, you'll also find 2019 amounts to be used in filing 2019 returns due April 15, 2020. Yeah, you've seen this photo before. It's from about this time last year, the last time I had a medical maneuver that required I... Read more →


Welcome to Part 2 of the ol' blog's 2020 series on tax inflation adjustments. We started on Nov. 6 with a look at next year's income tax brackets and rates. Today we look at standard and itemized deductions, certain limitations on some Schedule A claims and the sort-of still around personal exemption amount. Note: The 2020 figures in this post apply to 2020 returns to be filed in 2021. For comparison purposes, you'll also find 2019 amounts to be used in filing 2019 returns due April 15, 2020. Historically, around 70 percent of filers have claimed the standard deduction on... Read more →


A new tax credit for dependents offers a break for extended family members and even non-relatives. My mom is a fiercely independent octogenarian, but she still depends on me. Like today, when I'm taking her to have some dental surgery. She is not, however, a tax dependent. That means the hubby and I can't claim her on our tax returns in order to get the $500 Credit for Other Dependents. This tax break, newly-created by the Tax Cuts and Jobs Act (TJCA), also has been dubbed the Family Tax Credit or Non-Child Tax Credit. It's an add-on to the Child... Read more →


You don't have to have this many candles on your birthday cake to use Form 1040-SR. Hitting age 65 qualifies you to use file this new form starting next filing season. It's lose three, add one for the Internal Revenue Service when it comes to 2019 tax year forms. Uncle Sam's tax collector is proposing tweaks to the Form 1040 and elimination of three of the six schedules created to go with that annual individual return that was redesigned last year in the wake of the Tax Cuts and Jobs Act (TCJA) changes. But the net result of forms available... Read more →


My mother is almost 85. She's no Betty White, but all things considered she doing darn well. Especially when it comes to cognition and attitude. She listens to an audio book a week, keeps up with the news and her favorite TV game show (Jeopardy) and doesn't take any guff from unsolicited callers trying to sell her stuff. Or worse. Unfortunately, that latter instance is not the case for many in my mom's demographic. A recent Marketplace series examined how the aging brain may become more susceptible to financial scams. Among the findings, data suggest that as we get older,... Read more →


Social Security might be in trouble, but as long as it's around in some form, Uncle Sam will keep collecting taxes related to it. That includes not only the payroll taxes from workers that go toward funding the federal retirement benefits, but also in some cases on the benefits themselves. If you have enough money when you're older to enjoy time the way you want with your grandchildren, you might face taxes on your Social Security benefits. Stop me if you've heard this before. Social Security is running out of money. That's the latest word from the trustees of the... Read more →


My mother and my furry little brother Willie having a conversation. While walking Willie last October, my mom fell and broke her leg, a common occurrence among older dog owners. That accident has prompted ongoing discussions (OK, fights) on possible more hands-on care options for my octogenarian mother. (Photo by Kay Bell) I'm a cat person. Fight me. Or don't. Like cats, I'm not really concerned about your pet opinion. For almost a decade, though, I've been dealing with a dog. Not mine. My mom's. She has a dog, Willie, and he's the most spoiled animal I have ever known.... Read more →


Welcome to Part 2 of the ol' blog's 2019 series on tax inflation adjustments. We started on Nov. 15 with a look at next year's income tax brackets and rates. Today we look at standard and itemized deductions, personal exemptions and limitations on these tax situations that apply to some taxpayers. Note: The 2019 figures apply to 2019 returns to be filed in 2020. For comparison purposes, you'll also find 2018 amounts to be used in filing 2018 returns due April 15, 2019. Internal Revenue Service data show that year after year, around 70 percent of filers claim the standard... Read more →


Like helping people? You can extend your volunteer penchant beyond the holidays and into the coming tax season by becoming a volunteer with an Internal Revenue Service-approved free tax help site. Don't worry. You'll get, like the folks pictured here, the tax training needed to help others fulfill their tax tasks. (Screenshot from IRS video) The holidays are here. Yeah, I'm not ready either, but … In this season of giving, many folks donate to charities. This year, much of the focus in on helping nonprofits that assist folks who've suffered through natural disasters, notably the deadly wildfires still burning... Read more →


My octogenarian mother does an amazing job of taking care of herself and her little dog, aka my furry younger brother. My mother and her pup come to our place, like the Thanksgiving visit pictured here, but usually it's me taking time from work to head her way. (Photo by Kay Bell) But since she no longer drives and hates to impose on friends and neighbors, I make regular trips to her place to help her run errands, take her to doctor appointments and just visit. It's not too much of a hassle because she lives relatively close and it's... Read more →


Classes, from Kindergarten to high school to college, are or about to be in session across much of the United States. That means parents can breathe a sigh of relief now that schools and teachers will once again add structure to their children's lives. But the beginning of the school year also prompts a new parental concern: their youngsters' privacy. No age limit for ID theft: Identity thieves don't set age limits on the people whose lives they try to steal. When a young person's identity is stolen, it sometimes takes longer to discover since most kids aren't involved in... Read more →