Ian and Jolene are ages 70 and 72,respectively,and file a joint return.They have AGI of $15,000 and received $1,000 in nontaxable social security benefits.How much can Ian and Jolene take as a credit for the elderly or the disabled?

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Quizplus · Accepted Answer

Ian and Jolene qualify for the credit for the elderly or the disabled. The base amount for a joint return is $7,500. Their AGI plus nontaxable social security is $16,000 ($15,000 + $1,000). The excess over the base amount is $8,500 ($16,000 - $7,500). The credit is 15% of the base amount minus the excess, which is $600 [15% of ($7,500 - $8,500)].

Ian and Jolene Are Ages 70 and 72,respectively,and File a Joint