Tax tips for Americans 65 and older filing season
Aimed at seniors the guidance covers higher filing thresholds and standard deduction, Social Security taxation rules, medical deduction limits, and credits for the elderly or disabled. It highlights resources from AARP Tax Ride IRS publications and how to locate help, with notes on IRAs pensions and military retirement pay taxability.
MENTIONED IN THIS ARTICLE
Washington
America
Anna Maria Galdieri
Oakland
Calif
IRS
AARP
Sabrina Reilly
U.S
Galdieri
Department of Veterans Affairs
IRS expands e filing to 97 percent of forms and PIN signatures
The IRS adds 23 electronic forms and drops the paper signature form, enabling paperless filings. A five digit self selected PIN will replace postcards, with two shared secrets from last year to verify identity. About 97 percent of IRS forms will be usable for e filing, aiding paid preparers and speeding refunds.
MENTIONED IN THIS ARTICLE
Washington
Internal Revenue Service
IRS
Charles Rossetti
Terry Lutes
Electronic Tax Administration
Lutes
Rossetti
Congress
U.S
Bush tax cut raises retirement saving limits for older workers
Changes tucked in the 10 year 1.35 trillion Bush tax cut boost retirement plan limits. For 2002 401 k and IRA contributions rise to 11 000 and 3 000 with catch up boosts for ages 50 plus. Rollover rules loosen allowing transfers between plan types, aiding job changes and future savings.
MENTIONED IN THIS ARTICLE
Washington
Congress
Presiden Bush
Bob Corcoran
Fidelity Investments
Corcoran
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A.T.A