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Tax breaks for seniors in 1969 income rules
Elderly taxpayers 65 and over gain larger exemptions up to 1200 dollars and special tax rules. Social Security may be non taxable while pensions and annuities vary by contribution. lump sum life insurance proceeds often tax free, installments to surviving spouses partly non taxable. A one time 20 000 gain exclusion applies to seniors selling their home if used as principal residence five of eight years. IRS offices in Lorain and Elyria offer help through 1969 tax season.
MENTIONED IN THIS ARTICLE
Washington
Internal Revenue Service
IRS
Lorain
Elyria