Oldsters and Senior Tax Relief
Many American senior citizens are finding it harder and harder to survive in today's economic world.
They are finding that their retirement years are turning out to be horrible and not at all what they had planned for.
They are finding that it is impossible to live on the income they receive.
They are looking for ways that they can find enough money to live out their lives with some kind of dignity.
Many of these people are looking for senior tax relief, in any shape and in any form.
If you fit into this category, there are a couple of tax relief plans that might work out for you.
Under President George Bush's administration, a bill was passed by Congress that provided some tax relief for pension funds and also was set up for people aged 70 ½ with money in tax-deferred 401ks, 403bs, IRAs and qualifed retirement accounts.
Basically, this bill allows seniors who are age 70 ½ to withdraw funds from their retirement accounts, pay their federal income tax on those withdrawals and then not make any required minimum distributions in 2009.
This bill's premise is to relieve the tax burden that senior citizens have been faced with when withdrawing retirement funds.
Of course, it doesn't relieve seniors of ordinary income tax responsibility.
Some areas of the United States allow property tax reduction for certain individuals.
If you are a property owner and are a senior citizen or disabled, you can apply for a reduction on your property taxes.
However, as with any tax relief solution, there are certain qualifications you must meet.
You must be at least 61 years old when you file your claim or unable to work due to a disability or are a veteran with a 100% service connected disability.
You must be (at the time of filing your claim) a home owner/buyer, have a Life Estate, or have a Lease for Life interest in the property.
You also must live in the home as your primary residence.
Your annual combined disposable income cannot be more than $35,000 (or other amount).
If you meet the above requirements and live in a property tax relief area, it is quite simple to file a request to have your property taxes reduced.
Simply complete and submit the Senior Citizen and Disabled Persons Property Tax Exemption Application and a Petition for Property Tax Refund.
If you have any questions about the senior tax relief available for you, you might try calling the property assessment department located in your state.
They are finding that their retirement years are turning out to be horrible and not at all what they had planned for.
They are finding that it is impossible to live on the income they receive.
They are looking for ways that they can find enough money to live out their lives with some kind of dignity.
Many of these people are looking for senior tax relief, in any shape and in any form.
If you fit into this category, there are a couple of tax relief plans that might work out for you.
Under President George Bush's administration, a bill was passed by Congress that provided some tax relief for pension funds and also was set up for people aged 70 ½ with money in tax-deferred 401ks, 403bs, IRAs and qualifed retirement accounts.
Basically, this bill allows seniors who are age 70 ½ to withdraw funds from their retirement accounts, pay their federal income tax on those withdrawals and then not make any required minimum distributions in 2009.
This bill's premise is to relieve the tax burden that senior citizens have been faced with when withdrawing retirement funds.
Of course, it doesn't relieve seniors of ordinary income tax responsibility.
Some areas of the United States allow property tax reduction for certain individuals.
If you are a property owner and are a senior citizen or disabled, you can apply for a reduction on your property taxes.
However, as with any tax relief solution, there are certain qualifications you must meet.
You must be at least 61 years old when you file your claim or unable to work due to a disability or are a veteran with a 100% service connected disability.
You must be (at the time of filing your claim) a home owner/buyer, have a Life Estate, or have a Lease for Life interest in the property.
You also must live in the home as your primary residence.
Your annual combined disposable income cannot be more than $35,000 (or other amount).
If you meet the above requirements and live in a property tax relief area, it is quite simple to file a request to have your property taxes reduced.
Simply complete and submit the Senior Citizen and Disabled Persons Property Tax Exemption Application and a Petition for Property Tax Refund.
If you have any questions about the senior tax relief available for you, you might try calling the property assessment department located in your state.
