Most plans provide for senior to recoup those paid on their income tax returns.
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Huh? I’m 73, paid off my 30yr mortage in 20yrs and have been paying MORE to the IRS each year, while at the same time my property taxes increase each year. I no longer have enough deductions to reduce my taxes due.
How do we seniors “recoup” what we pay on our tax returns?
I am in that group, only older. The property taxes will eventually cause me to sell my home in the future. My income is such they 'allow' me to not pay....as of now.
I have been told it works on the same principle that the EITC operates. There are posters here a lot more knowledgeable re: this system. Would think that you would have to provide the amount of taxes paid in order to get them back.
Have you seen this?
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The link will open in a new window to the IRS information page.
Earned Income Tax Credit (EITC)
Do I Qualify for EITC?
Here is a blurb from that link. Low income people use this to receive the EITC. From what I understand this is the way OUR gov subsidizes people.
2016 EITC Income Limits, Maximum Credit Amounts and Tax Law Updates
Investment Income Limit
Investment income must be $3,400 or less for the year. Maximum Credit Amounts
The maximum amount of credit for Tax Year 2016 is:
$6,269 with three or more qualifying children $5,572 with two qualifying children $3,373 with one qualifying child $506 with no qualifying children
..............................Off Topic!!
If rumors of Texas seceding from the Union ever come to pass, this old Texan will be coming home!!! LOL!! Have family in your area.
Sorry for the delay, my HTML skills are deficient!!!