What are the requirements for the Retirement Tax Credit?

For taxpayers age 65 or older: Each taxpayer (you, and/or your spouse if filing jointly) who is age 65 or older at the end of the tax year (or time of death if the taxpayer passed away in 2014) may be entitled to a retirement credit of up to $450. This credit is limited by the total of your modified adjusted gross income, nontaxable interest income, and any additions to income reported on TC-40A, Part 1.

For taxpayers under age 65 who were born before January 1, 1953: Each taxpayer (you, and/or your spouse if filing jointly) who is under age 65 at the end of the tax year and was born before January 1, 1953, and received eligible retirement income, may qualify for a credit up to $288, but not more than 6% of the qualifying income. The credit is limited by the total of your modified adjusted gross income, nontaxable interest income, and any additions to income reported on TC-40A, Part 1. Form TC-40C is used to calculate the allowable credit.

Click here for information about which income does qualify for the credit and here for information about which income doesn't qualify.
NOTE: The Retirement Credit is phased out when modified adjusted gross income exceeds certain amounts based on filing status and shown on line 15 of TC-40C.

Trusted Company

14 Million Returns Filed

As an authorized IRS e-file provider, FreeTaxUSA® has e-filed over 14 million returns!

Best Value

File your federal taxes for FREE.
Add a state return for only $12.95.
Get the best value online!

Fast Refund

Get the fastest refund possible!

FreeTaxUSA provides the fastest way to get your refund when you use IRS e-file and direct deposit.

100% Accuracy

Our site checks for errors or problems before you send your tax return to the IRS. We guarantee the calculations in our software will be 100% accurate.

© 2002-2015 FreeTaxUSA, a TaxHawk, Inc. owned and operated website - Terms of Use