Figuring Credit for Elderly or Disabled

Step 1:

Determine the initial amount (line 10-12 of Schedule R)

Step 2:

Total any nontaxable social security and certain other nontaxable pension and disability benefits (lines 13a, 13b, and 13c).

Step 3:

Determine your excess adjusted gross income (line 14-17).

Excess adjusted gross income

Excess adjusted gross income is one half the amount by which your adjusted gross income exceeds the following amount of your filing status:

$7,500 if your filing status is single, head of household or qualifying widow(er).

$10,000 if your tax filing status is married filing jointly.

$5,000 if your filing status is married filing separately and you and your spouse did not live in the same household at any time during the year.

Step 4:

Determine your credit for elderly or disabled (lines 18-24)

The actual amount of the credit you can claim is 15% of the reduced initial amount.