Category: US Taxation

The Credit for the Elderly or Disabled (Schedule R) is a nonrefundable tax credit that can reduce your federal tax liability if you’re age 65+ or permanently and totally disabled. Let’s dive into the eligibility rules, income limits, and amounts for...

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Many seniors pay for supplemental insurance—such as Medigap, Medicare Advantage add-ons, or standalone dental/vision plans. The good news? These premiums may be deductible as medical expenses, but only under specific conditions. This guide explains when and how you can claim...

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Medicare premiums—including Part B, Part D, and eligible Part A premiums—can be deducted as medical expenses on your 2025 tax return if you itemize. Here's a detailed breakdown of what you need to know to maximize your deductions. 1. Which Medicare Premiums Are...

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Health Savings Accounts (HSAs) are powerful tools for building tax-free savings for medical expenses, even after age 65. While you can no longer contribute once enrolled in Medicare, you can still use your HSA to cover a wide range of...

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Medicare premiums—including Part B, Part D, and eligible Part A premiums—can be deducted as medical expenses on your 2025 tax return if you itemize. Here's a detailed breakdown of what you need to know to maximize your deductions. 1. Which Medicare Premiums Are...

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Both Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs) offer tax-saving benefits—but eligibility and rules change significantly when you retire or turn 65. Here's a thorough breakdown for retirees in 2025. 1. FSAs: Use-It-Or-Lose-It Rules Still Apply FSAs are...

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For many seniors, a modest rise in income can unexpectedly trigger taxation on their Social Security benefits—sometimes referred to as the “tax torpedo.” This guide provides detailed strategies to help seniors minimize or avoid Social Security taxes when filing in...

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Required Minimum Distributions (RMDs) from traditional IRAs and retirement plans are a major tax concern for retirees. With recent changes under SECURE 2.0 and new provisions from the One Big Beautiful Bill (OBBB), understanding strategies to manage RMDs is essential for...

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Seniors often pay taxes on up to 85% of their Social Security benefits based on “combined income.” With recent legislative changes, there are strategic ways to reduce or eliminate that tax in your 2025 and 2026 filings. This guide dives...

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As we head into 2025, many seniors wonder whether their Social Security benefits are taxable—and how recent legislation might affect them. Here’s a detailed guide for retirees navigating federal and state tax rules. 1. How Social Security Benefits Are Typically...

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