Tax Information for Retired Person
Category: Tax Preparation
This check list is in the following categories:
These are the tax records typically needed for a person who is elderly or retired.
Take these documents with you when you meet with a tax professional to prepare your tax return.
Proof of earned income
This may be on a W-2 form or 1099-Misc. If you are paid in cash, this needs to be reported to the IRS. If you are over age 65, you will be allowed to earn an additional amount of money before paying tax on your income.
Interest and dividend income from banks or investment companies
Form 1099-R (Showing money received from an Individual Retirement Account (IRA), pension, or annuity)
A copy of this form is required to be sent to the IRS with your tax return.
Social Security Income document
If you receive more than $37,680 of additional income or taxable distributions from a retirement accounts, you could pay tax on some of you social security income.
Form 1099-B (Sent from your investment company and shows stock sales during the year.)
This may be included with your end-of-year brokerage statement.
Form 1098 (Sent from your mortgage company if you own a home and it is not paid off.)
If you own a vacation home, the mortgage interest on that property may also be deductable.
Amount paid for real estate tax on your primary and second home (if applicable.)
All medical expenses
These include doctor visits, dentist, chiropractor, hospital and Labs, eye exams and glasses, hearing aids, medical supplies and prescriptions. You will not be able to deduct the total of these expenses from your income, but you may be able to reduce your taxable income by a portion of them.
Mileage to all medical appointments and to pick up prescriptions.
A mileage log needs to include date and location, purpose of travel, and round trip mileage from your home to the medical facility.
Long-term care health insurance premiums.
Hobby or other income.
Contributions to a non-profit organization.
This includes all cash and non-cash contributions. Donations of non-cash items must be written down, by date of contribution, with a value assigned to each item (or group of items.) All contributions must have a receipt from the organization in order to be deductible.
Medicare and other medical premiums
Round trip mileage to any non-profit organization where you went for the purpose of volunteering.