Publication 554 - Older Americans' Tax Guide - 2004
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31Contents
Department of the Treasury
Internal Revenue Service
What’s New . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
Reminders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
Publication 554
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
Cat. No. 15102R
1. 2004 Filing Requirements . . . . . . . . . . . . . . . . . .
4
Older
General Requirements . . . . . . . . . . . . . . . . . . . .
4
2. Taxable and Nontaxable Income . . . . . . . . . . . .
5
Americans’
Compensation for Services . . . . . . . . . . . . . . . . .
5
Retirement Plan Distributions . . . . . . . . . . . . . . .
5
Social Security and Equivalent
Tax Guide
Railroad Retirement Benefits . . . . . . . . . . . . 10
Sickness and Injury Benefits . . . . . . . . . . . . . . . . 13
Disability Income . . . . . . . . . . . . . . . . . . . . . . . . 13
For use in preparing
Life Insurance Proceeds . . . . . . . . . . . . . . . . . . . 14
Sale of Home . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
2004
Returns
Other Items . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
3. Adjustments to Income . . . . . . . . . . . . . . . . . . . 16
Individual Retirement Arrangement (IRA)
Contributions and Deductions . . . . . . . . . . . . 16
4. Deductions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Standard Deduction . . . . . . . . . . . . . . . . . . . . . . 17
Itemized Deductions . . . . . . . . . . . . . . . . . . . . . . 20
5. Credits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
Credit for the Elderly or the Disabled . . . . . . . . . 22
Child and Dependent Care Credit . . . . . . . . . . . . 25
Earned Income Credit . . . . . . . . . . . . . . . . . . . . . 25
6. Estimated Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
Who Must Make Estimated Tax Payments . . . . . 27
7. How To Get Tax Help . . . . . . . . . . . . . . . . . . . . . 27
Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
What’s New
Standard deduction. For most people, the standard de-
duction has increased. See Standard Deduction, later.
Earned income credit. The maximum amount of income
you can earn and still get the credit has increased. You
may be able to take the credit if you earn less than:
•
$30,338 ($31,338 if married filing jointly) and have
one qualifying child living with you,
•
$34,458 ($35,458 if married filing jointly) and have
Get forms and other information
more than one qualifying child living with you, or
faster and easier by:
•
$11,490 ($12,490 if married filing jointly), do not
Internet •
have a qualifying child, and are at least 25 years old
FAX •
and under 65.
703–368–9694 (from your fax machine)
For more information, see Earned Income Credit, later.
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