Publication 554 - Older Americans' Tax Guide - 2002
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29Department of the Treasury
Contents
Internal Revenue Service
Important Changes for 2002 . . . . . . . . . . . . . . . . . .
1
Publication 554
Important Reminders . . . . . . . . . . . . . . . . . . . . . . .
2
Cat. No. 15102R
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
Older
1. 2002 Filing Requirements . . . . . . . . . . . . . . . . . .
4
General Requirements . . . . . . . . . . . . . . . . . . . .
4
2. Taxable and Nontaxable Income . . . . . . . . . . . .
5
Americans’
Compensation for Services . . . . . . . . . . . . . . . . .
5
Retirement Plan Distributions . . . . . . . . . . . . . . .
5
Tax Guide
Social Security and Equivalent
Railroad Retirement Benefits . . . . . . . . . . . . 10
Sickness and Injury Benefits . . . . . . . . . . . . . . . . 13
Disability Income . . . . . . . . . . . . . . . . . . . . . . . . 13
For use in preparing
Life Insurance Proceeds . . . . . . . . . . . . . . . . . . . 14
2002
Sale of Home . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Returns
Other Items . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
3. Adjustments to Income . . . . . . . . . . . . . . . . . . . 16
Individual Retirement Arrangement (IRA)
Contributions and Deductions . . . . . . . . . . . . 16
4. Deductions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Standard Deduction . . . . . . . . . . . . . . . . . . . . . . 17
Itemized Deductions . . . . . . . . . . . . . . . . . . . . . . 19
5. Credits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Credit for the Elderly or the Disabled . . . . . . . . . 21
Child and Dependent Care Credit . . . . . . . . . . . . 24
Earned Income Credit . . . . . . . . . . . . . . . . . . . . . 24
6. Estimated Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
Who Must Make Estimated Tax Payments . . . . . 26
7. How To Get Tax Help . . . . . . . . . . . . . . . . . . . . . 26
Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Important Changes for 2002
Standard deduction. For most people, the standard de-
duction has increased. See Standard Deduction, later.
Earned income credit. You may be eligible for the credit
if you earn less than:
1) $29,201 ($30,201 if married filing jointly) and have
one qualifying child living with you,
2) $33,178 ($34,178 if married filing jointly) and have
more than one qualifying child living with you, or
3) $11,060 ($12,060 if married filing jointly), do not
have a qualifying child, and are at least 25 years old
and under 65.
For more information, see Earned Income Credit, later.
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