What is the federal income tax credit for the elderly?
Millions of low-income individuals aged 65 or older, or those with permanent and total disabilities, can qualify for tax relief through the federal government. This benefit, formally known as the 'Credit for the Elderly or the Disabled,' is a nonrefundable tax credit that can significantly reduce an eligible individual's tax liability. By understanding what is the federal income tax credit for the elderly, you can determine your eligibility and potentially lower your tax burden.