A Guide to Tax Filing for Seniors

As you age, tax season continues to be the one annual event that you spend the rest of your year preparing for. When it’s time to file taxes, it’s best to have what you need at your fingertips – and a guide helps as well! Before you begin crunching numbers, ensure that you have all you need for a smooth tax season. Learn more about what documents you may need when tax filing for seniors.

Gather Personal Documents

Whether you are filing taxes with a CPA or on your own, there are a few documents that you will need. These are updated for 2021 tax returns filed in early 2022, however, we recommend seeking help from a professional tax preparer if you are unsure about what to include. 

Documents needed:

  • A government ID
  • Your spouse’s government ID
  • Your social security number
  • Your spouse’s social security number

If applicable:

  • IRS Notice 1444-C (Third Economic Impact Payment)
  • IRS Letter 6419 (Advance Child Tax Credit Payments)

If you have specific questions about tax filing for seniors, contact the team at Marcia Campbell, CPA.

Related Article: Tax Filing for Seniors: 4 Reasons You Need Professional Services

Claim Your Dependents

If you had children or adult children under your care in 2021, you will need to claim them as dependents. The IRS notes that children under 19 years of age qualify as a dependent, as well as adult children who are 24 years or younger during the calendar year. Disabled adult children have no age limit, and neither do those who meet the qualifying relative test

Calculating Your Income

Regardless of your current work history, you must report your income when filing your taxes. If you are still working you will need a W-2, otherwise, you need an unemployment document ​​(1099-G) or self-employed documentation. Below we have listed other items that you need to include, if applicable:

  • Rental Income & Expenses 
  • Retirement Income (1099-R)
  • Savings, Investments, or Dividends (1099-INT, 1099-B, 1099-DIV)
  • Home Ownership (Property Tax and Mortgage Interest 1098)
  • Charitable Donations
  • Medical Expenses
  • Health Insurance
  • State & Local Taxes Paid
  • Retirement Distributions (1099-R)

Related Article: 2022 Tax Season Tips for Seniors

Get Assistance with Tax Filing for Seniors

Tax filing can be tricky if you’re handling it on your own. Instead of going through the trouble alone, consider assistance from a CPA in your area. Getting professional tax help can relieve the burden on you or a loved one who may need it. The team at Marcia Campbell, CPA helps seniors but we also assist those seeking tax services. No matter what age you are, you can feel confident that your finances are correct and in order. 

Need help filing your taxes? Schedule time with Marcia Campbell, CPA. 

If you need help, please contact us by filling out our Contact Form or by giving our office a call at +1(951)686-3608.

As the most experienced CPA in the Inland Empire who specializes in working with seniors, Marcia L. Campbell is committed to helping each client thrive by caring for their personal and financial wellbeing with genuine interest, well-established expertise, and a focus on respectful partnerships. Marcia’s team specializes in a number of services including elder & financial care, court & trust accountings as well as private fiduciary and tax services. At Marcia L. Campbell, CPA, we understand the importance of our clients’ individual needs and are committed to helping them make the best personal and financial decisions for their future.

3 Responses

  • It really helped when you talked about filing your taxes and how to help seniors with the process! Recently, my parents said they wanted to invest in real estate, but they weren’t sure how to deal with its taxes. I believe my parents will benefit from hiring a professional, so I’ll suggest it and share your tips with them! Thanks for the insight on what types of documents are needed for tax filing!

  • I like what you said if you’re doing your taxes on your own, it might be difficult. Consider enlisting the help of a local CPA rather than going through the ordeal alone. This is a good article, my uncle is looking for info and this should help him. I wanted to thank you for your explanation about the tax preparation company.

  • I never knew that you should claim children under your care as dependents. Tax filing always confuses me, especially the documents that are needed. I think it’s better for me to seek assistance from a tax services company for a smooth tax season.

Leave a Reply to Victoria Addington Cancel reply

Your email address will not be published. Required fields are marked *