Elderly and Disabled Tax Relief
- § 19.01 Overview of Elderly or Disabled Provisions
- —–[1] Increased Standard Deduction
- —–[2] Elderly or Disabled Tax Credit
- —–[3] Nontaxable Reverse Mortgage Drawdowns
- —–[4] Exclusion of Gain on Sale of Residence
- —–[5] Relief from the Tax on Net Investment Income
- § 19.02 Increased Standard Deduction
- § 19.03 Favorable Treatment for Retiree Medical Deductions and Reimbursement Plans
- —–[1] Tax Treatment of Continuations of Retiree Medical and Dental Plans
- —–[2] Larger Medical Deductions in Some Retirement Years
- —–[3] HRAs May Be Available after Retirement
- —–[4] Continuation of Group Health Plan Coverage (COBRA)
- —–[5] Medicare, Medicaid, and Medigap Benefits
- —–[6] HSAs and Archer MSAs Held by Retirees
- —–[7] Medicare Advantage MSAs
- § 19.04 Elderly or Disabled Tax Credit
- —–[1] When Credit Is Available
- —–[2] Credit Computation for Persons Filing Joint Returns
- ———-[a] Determining Method of Computation
- ———-[b] Over Age 65
- ———-[c] Disabled Spouses Under Age 65
- —–[3] Credit Computation for a Single Person
- ———-[a] Over Age 65
- ———-[b] Disabled Person Under Age 65
- —–[4] Credit for a Married Person Filing a Separate Tax Return
- ———-[a] Over Age 65 Living Apart from Spouse
- ———-[b] Disabled Person Under Age 65 Living Apart from Spouse
- § 19.05 Reverse Mortgages: Drawing Tax-Free Funds from Home Equity
- —–[1] The General Attributes of a Reverse Mortgage
- —–[2] The Tax Attributes of a Reverse Mortgage
- ———-[a] Mortgage Proceeds, Interest Expense, and Loan Costs
- ———-[b] Types of Deductible and Nondeductible Interest
- —————[i] Acquisition Indebtedness
- —————[ii] Home Equity Indebtedness
- —————[iii] Indebtedness Incurred to Earn Tax-Exempt Income
- ———-[c] Loan Costs for a Reverse Mortgage
- —————[i] Loan Costs Generally Not Deductible (with Two Exceptions)
- —————[ii] Deductibility of Points
- —————[iii] Deductibility of Mortgage Insurance Premiums
- § 19.06 Tax Treatment of the Sale of a Retiree’s Residence
- —–[1] Capital Gain or Loss on Old Residence
- —–[2] Requirements for the Exclusion of Gain on Principal Residence
- —–[3] Limitations on the Exclusion
- —–[4] Partial Exclusion for Early Sale Due to Changed Circumstances
- —–[5] Tax on Net Investment Income Applies
- § 19.07 The Sale or Surrender of a Retiree’s Life Insurance Policy
- § 19.08 The Net Investment Income Tax and Special Relief for Retirees
- —–[1] Exclusion of Social Security Benefits and Retirement Plan Distributions
- —–[2] Taxable Amount Limited by a Threshold
- —–[3] Net Investment Income Defined
- ———-[a] Net Investment Income Generally
- ———-[b] Trade or Business Income as Net Investment Income
- —–[4] Planning to Minimize the Tax
- ———-[a] Effective Planning Techniques
- ———-[b] Planning with Conversion of Taxable Investments
- ———-[c] Planning with Deferral of Investment Income
- ———-[d] Planning with Life Insurance
- ———-[e] Working Interest in an Oil or Gas Well
- ———-[f] Implementation of Plan before 2013
- ———-[g] Planning with Tax-Favored Retirement Plans
- ———-[h] Planning with Unfunded Deferred Compensation
- ———-[i] Planning with Funded Nonqualified Plans
- —–[5] Tax on Investment Income of Trusts and Estates
- —–[6] No Investment Tax on Certain Charitable Trusts
- —–[7] No Investment Tax on Nonresident Aliens
» Chapter 20 – ESTATE AND GIFT TAXES ON RETIREMENT BENEFITS