The IRS offers tax credits and tax benefits for people with a disability. Whether you receive some money from the Internal Revenue Service or you can save it for future medical expenses, it will be advantageous.
Undoubtedly, any financial support will play an important role in your life. Inflation and soaring prices are making it really difficult to get by. So, let’s explore the possibilities the IRS offers for people with a disability.
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For example, people who were legally blind by the end of last year, 2022, can benefit from an extra standard deduction. In fact, it will be available on their personal individual tax return.
How much is this IRS deduction if eligible?
As a matter of fact, the deduction can range from $1,750 to $3,500. For example, if you are either 65 years old or blind, you may receive up to $1,750 if you meet one of the two requirements. But the amounts could be much higher.
Those citizens who are at least 65 years old and are blind at the same time can receive up to $3,500. Therefore, they can receive double the previous amount if eligible.
What is more, people with a disability should also take into account the Tax Credit for the Elderly or Disabled. In order to qualify you must be at least 65 years old. If not, you may also qualify if your disability is permanent or total.
Undoubtedly, you must provide the IRS with a medical certificate to prove your condition and to check that is permanent or total. This condition must prevent you from engaging in SGA (Substantial Gainful Activity). Your condition can be either mental or physical.
Can taxpayers with a disability claim the Earned Income Tax Credit to the IRS?
As long as you meet the income requirements, a person with a disability can claim the EITC. The thresholds will depend on the number of dependents your family has and on your filing status, single or joint filer.
Apart from the Earned Income Tax Credit, the IRS offers people with a disability the CTC. They may qualify for the Child Tax Credit if their children have a disability. Without a doubt, you must meet the income requirements.
Those who qualify may receive up to $2,000 per eligible child. Some taxpayers with a disability may exceed the total amount of tax they owe, so they may be eligible for the ACTC (Additional Child Tax Credit). In this way, they can receive excess credit.
The IRS also offers the Credit for Other Dependents or ODC. It could be another way to cash up to $500. Make sure you do not miss out on any of the aforementioned tax credits and make the most of them.