A Dozen Tips for Older Taxpayers

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Did NOT receive answer to question!!! How much money would a 72 year old retired and disable person from NC receive from the US Goverment stimulus package that the President signed Tuesday?

Joe Parker of NC 4:17PM February 18, 2009

Some states let you 'freeze' your property taxes at age 65. I know Texas and New Jersey does. The state doesn't notify you. You have to apply for it.

Hedy Vahabzadeh of TX 5:45PM February 17, 2009

If you are working and receiving taxable income, you can contribute after tax money to a Roth IRA. Though you will not receive a tax benefit at the time of contribution, you will receive the benefit of continuing to contribute to a retirement account. Only the earnings will be taxed upon withdrawal. There are limits on how much you can contribute, so ask your IRA custodian for more information.

Peg of PA 7:10PM February 16, 2009

Thought I would mention that one can contribute to a Roth IRA when one is 70.5 as long as it is from earned income. It is therefore a real advantage to keep working if possible.
KU Jayhawk

KU Jayhawk of KS 10:36AM February 16, 2009

NY state offers a tax credit for LTCI. You should check your state or insurance broker to see if might apply to you.

richard reiser of NY 10:36AM February 16, 2009

Self-employed individuals and their spouses can deduct much, if not all, of their long term care insurance premiums off the top of their income under the self-employed health insurance deduction.
www.LTCInsuranceShopper.com

Scott A. Olson of CA 1:09PM February 14, 2009

Good info on the tax deductiblity of long-term care insurance. A fact that few know is that business owners enjoy special tax-advantages. For example, the owner of a small business established as a C-Corporation can deduct 100% of the cost (not subject to the 7.5% rules). Even spouses can be included.
May I suggest that those interested in all the rules visit the website of the American Association for Long-Term Care Insurance: www.aaltci.org/tax
Also, you noted some pretty high premiums. What you pay for long-term care insurance depends on the amount of coverage you buy and most people pay far less for a policy because they match their coverage to the amount of retirement savings they don't want to risk paying for a LTC need.
Jesse Slome
Executive Director
American Association for Long-Term Care Insurance
http://www.aaltci.org

Jesse Slome of CA 2:20PM February 13, 2009

On the 72 year old earning 14k per year. You may want to check with the VA if you are a vet. There are veterans homes(rooms), medications and sometimes economic assistance. Doesn't hurt to contact them.

Loren of CA 2:13PM February 13, 2009