Publication 554 - Introductory Material

For the latest information about developments related to Pub. 554, such as legislation enacted after it was published, go to IRS.gov/Pub554.

What's New

Coronavirus-related distributions. The repayment period for a coronavirus-related distribution made on or after January 1, 2020, and before December 31, 2020, ended on December 31, 2023. If you made repayments in 2023 and/or you didn’t completely repay the distribution by December 31, 2023, see Form 8915-F.

Increase in required minimum distribution age. If you reach age 72 in 2023 or later and have funds in a traditional IRA (including a SEP and SIMPLE IRA) the required beginning date for your first required minimum distribution is April 1 of the year following the year in which you turn 73.

Exception to the 10% additional tax for early distributions. The exception to the 10% additional tax for early distributions include the following.

See Form 5329 and Pub 590-B for more information.

Standard deduction amount increased. For 2023, the standard deduction amount has been increased for all filers. The amounts are:

Alternative minimum tax exemption increased. The AMT exemption amount has increased to $81,300 ($126,500 if married filing jointly or qualifying surviving spouse; $63,250 if married filing separately).

Earned income credit. The maximum amount of income you can earn and still get the credit has changed. You may be able to take the credit if you earn less than:

Standard mileage rate. For 2023, the standard mileage rate allowed for operating expenses for a car when you use it for medical reasons is 22 cents a mile.

Reminders

Qualified disaster tax relief. Special rules provide for tax-favored withdrawals and repayments from certain retirement plans for taxpayers who suffered economic loss as a result of a qualified disaster. See Form 8915-F, Qualified Disaster Retirement Plan Distributions and Repayments, for more information.

Maximum age for traditional IRA contributions. The age restriction for contributions to a traditional IRA has been eliminated.

Form 1040-SR. Form 1040-SR, U.S. Tax Return for Seniors, was introduced in 2019. You can use this form if you are age 65 or older at the end of 2023. The form generally mirrors Form 1040. However, the Form 1040-SR has larger text and some helpful tips for older taxpayers. See the Instructions for Form 1040 for more information.

Tax return preparers. Choose your preparer carefully. If you pay someone to prepare your return, the preparer is required, under the law, to sign the return and fill in the other blanks in the Paid Preparer Use Only area of your return. Remember, however, that you are still responsible for the accuracy of every item entered on your return. If there is any underpayment, you are responsible for paying it, plus any interest and penalty that may be due.

Third party designee. You can check the “Yes” box in the Third Party Designee area of your return to authorize the IRS to discuss your return with your preparer, a friend, a family member, or any other person you choose. This allows the IRS to call the person you identified as your designee to answer any questions that may arise during the processing of your return. It also allows your designee to perform certain actions. See your income tax return instructions for details.

Employment tax withholding. Your wages are subject to withholding for income tax, social security tax, and Medicare tax even if you are receiving social security benefits.

Social security benefits information. Social security beneficiaries may quickly and easily obtain various information from the Social Security Administration’s (SSA’s) website with a my Social Security account, including getting a replacement SSA‐1099 or SSA‐1042S. For more information, go to SSA.gov/myaccount. See Obtaining social security information , later.

Photographs of missing children. The Internal Revenue Service is a proud partner with the National Center for Missing & Exploited Children® (NCMEC). Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. You can help bring these children home by looking at the photographs and calling 800-THE-LOST (800-843-5678) if you recognize a child.

Introduction

The purpose of this publication is to provide a general overview of selected topics that are of interest to older taxpayers. This publication will help you determine if you need to file a return and, if so, what items to report on your return. Each topic is discussed only briefly, so you will find references to other free IRS publications that provide more detail on these topics if you need it.

Table I has a list of questions you may have about filing your federal tax return. To the right of each question is the location of the answer in this publication. Also, at the back of this publication, there is an index to help you search for the topic you need.

While most federal income tax laws apply equally to all taxpayers, regardless of age, there are some provisions that give special treatment to older taxpayers. The following are some examples.

Return preparation assistance.

The IRS wants to make it easier for you to file your federal tax return. You may find it helpful to visit a Volunteer Income Tax Assistance (VITA), Tax Counseling for the Elderly (TCE), or American Association of Retired Persons (AARP) Tax-Aide site near you.

Volunteer Income Tax Assistance and Tax Counseling for the Elderly.

These programs provide free help for low-income taxpayers and taxpayers age 60 or older to prepare and file their returns. For the VITA/TCE site nearest you, contact your local IRS office. For more information, see Preparing and filing your tax return. under How To Get Tax Help .

AARP Tax-Aide.

AARP Foundation Tax-Aide offers free tax preparation and has more than 5,000 locations in neighborhood libraries, malls, banks, community centers, and senior centers annually during the filing season. Visit AARP.org/TaxAide or call 888-OUR-AARP (888-687-2277) for more information.

Comments and suggestions.

We welcome your comments about this publication and suggestions for future editions.

You can send us comments through IRS.gov/FormComments. Or, you can write to the Internal Revenue Service, Tax Forms and Publications, 1111 Constitution Ave. NW, IR-6526, Washington, DC 20224.

Although we can’t respond individually to each comment received, we do appreciate your feedback and will consider your comments and suggestions as we revise our tax forms, instructions, and publications. Don’t send tax questions, tax returns, or payments to the above address.

Getting answers to your tax questions.

If you have a tax question not answered by this publication or the How To Get Tax Help section at the end of this publication, go to the IRS Interactive Tax Assistant page at IRS.gov/Help/ITA where you can find topics by using the search feature or viewing the categories listed.

Getting tax forms, instructions, and publications.

Go to IRS.gov/Forms to download current and prior-year forms, instructions, and publications.

Ordering tax forms, instructions, and publications.

Go to IRS.gov/OrderForms to order current forms, instructions, and publications; call 800-829-3676 to order prior-year forms and instructions. The IRS will process your order for forms and publications as soon as possible. Don’t resubmit requests you’ve already sent us. You can get forms and publications faster online.