AARP Foundation Tax-Aide Service (2024)

FAQs

Does AARP help you with taxes? ›

AARP Foundation Tax-Aide provides tax assistance free of charge with a special focus on taxpayers who are over 50 and have low-to-moderate income. Tax-Aide volunteers are located nationwide and are trained and IRS-certified every year.

If your tax advisor charges by the hour, make sure you find out how much they charge and how much time they expect to spend on your taxes. Hourly fees are usually $100–200 per hour, depending on what kind of tax forms you need to file.

AARP Foundation, a charitable affiliate of AARP, creates and advances effective solutions to reduce poverty for and with older adults.

You would not be required to file a tax return. But you might want to file a return, because even though you are not required to pay taxes on your Social Security, you may be able to get a refund of any money withheld from your paycheck for taxes.

For retirees 65 and older, here's when you can stop filing taxes: Single retirees who earn less than $14,250. Married retirees filing jointly, who earn less than $26,450 if one spouse is 65 or older or who earn less than $27,800 if both spouses are age 65 or older. Married retirees filing separately who earn less than ...

Social Security income can be taxable no matter how old you are. It all depends on whether your total combined income exceeds a certain level set for your filing status. You may have heard that Social Security income is not taxed after age 70; this is false.

The average fee for preparing Form 1040 with Schedule A to itemize personal deductions, and a state income tax return, was a flat fee of $323. The average fee for Form 1040 with the standard deduction, plus a state income tax return, was $220.

If you have "a complicated tax situation with dependents, investments, or significant assets or charitable contributions," then hiring a professional might be helpful, said Business Insider. That is because "the more transactions you have, the more things you need to take into consideration."

The Foundation is a 501(c)3 charitable/educational organization. The AARP.org is a 501(c)4 - a membership organization. Charitable/educational org under the 501(c)3 are tax exempt and are sup[pose to work for the greater good and thus donations are tax deductible.

Who funds AARP Foundation? ›

Foundation programs are funded by grants, tax-deductible contributions, and AARP contributions. Key areas of focus are hunger, income, housing, and social isolation. The AARP Foundation's longest running program is its Tax-Aide program, which provides free tax preparation assistance for seniors.

AARP Foundation is dedicated to working for and with older adults to help reduce poverty and financial hardship. We are working side by side with trusted organizations in your community and nationwide to connect you with the resources you need to thrive.

Have you heard about the Social Security $16,728 yearly bonus? There's really no “bonus” that retirees can collect. The Social Security Administration (SSA) uses a specific formula based on your lifetime earnings to determine your benefit amount.

Taxes aren't determined by age, so you will never age out of paying taxes. Basically, if you're 65 or older, you have to file a return for tax year 2023 (which is due in 2024) if your gross income is $15,700 or higher. If you're married filing jointly and both 65 or older, that amount is $30,700.

To be eligible for SSI, your assets must be less than $2,000 for an individual and less than $3,000 for a married couple. However, not all assets count towards the resource limits. The Social Security Administration lists 44 resource exclusions.

The IRS typically requires you to file a tax return when your gross income exceeds the Standard Deduction for your filing status. These filing rules still apply to senior citizens who are living on Social Security benefits.

Your employer may offer a 401(k), 403(b) or other retirement savings plan. Contributions to these plans may be made pretax, which means they will reduce the amount of your income that is subject to tax for this year.

That one is available to everyone, but older adults get an additional one on top of the standard deduction. A larger overall deduction for older adults further reduces their taxable income, and that means a smaller tax bill and more money in your pocket.