How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Richard Your Own Question

Richard
Richard, Attorney
Category: Business Law
Satisfied Customers: 47025
Experience:  32 years of experience practicing law and a businessman.
17027240
Type Your Business Law Question Here...
Richard is online now
A new question is answered every 9 seconds

CAn someone tell me what 1040A Schedule R form is and who it

Customer Question

CAn someone tell me what 1040A Schedule R form is and who it is for. Also, is there an income limit to qualify. Someone told me about it. I am disabled and have never heard of it. Thank you so much.
Submitted: 1 year ago.
Category: Business Law
Expert:  Richard replied 1 year ago.
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good morning. Schedule R is to claim a tax credit that may be available to you to reduce your taxes. The credit is based on your filing status, age, and income. If you are married filing a joint return, it is also based on your spouse's age and income. You may
be able to take this credit if either of the following
applies.
1. You were age 65 or older at the end of 2012, or
2. You were under age 65 at the end of 2012 and
you meet all of the following.
a. You were permanently and totally disabled on
the date you retired. If you retired before 1977, you
must have been permanently and totally disabled on
January 1, 1976, or January 1, 1977.
b. You received taxable disability income for
2012.
c. On January 1, 2012, you had not reached mandatory retirement age (the age when your employer's
retirement program would have required you to retire).



Pursuant to IRS Publication 524 which you can find at: http://www.irs.gov/publications/p524/ar02.html#en_US_2012_publink100038695:


You can figure the credit yourself, or the Internal Revenue Service (IRS) will figure it for you. See Figuring the Credit Yourself , next.

If you can take the credit and you want the IRS to figure the credit for you, attach Schedule R to your return. Check the appropriate box in Part I of Schedule R and fill in Part II and lines 11, 13a, and 13b of Part III, if they apply to you.

If you file Form 1040A, enter “CFE” in the space to the left of Form 1040A, line 30. If you file Form 1040, check box c on Form 1040, line 53, and enter “CFE” on the line next to that box. Attach Schedule R to your return.

Table 2.Initial Amounts

IF your filing status is... THEN enter on line 10 of Schedule R...
single,head of household, or qualifying widow(er) with dependent child and, by the end of 2012, you were
• 65 or older $5,000
• under 65 and retired on permanent and total disability1 $5,000
married filing a joint return and by the end of 2012
• both of you were 65 or older $7,500
• both of you were under 65 and one of you retired on permanent and total disability1 $5,000
• both of you were under 65 and both of you retired on permanent and total disability2 $7,500
• one of you was 65 or older, and the other was under 65 and retired on permanent
and total disability3 $7,500
• one of you was 65 or older, and the other was under 65 and not retired on permanent
and total disability $5,000
married filing a separate return and you did not live with your spouse at any time during the year and, by the end of 2012, you were
• 65 or older $3,750
• under 65 and retired on permanent and total disability1 $3,750
1 Amount cannot be more than the taxable disability income.
2 Amount cannot be more than your combined taxable disability income.
3 Amount is $5,000 plus the taxable disability income of the spouse under age 65, but not more than $7,500.




Thank you so much for allowing me to help you with your questions. I have done my best to provide information which will be helpful to you. If I have not fully addressed your questions or if you have any follow up questions, or if I have misinterpreted your questions in any way, please do not rate me yet, but simply ask a follow up question without rating so I can provide you with a fully satisfactory answer. If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service with 3, 4, or 5 faces/stars so I can receive credit for helping you today. I thank you in advance for taking the time to provide me a positive rating!
Customer: replied 1 year ago.

Thank you. If the person who is disable did not retire, but was in business for himself when he went on disability, how would that work ? Sorry, it’s just hard to figure it all out.

Expert:  Richard replied 1 year ago.
Thanks for responding. As long as the person is over 65 or if under 65, the person is disabled when he did retire, he is eligible for the credit.
Customer: replied 1 year ago.

Sorry to ask again, but if I did not actually retire, but applied for disability .I owned my own company so I don’t know how to say that I retired, I just couldn’t work any more due to disability and was under 65.


 


IS that the same thing ?? Thank you again.

Expert:  Richard replied 1 year ago.
I would take the position that you are eligible as disabled and let the IRS disallow it if it finds otherwise.
Customer: replied 1 year ago.

Is there an income limit for married filing jointly for the schedule R.

Expert:  Richard replied 1 year ago.
able 1. Income Limits

IF your filing status is THEN, even if you qualify (see Figure A), you CANNOT take the credit if
Your adjusted gross income (AGI)* is equal to or more than... OR the total of your nontaxable social security and other nontaxable pension(s), annuities, or disability income is equal to or more than...
single, head of household, or qualifying widow(er) with dependent child $17,500 $5,000
married filing jointly and only one spouse qualifies in Figure A $20,000 $5,000
married filing jointly and both spouses qualify in Figure A $25,000 $7,500
married filing separately and you lived apart from your spouse for all of 2012 $12,500 $3,750
* AGI is the amount on Form 1040A, line 22, or Form 1040, line 38.
Richard, Attorney
Category: Business Law
Satisfied Customers: 47025
Experience: 32 years of experience practicing law and a businessman.
Richard and 3 other Business Law Specialists are ready to help you
Expert:  Richard replied 1 year ago.
Thank you so much for the positive rating! I appreciate having had the opportunity to serve you! If I can be of assistance to you in the future, just look me up and I will be happy to help!

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

Meet The Experts:

 
 
 
  • Law Pro

    Attorney

    Satisfied Customers:

    1767
    20 years experience in business law - sole proprietor, partnership, and corporations
< Last | Next >
  • http://ww2.justanswer.com/uploads/LA/lawpro/2012-6-25_171315_PT206740s.64x64.jpg Law Pro's Avatar

    Law Pro

    Attorney

    Satisfied Customers:

    1767
    20 years experience in business law - sole proprietor, partnership, and corporations
  • http://ww2.justanswer.com/uploads/dkaplun/2009-05-17_173121_headshot_1_2.jpg Dimitry K., Esq.'s Avatar

    Dimitry K., Esq.

    Attorney

    Satisfied Customers:

    1495
    Run my own successful business/contract law practice.
  • http://ww2.justanswer.com/uploads/DC/DCraneEsq/2012-8-14_14436_DCrane.64x64.jpg MShore Law's Avatar

    MShore Law

    Attorney

    Satisfied Customers:

    1233
    Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements
  • http://ww2.justanswer.com/uploads/FL/FLAandNYLawyer/2012-1-27_14349_3Fotolia25855429M.64x64.jpg FiveStarLaw's Avatar

    FiveStarLaw

    Attorney

    Satisfied Customers:

    1174
    25 years of experience helping people like you.
  • http://ww2.justanswer.com/uploads/scottymacesq/2009-6-10_221523_small.jpg RGMacEsq's Avatar

    RGMacEsq

    Attorney

    Satisfied Customers:

    504
    Licensed Texas General Practice Attorney
  • http://ww2.justanswer.com/uploads/ohioatty/2009-1-22_185545_me.jpg J.Hazelbaker's Avatar

    J.Hazelbaker

    Attorney

    Satisfied Customers:

    393
    Experienced and trained in the area of business law.
  • http://ww2.justanswer.com/uploads/BA/barristerinky/2012-6-10_22423_office.64x64.jpg Barrister's Avatar

    Barrister

    Attorney

    Satisfied Customers:

    373
    14 years practicing attorney, MBA
 
 
 

Related Business Law Questions

Chat Now With A Business Lawyer
Richard
Richard
Owner
2377 Satisfied Customers
32 years of experience practicing law and a businessman.