Senior Deductions Colorado

⇒How the Senior Property Tax Exemption Can Work for You
This is a state program administered by your county.
The three basic requirements to qualify are:
1. the qualifying senior must be at least 65 years old on January 1 of the year in which he or she qualifies;
2. the qualifying senior must be the owner of record, of current residence and must have been the owner of record for at least the 10 consecutive years prior to January 1;
3. the qualifying senior must occupy the property as his or her primary residence, and must have done so for at least the 10 consecutive years prior to January 1.
This exemption only applies to your primary residence.

⇒Income Tax
Higher standard deduction for age (65 or older). If you don’t itemize deductions, you are entitled to a higher standard deduction if you are age 65 or older at the end of the year. You are considered age 65 on the day before your 65th birthday. Therefore, you can take a higher standard deduction for 2015 if you were born before January 2, 1951.
https://www.irs.gov/publications/p554/ch04.html

⇒Social Security – the new rules as explained by Fidelity
The strategy: At or after an individual’s official FRA , (Full Retirement Age) a person could file a “restricted” application for “just” spousal benefits, while allowing his or her own future retirement benefit to grow.
The change: Social Security will no longer allow certain individuals to restrict an application to spousal benefits only; the individual will be required to file and claim all eligible benefits.
What happens: People age 62 or older at the end of 2015 will continue to have the option of restricting an application to spousal benefits only. People turning 62 in 2016 or later will have to claim all their benefits upon filing.

⇒Social Security –if you are divorced
https://www.ssa.gov/planners/retire/divspouse.html
(The new rules state that your ex must be receiving SS benefits in order for you to receive half.)
If you are divorced, but your marriage lasted 10 years or longer, you can receive benefits on your ex-spouse’s record (even if he or she has remarried) if:
• You are unmarried;
• You are age 62 or older;
• Your ex-spouse is entitled to Social Security retirement or disability benefits and
• The benefit you are entitled to receive based on your own work is less than the benefit you would receive based on your ex-spouse’s work.
Note: Your benefit as a divorced spouse is equal to one-half of your ex-spouse’s full retirement amount (or disability benefit) if you start receiving benefits at your full retirement age. The benefits do not include any delayed retirement credits your ex-spouse may receive.
If you remarry, you generally cannot collect benefits on your former spouse’s record unless your later marriage ends (whether by death, divorce or annulment).
Note: The amount of benefits you get has no effect on the amount of benefits your ex-spouse or his or her current spouse may receive.

Senior Deductions Colorado
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