On January 27, 2016 DWK Tax Group announced Age Based Tax Rules for 2015. The efforts put forth to continually update the tax paying public, a continued listing of additional age thresholds are revealed below. Tax resolution firms owned by tax professionals, operated by tax professional (s) give the general public a sense of confidence, comfort and piece of mind knowing that their representation is just as vested in the process as they are.
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AGE AGE BASED TAX RULES FOR 2015
21 Required to pay FUTA on children who work for parents’ unincorporated business
23 Maximum age for child dependency exemption, if a full time student
24 Youngest age at which Series EE bonds may be purchased to exclude interest for education
25 Taxpayers with no children qualify for Earned Income Credit (EIC)
55 Eligible for penalty-free withdrawal from retirement plan (except IRAs) if separated from service
59 ½ Eligible for penalty free withdrawal from retirement plans
64 Maximum age for which the EIC is available with no children
65 Eligible for higher standard deduction
66 No earnings limit to receive full social security benefit
70 ½ Required minimum distributions begin from retirement plans
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