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CL41C – OVER 70
Exemption amount is $500.00 yearly
REQUIREMENTS: If married, one must be 70 years of age, by July 1st of year they are applying. If married, they cannot have an income of more than $15,000. This includes SS, SSI, pensions, wages & interest. They also cannot have more than $30,000 in assets, (excluding home). If single, cannot have an income of more than $13,000. This also includes SS, SSI, pensions, wages or interest. They also cannot have more that $28,000 in assets (excluding home). There is a deduction that changes every year that may be taken off the total income. For FY 2011 the deduction for a single is $4,158 and if there is a spouse than an additional $2,079 is deducted for a total of $6,237 this is based on 2009 wages through social security. Please note that this
deduction changes every year.
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