Age
|
Rule
|
| 13 |
Cannot claim a child care credit for
children age 13 or older. |
| 17 |
Cannot claim $1,000 child tax credit
for children age 17 or older. |
| 18 |
- Children working for parents’
unincorporated business subject
to FICA.
- Generally cannot contribute to an
ESA for children age 18 or older.
- Taxpayer qualifies for saver’s
credit (if neither a dependent
nor student).
- Kiddie tax no longer applies to
children age 18 or older.
|
| 19 |
Exemption for dependent children who
are not full-time students expires. |
| 21 |
Children working for parents’
unincorporated business subject to FUTA. |
| 24 |
- Exemption for dependent,
full-time-student children
expires.
- Can purchase savings bonds and
exclude income used for
education.
|
| 25 |
Taxpayers with no children qualify
for EIC. |
| 30 |
Generally must distribute ESA when
beneficiary turns 30. |
| 50 |
- Eligible for catch-up
contributions to IRAs,
SIMPLE-IRAs, 401(k) and 403(b)
plans.
- Qualified public safety employees
eligible for penalty-free
withdrawals from a governmental
defined benefit pension plan, if
separated from service.
|
| 55 |
- Eligible for penalty-free
withdrawal from employer
retirement plan (but not an IRA)
if separated from service.
- Eligible for catch-up
contributions to HSAs.
|
| 59 ½ |
- Penalty for early withdrawal from
retirement accounts expires.
- Roth IRA distributions are
tax-free (if a Roth IRA was held
for at least five years)
|
| 65 |
- Non-itemizers become eligible for
a higher standard deduction.
- Taxpayers with no children no
longer qualify for EIC.
- HSA and MSA withdrawals not used
for medical costs are taxed but
no longer subject to a 10%
penalty.
- Eligible for credit for the
elderly.
|
| 70 ½ |
- Required minimum distributions
must begin from employer
retirement plans (except for
certain employees still working)
and traditional IRAs.
- Contributions no longer allowed
to traditional IRAs.
|
