Rebella Accountancy | 507 E. First Street, Suite A | Tustin, CA 92780 | Phone: 714-619-0667 | Fax: 714-544-0236




Monica Rebella, CPA/IAR - President

Rebella Accountancy


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Age (Not Death!) and Taxes
Age does matter, when it comes to tax obligations


One of the elements that make our Federal Tax Code so hard to follow is that different laws apply to you based on your or your dependentsí age.


To help you navigate through some of this maze here is a chart that outlines key ages and how it applies to your tax obligation.


0+ one New birth Creates a new dependent and tax exemption.
13 Dependent Care Credit This credit is gone for those age 13 and over so plan accordingly.
17 Child Tax Credit This popular credit is no longer available for those age 17 or over.
19 Kidee Tax Age when parents tax rate no longer applies to interest, dividends and capital gains of children, (age 24 if a full time college student)
19 Earned Income Credit and some Education Credits These credits disappear when your qualified dependent or taxpayer is 19 or older (but also see age 24).
24 (see age 19 limits) But wait! If your qualified taxpayer is 19 or older, but still a qualified student, the extended age limit becomes younger than 24.
50+ Qualified Retirement Account Catch-up Contributions You now have the ability to add to your annual contribution to select retirement accounts through this "catch up" provision. This includes: IRAs, 401(k)s, 402(b)s, Sep IRAs, SIMPLE and others.
55+ Health Savings Accounts Catch-up Contributions Age at which you may donate additional funds to your HSA using a catch-up provision.
59 1/2 Retirement Accounts Age you may begin withdrawals from qualified retirement accounts without receiving a pre-payment penalty.
62+ Medicare and Social Security Medicare sign-up. Social Security retirement benefits may begin depending on your date of birth.
70 Social Security The age where Social Security retirement benefits are maximized if you delay starting Social Security payments.
70 1/2 Qualified Retirement Account Distributions Minimum distributions are required from select retirement accounts like Traditional IRAs, 401(k), Sep IRA, SIMPLE IRAs and more.


Please note: These age trigger dates outline some of the major tax events that relate to your age. In most cases the impacted year is the year you turn the age on this chart. Example: If your qualified dependent turns 17 any time during the year, they no longer qualify for the Child Tax Credit. This chart is not meant to be all-inclusive and there are exceptions to some of these age qualifications. Use this information to start a conversation with a qualified expert to organize and plan accordingly.





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As always you can call me at 714-619-0667 if you have any questions about investing, retirement or any other tax & accounting related issues. 


Regards, Monica Rebella, CPA/IAR

President, Rebella Accountancy

Disclaimer:  The opinions contained herein are not intended to be investment advice or a solicitation to buy or sell any securities. With any investment you should carefully consider the investment objectives, potential risks, management fees, and charges and expenses before investing.  Past performance is not a guarantee of future results. The investment return and principle value of any investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.

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Monica Rebella, CPA/IAR | President - Rebella Accountancy | Certified Public Accountants
507 E. First Street, Suite A | Tustin, CA 92780 | Phone: 714-619-0667 | Fax: 714-544-0236
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