~The Dallas Post Dallas, PA Wednesday, July 1, 1998 5 SENIOR Lifestyles Y Tax changes for those age 55 plus ° “For older Americans, some leg- islative changes may affect their tax’ planning, and some tax ben- efits are still available. Here's the Scoop. .”New law has replaced the once- in-a-lifetime tax break when people age 55 or older sell their ' personal residence. Under the old law; they could qualify for an ex- clusion of up to $125,000 of gain ona home sale. «The Taxpayer Relief Act, signed intolaw on August 5, 1997, allows people regardless of age to ex- clude up to $250,000 of gain ($500,000 on a joint return) from the sale of a personal residence after May 6, 1997. Unlike the one- timé exclusion, this one is allowed once every two years, but only if thé person used the home as a principal residence for at least two out of the five years before the sale. ‘The Act also makes available a new individual retirement arrange- ment (IRA) starting in 1998. This new “Roth IRA” features nonde- ductible contributions, with tax- free distributions if they begin at least five years after the initial contribution and the taxpayer is atleastage 59 1/2, or disabled, or a beneficiary, or the proceeds are used for a first-time home pur- chase. People can contribute after they reach.age 70 1/2, and they don't have to: make mandatory withdrawals. One benefit that is still around for older people is Tax Counseling for the Elderly (TCE). It’s available to people age 60 or older who need help with their tax returns. Through TCE, volunteers from many organizations provide free tax information and guidance. Local IRS offices have information on locations. Seniors age 65 or older may not have to file a tax return if their income is less than a certain amount. For 1997, that amount for single seniors was $7,800. The limit for a married couple filing a joint return was $13,000 if only one spouse is 65, and $13,800 if both are 65 or older. For a quali- fying widow(er) with a dependent child, the amount was $10,350. And for a senior head of house- hold, it was $9,700. Those who don'titemize deduc- tions get a higher standard de- duction when they reach 65. And those who are blind get an extra added amount. Seniors or people with disabili- 4 , When it comes to investing, .<we offer a wealth of ideas. Smart investors will tell you that the best way to manage investment risk is by diversifying. And to help you achieve that goal, Lutheran Brotherhood Securities, Corp. offers a wide variety of mutual funds. All are professionally managed. And all offer excellent liquidity, at the then-current share price. For a prospectus containing more complete information, including charges and expenses, call or stop in today. Read the prospectus carefully before you invest or send money. Let us put our ideas to work for you. P.O. Box 702 Dallas, PA 18612 Bus: (717) 696-4204 Fax: (717) 675-4378 For more complete information about Lutheran Brotherhood Family of Funds including charges and expenses, send for a prospectus from Lutheran Brotherhood Securities Corp., 625 Fourth Ave. So., LC Alexander H. Sickert, CLU,CHFC, FIC Registered Representative LUTHERAN BROTHERHOOD » SECURITIES CORP Minneapolis, MN 55415. Read it carefully before you invest or send money. ~~ Bringing rehabilitation services closer to where people live and work has helped Allied Services John Heinz Institute of Rehabilitation ‘Medicine expand into many new communities over the past several years. Our Dallas Outpatient Center is located in the 309- 415 Plaza. ©Lutheran Brotherhood, 1997. ties may qualify for the credit for the elderly or the disabled. This creditis based on age, income and filing status, and can reduce the amount of taxes owed. Those un- der 65 could be eligible if they retire with total and permanent disability and have income from their employer because of that disability. The IRS considers persons to be age 65 on the day before their 65th birthday. So to the IRS, those born on January 1, 1934, are age 65 on December 31, 1998, and can claim tax benefits related to that age on their 1997 returns. For more information, get Pub- lication 554, Older Americans’ Tax Guide, and Publication 910, Guide to Free Tax Services. Call 1-800- 829-3676. Yerprh = Reh, So In-Home Like Family" for wound care, cardiac assessments, diabetic teaching, etc. All therapies and Social Services Medicare Certified and JCAHO Accredited i "Treating Your Family - ’ Harveys Lake............. 639-1111 Health Services | 1 1 Compassionate and professional RNs 1 h J [4 Mountainside Manor A Personal Care Facility Offering an alternative Quality Care program for elderly individuals who should no longer live alone. Concerned, Caring staff providing 24 hour supervision Laundry and housekeeping, social programs, nutritious meals, affordable rates and more. For more information and a tour of the facility please contact Cindy Eddy, Adm. at 675-5108 ALLIED SERVICES JOHN HEINZ INSTITUTE DALLAS OUTPATIENT CENTER : The center director, Jill Healey, is a licensed physical therapist with several years of experience. She and the team of professionals : at the Dallas Outpatient Center are dedicated to helping you achieve your rehabilitation goals. They will work with your - referring physician to design an individualized program to meet your specific needs. Services will include: physical and occupational therapies. The center provides treatment to adults with the following diagnoses: * amputation ® arthritis® brain injury® neuromuscular Hours are 8 a.m. - 4:30 p.m. Monday through Friday. For more information concerning services please contact the center during business hours at 674-5075. JonuN Heinz REHAB o stroke ® orthopedic conditions esports injuries a division of Allied Services The best care. When you need it. Where you need it.
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