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Treasury Regulations · 26 CFR

§ 1.37-2. Credit for individuals age 65 or over.

In effect eCFR current as of October 15, 2026

Regulation text, no changes From the eCFR, current as of October 15, 2026. The eCFR is an authoritative but unofficial editorial compilation of the Code of Federal Regulations; the official text is the annual CFR on govinfo. Compare it with this section on ecfr.gov (external site) or the official annual CFR on govinfo (external site).

Regulation under 26 U.S.C. § 37

Cite as 26 CFR § 1.37-2

At a glance

Read from the text and its source citation. Not part of the regulation.

Status
In the current eCFR
Issued
December 22, 1980 by T.D. 7743
Issued under
26 U.S.C. § 37
Length
444 words · about 2 min to read
Cross-references
cites 1 Code section and 2 regulations; cited by 1
(a) In general. This section illustrates the computation of the credit for the elderly in the case of an individual who has attained the age of 65 before the close of the taxable year. This section shall not apply to an individual for any taxable year for which the individual makes the election described in section 37(e)(2) and paragraph (b) of § 1.37-3.
(b) Computation of credit. The credit for the elderly for an individual to whom this section applies equals 15 percent of the individual's “section 37 amount” for the taxable year. An individual's “section 37 amount” for a taxable year is the initial amount determined under section 37(b)(2), reduced as provided in section 37(b)(3) and (c)(1).
(c) Examples. The computation of the credit for the elderly for individuals to whom this section applies may be illustrated by the following examples:
Example 1.

A, a single individual who is 67 years old, has adjusted gross income of $8,000 for the calendar year 1977. A also receives social security payments of $1,450 during 1977. A does not itemize deductions. A's credit for the elderly is $120, computed as follows:

Initial amount under section 37(b)(2)$2,500
Reductions required by section 37 (b)(3) and (c)(1):
Social security payments$1,450
One-half the excess of adjusted gross income over $7,5002501,700
Section 37 amount800
15 pct. of $800$120

A's tax from the tax tables, which reflect the allowance of the general tax credit, is $662. Accordingly, the limitation of section 37(c)(2) and paragraph (b) of § 1.37-1 does not reduce A's credit for the elderly.

Example 2.

H and W, who have both attained the age of 65, file a joint return for calendar year 1977. For that year H and W have adjusted gross income of $8,120; H also receives a railroad retirement pension of $1,550, and W receives social security payments of $1,200. H and W do not itemize deductions. The credit for the elderly allowed to H and W for 1977 is $139, computed as follows:

Initial amount under section 37(b)(2)$3,750
Reductions required by section 37 (b)(3):
Railroad retirement pension$1,550
Social Security payments1,2002,750
Section 37 amount1,000
15 pct. of $1,000150
Limitation based upon amount of tax (derived from table reflecting allowance of general tax credit)$139

Since the adjusted gross income of H and W is not greater than $10,000, no reduction of the initial amount is required under section 37 (c)(1).

[T.D. 7743, 45 FR 84050, Dec. 22, 1980]

Other regulations under § 37

Cross-references

Computed from the citations in the text of 26 CFR.

Code sections it cites

Regulations it cites

Cited by 1 other regulation

Amendment history

From the source citation at the end of the section, newest first. T.D. is a Treasury decision; FR is the Federal Register.

  1. Issued by T.D. 7743 (45 FR 84050)

Where it sits in 26 CFR

  1. Subchapter A Income tax
  2. Part 1 Income taxes
  3. Credits allowable under sections 30 through 45D

Nearby sections