State and local income taxes are not deductible on federal income tax returns, but other options are.

The maximum amount of Social Security benefits that are subject to federal income tax is $50,000 for single filers and $100,000 for married couples filing jointly.

Annuities are not tax-advantaged retirement accounts. Traditional IRAs, Roth IRAs, and 401(k)s are all tax-advantaged retirement accounts.

The required minimum distribution (RMD) for a traditional IRA is 7% of the account balance for individuals who are 72 or older.

The Child Tax Credit is not available to seniors. Earned Income Tax Credit, Retirement Savings Contribution Credit, and Credit for the Elderly or the Disabled are all tax credits that seniors may be eligible for.

The maximum amount of income that a senior can earn and still be eligible for the Social Security benefit is $20,000 for individuals and $25,000 for married couples filing jointly.

Medicare benefits are not tax-free. Social Security benefits, pension income, and interest income from municipal bonds are all tax-free sources of income for seniors.

Seniors who sell a home that they have lived in for at least two years are eligible for a capital gains tax exclusion of up to $250,000 for individuals and $500,000 for married couples filing jointly.

Cosmetic surgery is not a tax-deductible medical expense. Prescription drug costs, dental expenses, and long-term care expenses are all tax-deductible medical expenses for seniors.

The maximum amount of long-term care expenses that seniors can deduct on their federal income tax return is $10,000.

Annuities are not a tax-advantaged way for seniors to save for long-term care expenses. Long-term care insurance, health savings accounts (HSAs), and flexible spending accounts (FSAs) are all tax-advantaged ways for seniors to save for long-term care expenses.

Seniors are required to start taking required minimum distributions (RMDs) from their retirement accounts at age 72.

Life insurance is not a tax-free way for seniors to transfer wealth to their heirs. Gifting, estate planning, and charitable giving are all tax-free ways for seniors to transfer wealth to their heirs.

Seniors can gift up to $15,000 to each of their heirs each year without having to pay gift tax.

Annuities are not a tax-advantaged way for seniors to save for retirement. Traditional IRAs, Roth IRAs, and 401(k)s are all tax-advantaged ways for seniors to save for retirement.