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Calculate the amount of the credit

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Robert, age 68, and Tanya, age 66, are married retirees who receive the following income and retirement benefits during the current year.

Fully taxable pension from Robert's former employer $8,000
Dividends and interest 2,500
Social Security benefits 4,000
Total $14,500

Assume that Robert and Tanya file a joint tax return, have no deductions for AGI, and use the standard deduction. Are they eligible for the tax credit for the elderly? If so, calculate the amount of the credit, assuming that the credit is not limited by their tax liability.

Reference no: EM131804882

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