Final answer:
The statement in question is false. Individuals under age 65 must be retired due to permanent and total disability and receive taxable disability income, along with meeting income limitations, to be eligible for the Credit for the Elderly or the Disabled, which is different from general Social Security disability benefits.
Step-by-step explanation:
The statement that taxpayers under age 65 who are retired with a permanent and total disability and who have disability income from a public or private employer on account of the disability qualify for the credit is False. There are indeed Social Security benefits available for those who are permanently and totally disabled; however, the credit mentioned, which is the Credit for the Elderly or the Disabled, is generally available to individuals who are aged 65 or older. Those who are under 65 must be retired on permanent and total disability and receive taxable disability income during the year. Also, they must fall within certain income limitations to qualify for the credit.
Social Security provides several key benefits including retirement, disability payouts, and Supplemental Security Income. The disability benefit requires that the disability be expected to last at least twelve months. It's important to note that there are specific eligibility requirements, including having a sufficient work history, to receive Social Security disability payments. Hence, not all retired individuals with a permanent and total disability may qualify for the credit based solely on their disabled status.