Tax Tip #260

Individuals age 65 or older can now claim a temporary tax deduction of $6,000. For married couples filing jointly, each spouse 65 or older can claim the deduction. 

This senior deduction is reduced by 6% for the adjusted gross income that exceeds $75,000 for single filers or $150,000 for married filing joint taxpayers. 

What does this mean in dollars? Assuming a 22% federal tax bracket, a single taxpayer age 65 or older with a total income of $75,000 could save approximately $1,320.

This deduction begins in 2025 and expires in 2028.

Have questions about the Big Beautiful Bill? Contact a team member for more information.