economy
5 things to know about the senior tax deduction before April 15
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TL;DR
- A new $6,000 deduction is available for eligible taxpayers aged 65 and older for tax years 2025-2028.
- This new deduction is temporary and stacks with the standard deduction and the existing additional standard deduction for seniors.
- For single filers, the combined deductions could reduce taxable income by approximately $23,000 in 2025.
- The new $6,000 deduction has income limitations, phasing out for single filers with a Modified Adjusted Gross Income (MAGI) over $75,000 and married couples filing jointly over $150,000.
- Taxpayers do not need to itemize to claim the new deduction, and it can be claimed using Form 1040-SR, designed for older taxpayers.