New for tax year 2025: Folks age 65 and older may qualify for an additional deduction of $6,000. This is in addition to the standard deduction or the itemized deduction. The additional deduction applies to each person, so this could be an additional $12,000 deduction for married couples filing jointly.
It’s important to note that if folks use the Married Filing Separately filing status, they will not qualify for this enhanced deduction.
There are also income limits/phaseouts. For folks filing Single or Head of Household, their deduction will start to phase out as income rises above $75,000. For folks filing Married Filing Jointly, their deduction will start to phase out as income rises about $150,000.
This will benefit many seniors – if you have any questions about this or any other tax topics, drop us an email at hello@pennypinchtax.com