Core Points - The tax-filing season has opened, and taxpayers aged 65 and older can apply for an additional $6,000 deduction for the first time this year [1] - This enhanced deduction is part of the One Big Beautiful Bill Act and is available for tax years 2025 to 2028, providing $12,000 for married couples filing jointly [2] - The deduction begins to phase out for individuals with a modified adjusted gross income of $75,000 and $150,000 for married couples filing jointly [3] Tax Filing Process - Older taxpayers can easily claim the enhanced deduction by checking their age on Form 1040 or 1040-SR, which will automatically apply the additional deduction [4] - The enhanced deduction may reduce tax liabilities for older Americans, particularly those with higher incomes from taxable retirement distributions and Social Security benefits [5] Impact on Social Security Taxation - Prior to the legislation, nearly two-thirds of seniors did not pay taxes on Social Security benefits, but the new deduction could increase this figure to 88% [6]
How do I get the extra $6,000 ‘senior bonus’ this tax season?
Yahoo Finance·2026-01-31 18:56