Core Points - A new U.S. tax deduction of up to $6,000 is available for individuals aged 65 and older, created by President Trump's One Big Beautiful Bill Act [3][4] - This deduction is temporary and will expire in 2028, and it must be claimed correctly on tax returns [6] - The deduction can be claimed regardless of whether the taxpayer itemizes their return, allowing for a combined potential deduction of $12,000 for married couples filing jointly [4][5] Eligibility and Income Caps - Individuals with modified adjusted gross incomes starting at $75,000 will see the deduction gradually phased out, while for couples filing jointly, the phase-out begins at $150,000 [5] - Married couples must file jointly to access the new deduction [5] Claiming the Deduction - The deduction is claimed on regular tax returns using Form 1040 or Form 1040-SR, along with a Schedule 1-A form [7] - Accurate personal information, including date of birth and Social Security number, is crucial to avoid mistakes that could affect the deduction [7][8] - Taxpayers are encouraged to prepare early to ensure they receive the full benefit before the April 15 tax deadline [8]
How to get the new $6,000 senior bonus deduction this tax season — it's simpler than you think
Yahoo Finance·2026-02-13 13:30