For 2025 through 2028, individuals age 65 and older may be able to claim a new senior deduction of up to $6,000, subject to income-based phaseouts. This deduction is available whether or not the taxpayer itemizes. It begins to phase out when modified adjusted gross income (MAGI) exceeds $75,000 ($150,000 for married couples filing jointly).
Does this new deduction replace the existing extra standard deduction for those age 65 and up? No. For 2025, single qualifying seniors can take the additional $2,000 standard deduction. Married couples who file jointly can take an extra standard deduction of $1,600 per qualifying spouse. Contact the office with questions.