Absolutely! The $6,000 tax deduction you’re referring to is a new benefit introduced under the “One, Big, Beautiful Bill” Act, effective from 2025 through 2028. Here’s how it works:
✅ What Is the $6,000 Tax Deduction?
- Who qualifies?
Individuals aged 65 and older. - What is deducted?
An additional $6,000 standard deduction, per eligible individual. - For married couples:
If both spouses are 65 or older, they can collectively claim $12,000. - Income phase-out:
The deduction begins to phase out for individuals with a modified adjusted gross income (MAGI) over $75,000 ($150,000 for joint filers).
📌 Important Details
- Applies to:
Taxpayers who do not itemize deductions. - Additional benefit:
This deduction is in addition to the current standard deduction for seniors under existing law. - Reporting:
Taxpayers must include their Social Security Number on the return and file jointly if married to claim the deduction.
💡 Example
- Single filer, age 65 or older:
If your MAGI is $70,000, you qualify for the $6,000 deduction, reducing your taxable income. - Married couple, both 65 or older:
With a combined MAGI of $140,000, they qualify for the $12,000 deduction. - Single filer, age 65 or older, MAGI of $80,000:
The deduction phases out, and they may not qualify.
📲 Need Assistance?
If you’re 65 or older and want to maximize your tax benefits, Trealtorr is here to help. We can guide you through the process and ensure you claim all eligible deductions.
📞 Call or text us today at +1 (347) 831-6085 — let’s make sure you’re getting the tax savings you deserve!