How will the new bill affect Homemakers?

[jenthn]

I am a homemaker.  How will the new bill affect me and my family when we file joint returns?  We do not have any kids.

[xmasbaby0]

There is nothing specific for "homemakers." You can file a joint return with your spouse and will receive the standard deduction of $31,500 for a married couple even if one spouse has little or no income. If you are under 65 years old, you do not get the "senior" credit of $6000 per spouse.   If you are 65 or older, each spouse 65 or older may get the extra senior deduction of up to $6000 per spouse.    Without children, you are not eligible for child-related credits.    

[K M W]

Hi, jenthn, with all the changes in the new bill, there are a lot of questions on how it will impact tax returns this year. The One Big Beautiful Bill (OBBB) has many provisions that could impact you, including:

• The OBBB makes many of the 2017 Tax Cut and Jobs Act (TCJA) tax law changes permanent while adding some temporary and permanent changes to the tax code.
• Some new tax laws of the Trump Tax Plan 2025 are in effect for your 2025 taxes (which you'll file in 2026), however, most of the changes won't take effect until 2026 and later.
• The OBBB keeps many of the TCJA tax items, including the larger Standard Deduction, elimination of personal and dependent exemptions, lower tax brackets, and elimination of, or limits on, certain itemized deductions.
• The 2025 tax law changes temporarily provide for no tax on tip or overtime income for certain workers.

And that's just the tip of the iceberg of changes included in the bill!  TurboTax has a detailed article about how the tax law changes could impact you, and even includes a link to our TurboTax Tax Reform Calculator, where you can plug in information specific to your situation and see what the impacts could be.

You can find the article at this link:  OBBB Tax Law Changes and How That Impacts You   and you can use our reform calculator at this link:  TurboTax Tax Reform Calculator 

Without knowing the specifics of your unique situation, I can't advise how the new bill will impact you, but with the tools I provided above you should be able to  plug in a few key numbers and determine the ultimate impact on your estimated 2025 tax return. I hope the above references help!

[Katie-P]

The answer depends on your household's overall tax situation. Here are highlights of areas that may impact your household:

• No tax on tips - deduction of up to $25,000 per taxpayer with phaseout for Modified Adjusted Gross Income (MAGI) over $150,000 (over $300,000 for Married Filing Jointly filers)
• No tax on overtime - deduction of up to $12,500 per taxpayer with phaseout for MAGI over $150,000 (over $300,000 for Married Filing Jointly filers)
• Additional senior deduction (2025 through 2028) - additional $6,000 deduction for taxpayers 65 and older with phaseout for MAGI over $75,000 (over $150,000 for Married Filing Jointly filers)
• Increased state and local tax (SALT) itemized deduction - increased to $40,000 (adjusted annually) for 2026 through 2029.
• Deduction for interest payments on certain vehicles - up to $10,000 deduction with phaseout for MAGI over $100,000 (over $200,000 for Married Filing Jointly filers)
• Increase in the standard deduction - increases the 2025 Standard Deduction to $15,750 for Single, $23,625 for Head of Household, and $31,500 for Married Filing Jointly filers. These amounts will increase with inflation each year.

Here are some resources you can check out:

Taxes 2025-2026: One Big Beautiful Bill Tax Law Changes and How That Impacts You 

See How Tax Changes Impact You with the Tax Reform Calculator 

One Big Beautiful Bill Act: Tax Deductions for Working Americans and Seniors