New Senior Citizens Tax Credit

[kso808]

Will all senior citizens aged 65 and over be eligible for the new tax credit?

[KusyJ]

Taxpayers aged 65 and older with a valid Social Security number are eligible for a $6,000 personal exemption beginning in 2025. This exemption will be available through 2028. If married, the Seniors must file jointly to claim the exemption for both spouses.

If your modified adjusted gross income exceeds $75,000 ($150,000 for filing jointly), the $6,000 exemption shall; be reduced by 6% of the taxpayer's modified adjusted gross income that exceeds exceeds $75,000 ($150,000 for filing jointly). However, the $6,000 cannot be reduced below zero.

[kso808]

Thank you!

[Guapo2022tax]

What if only one senior is over 65; the other is 60?

[KusyJ]

In the case of spouse filing Married Filing Joint, the $6,000 temporary personal exemption will apply to the spouse over the age of 65 only. The spouse under the age of 65 will not be eligible unless that spouse reaches the age of 65 before December 31, 2028.