3696562
We are over 65 and file jointly.
In 2024 our standard deduction was $32,300 ($29,200 + $3,100).
For 2025, will we get the standard deduction (30,000 or 31,200 or 31,500) plus the $3,200 plus the $12,000??
thanks
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2025 STANDARD DEDUCTION AMOUNTS
SINGLE $15,750 (65 or older/legally blind + $2000)
MARRIED FILING SEPARATELY $15,750 (65 or older/legally blind +1600)
MARRIED FILING JOINTLY $31,500 (65 or older/legally blind + $1600 per spouse)
HEAD OF HOUSEHOLD $23,625 (65 or older/legally blind + $2000)
For 2025 through 2028 there is an extra amount of up to $6000 per individual 65 or older filing Single, MFJ, or HOH which is phased out above certain incomes.
In short, yes!
The new senior deduction in the One Big Beautiful Bill is on top of the standard deduction (or your itemized deductions if you were to itemize) for your filing status. It is $6,000 for a single filer and $12,000 for a couple filing jointly on top of your standard deduction. You would also get any additional senior deduction for age or blindness as applicable.
To qualify, you each need to be 65 or over on the last day of the tax year. The deduction does phase out if modified adjusted gross income is $75,000 for single filers or $150,000 for married filing joint filers. Also, the taxpayer needs a valid social security number. Lastly, note that this deduction is temporary, for years 2025 to 2028.
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The passing of the One Big Beautiful Bill has enacted, adjustments to the standard deduction for 2025 and future years.
Here is a summary of the changes:
In your scenario:
Therefore, for a married couple where both are 65 or older, the total standard deduction could be up to $46,700 ($31,500 + $3,200 + $12,000). (The age/blindness deduction is $2,000 for each condition, if your filing status is single or head of household for 2025.)
For additional information see:
Please feel free to reach back out with any additional questions.
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Based on the information provided, let's clarify and calculate the new potential standard deduction for 2025:
Total so far: $31,500 + $3,200 = $34,700.
Combining both the existing deductions and the new ones:
$34,700 + $12,000 = $46,700.
It's important to remember that this new deduction is subject to phaseout for income over $150,000 for those filing Married Filing Jointly. If your income exceeds $150,000, the additional $12,000 deduction may begin to phase out, and you'll need to calculate how much you're still eligible for based on your specific income level.
Here is a link to the Tax Reform tax calculator: Tax Reform tax calculator
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