What calculation is used to determine the senior tax bonus deduction (max $6,000) if income in greater than $75,000 but less than $175,000 for single filer?

If your MAGI is above $75k, your senior tax deduction will be reduced by 6 cents for every dollar of income exceeding $75k.

 

For example, let's say that your MAGI is $90k as a single filer, age 65. Here's how the deduction will be reduced:

 

$90k - $75 = $15k

$15k * $0.06 = $900

$6k - $900 = $5100 = your senior tax deduction

 

Here's another example to test it. Let's say that your MAGI is $174,999.

$174,999 - $75k = $99,999

$99,999 * $0.06 = $5,999.94

$6k - $5,999.94 = $0.06 = your senior tax deduction

 

I hope that helps! I'll keep an eye out in case you have a follow-up question. Thanks!