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Retirement tax questions
As long as you meet the qualifications for this deduction, it is automatically applied to your tax return. This senior deduction is in addition to the regular Standard Deduction you take on Form 1040.
Qualifications:
- Age: You must be 65 or older by the end of the tax year (e.g., born before Jan 2, 1961, for 2025 returns).
- Income Limits: Your modified adjusted gross income (MAGI) must be below certain thresholds (e.g., $175k single, $250k joint for 2025), with deductions phasing out above those levels.
- Benefit: Up to $6,000 (single) or $12,000 (joint) Additional Standard Deduction to reduce taxable income. The senior deduction is separate and in addition to the Standard Deduction.
The deduction phases out for taxpayers with modified adjusted gross income over $75,000 ($150,000 for joint filers).
You can see the information for the Senior Deduction is reflected on Schedule 1A, Part V, Line 37
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5 hours ago