[Event] Ask the Experts: Tax Law Changes - One Big Beautiful Bill

The standard deduction for the 2024 tax year (which you would have filed in early 2025) is as follows:

Single or Married Filing Separately: $14,600

Married Filing Jointly or Qualifying Surviving Spouse: $29,200

Head of Household: $21,900

Additional standard deductions are available for those who are 65 or older or blind. For 2024, the additional amounts are:

Single or Head of Household: $1,950Married Filing Jointly or Qualifying Surviving Spouse: $1,550 (per qualifying person

Here are the standard deduction amounts for 2025:

Single or Married Filing Separately: $15,750

Married Filing Jointly or Qualifying Surviving Spouse: $31,500

Head of Household: $23,625

Additional Deductions for Seniors and the Blind

For taxpayers who are 65 or older or blind, there are additional standard deductions.

For single filers: $2,000 (if 65+ or blind), or $4,000 (if 65+ and blind)

For married filers: $1,600 (per qualifying person)

Additionally, the new "One Big Beautiful Bill Act" introduced a new temporary "bonus" deduction for seniors. If you are 65 or older by the end of 2025, you may be eligible for an additional $6,000 deduction ($12,000 for a married couple both 65 or older) if your Modified Adjusted Gross Income (MAGI) is below a certain threshold. This bonus deduction begins to phase out for single filers with MAGI over $75,000 and for married couples with MAGI over $150,000.