The OBBB provides a new, temporary deduction for individuals aged 65 and older. This deduction is $6,000 per eligible individual ($12,000 for a married couple where both spouses qualify). This is in addition to the standard deduction already available to seniors, and the deduction could be phased out depending on income.
However, this new deduction for seniors is a temporary provision, effective for tax years 2025 through 2028. As such, under the current law, you could be eligible for this new deduction on your 2028 tax return, but the deduction would not be available for your 2029 tax return.
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