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[Event] Ask the Experts: Tax Law Changes - One Big Beautiful Bill
Yes, you will be eligible for the senior bonus deduction when you file your 2028 tax return in 2029.
The law specifies that to qualify for the deduction, you must be age 65 or older on or before the last day of the taxable year. Since you will turn 65 in September 2028, you will meet this age requirement for the entire 2028 tax year.
Phase-out: The deduction is subject to an income phase-out. It begins to shrink for single filers with a Modified Adjusted Gross Income (MAGI) over $75,000 and for married couples filing jointly with a MAGI over $150,000.
Please refer to the IRS link for more details:
@2020Zoe Thanks for the question!!
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