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[Event] Ask the Experts: Tax Law Changes - One Big Beautiful Bill
In short, yes!
The new senior deduction in the One Big Beautiful Bill is on top of the standard deduction (or your itemized deductions if you were to itemize) for your filing status. It is $6,000 for a single filer and $12,000 for a couple filing jointly on top of your standard deduction. You would also get any additional senior deduction for age or blindness as applicable.
To qualify, you each need to be 65 or over on the last day of the tax year. The deduction does phase out if modified adjusted gross income is $75,000 for single filers or $150,000 for married filing joint filers. Also, the taxpayer needs a valid social security number. Lastly, note that this deduction is temporary, for years 2025 to 2028.
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