2025 Big Beautiful Bill

[poman1972]

Just an observation...since TT hasn't updated stuff yet for 2025 regarding the BBB....if you're a qualifying senior , there are a few givens that you need to be aware of:

1. Standard Deduction married jointly...$31,500 + $3200 married jointly age=$34,700

2. Senior  Deduction for joint married..$12,000 for AGI <=$150K..excess of that you lose 6 cents on the dollar

Total Deduction <=$150K AGI= $46,700.

The Charity deduction of $2K does not apply to 2025 taxes. It starts 2026.

It would be nice if TT could update software ASAP so people can play with it!!

[xmasbaby0]

2025 STANDARD DEDUCTION AMOUNTS

SINGLE $15,750  (65 or older/legally blind + $2000)

MARRIED FILING SEPARATELY $15,750  (65 or older/legally blind +1600)

MARRIED FILING JOINTLY $31,500  (65 or older/legally blind + $1600)

HEAD OF HOUSEHOLD $23,625 (65 or older/legally blind + $2000)

For 2025 through 2028 there is an extra  deduction amount of up to $6000 per individual 65 or older filing Single, MFJ, or HOH which is phased out above certain incomes.

The 6,000 senior deduction will be calculated on 1040 Schedule 1-A page 2 Part V Enhanced Deduction for Seniors which goes to 1040 line 13b. It is separate and in addition to the Standard Deduction or your Itemized Deductions on 1040 line 12e.  Turbol Tax automatically includes it.

IRS Schedule 1-A
https://www.irs.gov/pub/irs-dft/f1040s1a--dft.pdf

[baldietax]

if you want to play around or do 2025 final planning might want to try other calculators like this

https://www.dinkytown.net/java/1040-tax-calculator.html

[VolvoGirl]

The 2025 program is updated for the 6,000 senior deduction and other items.

The 6,000/12,000 senior deduction will be calculated on 1040 Schedule 1-A page 2 Part V Enhanced Deduction for Seniors which goes to 1040 line 13b. It is separate and in addition to the Standard Deduction or your Itemized Deductions on 1040 line 12e. Turbo Tax automatically includes it if you qualify.

IRS Schedule 1-A
https://www.irs.gov/pub/irs-dft/f1040s1a--dft.pdf

Here's my 2025 Desktop Home & Business program.....

                                                

Any a little spreadsheet I made.....