senior tax cr

[gaelichead]

With the senior tax credit ,,im over 65 but my wife is 61 how will that work

[DoninGA]

Here's a breakdown:

• Regular Standard Deduction for 2025:
  • Single: $15,750
  • Married Filing Jointly: $31,500
• Existing Additional Standard Deduction for Seniors (age 65 or older or blind):
  • Single or Head of Household: $2,000
  • Married Filing Jointly or Separately: $1,600 per qualifying individual
  • Note: If you are 65 or older AND blind, this amount doubles to $4,000 for single filers or heads of household, and $3,200 per qualifying individual for married filers.
• New Bonus Standard Deduction (OBBB):
  • An additional $6,000 deduction for taxpayers 65 and older.
  • This is per eligible individual, meaning a married couple both over 65 could get $12,000.
  • Important: This bonus deduction is temporary, lasting from 2025 through 2028.
  • Income limitations: It phases out for taxpayers with modified adjusted gross income over $75,000 for single filers and $150,000 for joint filers. 

Combining these:

• A single filer, 65 or older, with income below the phase-out threshold:
  • Regular standard deduction: $15,750
  • Additional standard deduction for seniors: $2,000
  • Bonus standard deduction: $6,000
  • Total: $23,750
• A married couple filing jointly, both 65 or older, with income below the phase-out threshold:
  • Regular standard deduction: $31,500
  • Additional standard deduction for seniors (both qualify): $3,200 ($1,600 x 2)
  • Bonus standard deduction (both qualify): $12,000 ($6,000 x 2)
  • Total: $46,700 

Note: This new $6,000 bonus deduction applies whether you take the standard deduction or itemize your deductions.