Seniors Set To Receive Big Tax Relief Thanks to Trump, GOP

• You must be 65 or older by December 31, 2025.
• The bonus amount tops out at $6,000 for individuals and $12,000 for married couples when both spouses are 65 and older.
• This deduction phases out above a certain income level: Modified Adjusted Gross Income (MAGI) of $75,000 for singles and $150,000 for those married, filing jointly. It phases out completely for MAGI above $175,000 and $250,000, respectively.
• The IRS says you must “include the Social Security Number of the qualifying individual(s) on the return, and file jointly if married, to claim the deduction.”

Because the deduction is available whether you itemize or claim the standard deduction, it can benefit taxpayers who have enough deductible expenses to itemize while still providing an additional opportunity to reduce their taxable income.