Latest News
A Quick Refresher on the Bonus Deductioon for Seniors - rollingout.com
The $6,000 “bonus” income tax deduction for seniors age 65 and older for tax years 2025-2028 will surface for the first time as this year’s IRS filing season gets underway. While the increased deduction is indeed beneficial for qualified taxpayers, it’s also for many a somewhat confusing aspect of an already complex part of everyone’s financial life. David Kesiena, Content Creator at Rolling Out, examines this temporary sea-change in Social Security benefit taxation in a post yesterday on their website, including a discussion of the thresholds currently in play, filing requirements for seniors, and strategies to mitigate the impact of federal income taxes on benefits. His turbotax.intuit article, which you can access in full here, also touches on the implications of state-level benefit taxation and notes that these rules differ from federal rules.