Latest News
Further clarification on the “Senior Bonus Deduction”
The $6,000 per filer bonus income deduction enacted via the One Big Beautiful Bill Act has generated quite a bit of discussion since its July 4 arrival, much of it dealing with its mechanics at tax filing time. As explained in numerous media accounts, the bonus deduction is available to those taxpayers age 65 and over irrespective of how they claim deductions on their tax return. In other words, those who itemize deductions will also be able to take advantage of the incremental deduction, along with those who take the existing standard deduction.
Kiolinger.com Senior Tax Editor Kelley R. Taylor, in a post on their website, provides a detailed account of how this bonus deduction fits into the income tax returns for the 2025 through 2028 tax years. Her post, which you can read in full here, also discusses the reality of the bonus deduction vs. the “no tax on Social Security” pledge that garnered so much attention during the last presidential campaign.
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.