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People sixty-five or older may receive a higher tax deduction on their 2025 Tax Return - The Motley Fool
A lot of people were hoping to see the taxation of Social Security benefits end; however, that did not happen. However, included in the “One Big Beautiful Bill” (OBBB) that did pass is included an additional $6,000 tax deduction for singles or $12,000 for married couples.
If you are 65 or older and have a modified adjusted gross income (MAGI) of less than $75,000 for singles, or less than $150,000 for married couples, you will see a reduction in your tax liability.
This additional standard deduction begins on your 2025 tax return and is good through 2028. At that time, the new administration must extend it, or you may see an increase in your taxes.
Kailey Hagen, CFP, has written an article about the four main things you need to understand to be eligible for the additional tax deduction. Read the full article here ….
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