New $6,000 senior tax deduction set to boost refunds for millions of older Americans The One, Big, Beautiful Bill (OBBB) Act, signed last summer, introduces a $6,000 tax deduction for individuals 65 and older or $12,000 for eligible married couples, starting with the 2025 tax filing season. Full benefits apply to individuals earning up to $75,000 and couples earning up to $150,000, with the deduction gradually phasing out for higher incomes and fully ending at $175,000 for singles and $250,000 for couples. This deduction adds to existing senior tax breaks, including the 2017 TCJA senior deduction and increased standard deductions, allowing…
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