Click on the links below to jump to each section in this article: Seniors May Be Eligible for a New Deduction Separated or Divorced? Know Your Tax Obligations Bonus Depreciation Gets a Reprieve Seniors May Be Eligible for a New Deduction For 2025 through 2028, individuals age 65 and older may be able to claim a new senior deduction of up to $6,000, subject to income-based phaseouts. This deduction is available whether or not the taxpayer itemizes. It begins to phase out when modified adjusted gross income (MAGI) exceeds $75,000 ($150,000 for married couples filing jointly). Does this new deduction replace the existing extra standard deduction for those age 65 and up? No. For 2025, single qualifying seniors can take the additional $2,000 standard deduction. Married couples who file...
