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Income Tax Planning
Chapter 3: Fundamentals of Income Tax/OBBBA TEMPORARY ENHANCED DEDUCTION
Warren Academy Course SyllabusSyllabus Slides
Chapter Study Session

Chapter 3: Fundamentals of Income Tax

OBBBA TEMPORARY ENHANCED DEDUCTION

01.Core Concepts

FOR SENIORS • Allowed for taxpayer and spouse (not other dependents) • $6,000 for each qualified individual • Age 65 and over • Available for tax years 2025 – 2028 • Phaseout: • $6,000 reduced by 6% of MAGI over $75,000 (single, $150,000 MFJ) • Fully phased out at $175,000 (single, $250,000 MFJ)