BONUS DEDUCTION FOR SENIORS (2025-2028)
01.Core Concepts
• Bonus deduction of $6,000 (each) for taxpayer and spouse age 65 and over. • Does not apply to other dependents age 65 or older. • Available regardless of whether the taxpayer takes the standard deduction or itemizes deductions. • $6,000 reduced by 6% of MAGI over $75,000 (single, $150,000 MFJ). • Fully phased out at $175,000 (single, $250,000 MFJ). • No deduction if MFS.