Tax time could be less stressful for some retirees with the new senior tax deduction in President Trump’s bill. To qualify, you must be 65 or older, have a MAGI of $75,000 or less for individuals, or $150,000 for married couples. The deduction is worth up to $6,000 for individuals or $12,000 for couples, reducing taxable income. It’s only available for tax years 2025 to 2028, so keep an eye on future legislation. Claiming the deduction is similar to other tax deductions. This could lead to a bigger tax refund for seniors.

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Read more at Nasdaq: 4 Things All Retirees Need to Know About the New Senior Tax Deduction