How the new $6,000 senior tax deduction could affect millions of Americans over 65
CBS News • • business
Key Points:
- A new $6,000 tax deduction for Americans aged 65 and older, effective for the 2025 tax season, could increase refunds by an average of $670, with some taxpayers saving up to $1,320 depending on their income bracket.
- The deduction is available to individuals who turn 65 by December 31, 2025, with income limits set at $75,000 for singles and $175,000 for married couples to receive the full amount, and it phases out at higher incomes.
- This deduction applies to both those who itemize and those who take the standard deduction, potentially allowing seniors to deduct up to $23,750 for singles and $46,700 for married couples when combined with existing
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