US politics
fromwww.mercurynews.com
2 days agoJill On Money: Tax season opens
2025 tax changes alter deductions and credits; file electronically by April 15, 2026, claim the larger of standard or itemized deductions, and check new limits.
The OBBBA's new deduction is worth $6,000 annually, and it is on top of other deductions retirees can claim, like the standard deduction available to all taxpayers. The new $6,000 deduction is available beginning in 2025 for taxpayers 65 and over, and married taxpayers who meet the age requirements can each claim the deduction, allowing them to save a total of $12,000 on their income taxes.
Under the OBBBA, the tax code now includes a new senior-specific deduction of $6,000 for single filers and $12,000 for married couples filing jointly-if both spouses are 65 or older.