For tax years 2025-2028, the Act provides seniors (ages 65 and older) with an additional $6,000. If seniors are married, each spouse aged 65 or older is eligible for the deduction, provided they file a joint return and meet the income requirements. The senior deduction begins to phase out for taxpayers with incomes of $75,000 (single) or $150,000 (MFJ). The deduction is available to seniors who take the standard deduction and to those who itemize. This deduction replaces the previous additional standard deduction of $1,950 for singles and $1,550 for married couples.
No taxes on Social Security?
Many people may have been confused by the Trump administration’s claims that there is now no tax on Social Security. No laws have changed relating to the taxability of Social Security income. There is a deduction that would make about 80% of Social Security tax-free if that is the only income they received all year.