4. Seniors Can Claim a New Extra Deduction
Extra relief on top of existing deductions
Taxpayers born before January 2, 1961 may claim an additional deduction:
- $6,000 for single filers
- $12,000 for married couples if both qualify
This deduction is added on top of the standard or itemized deduction.
Pros
- Reduces taxes for retirees
- Helps seniors living on fixed income
Cons
- Phases out at higher income
- Not available to younger retirees
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