New Senior Deduction: What You Need to Know About the $12,000 Tax Break

Описание: If you're 65 or older, proposed federal legislation could provide significant tax relief through a new additional senior deduction. In this discussion, Michael Henley and Alison Dorsman walk through:

Who qualifies and how the income phase-out actually works
How Roth conversions, RMDs, and Qualified Charitable Distributions factor into your planning
What to evaluate before making any tax moves

Whether you're already receiving Social Security and pensions or still planning your retirement income strategy, this video provides the clarity you need to understand where you stand.

For guidance with wealth management and tax planning, call (484) 785-0050, email [email protected], or schedule a consultation online.

Time Stamps:
0:16 – Introduction of Michael Henley and Alison Doersmann
0:24 – Overview of the One Big Beautiful Bill Act
0:33 – Explanation of the senior deduction for taxpayers over age 65
0:48 – Qualification criteria for the senior deduction
1:04 – Income limits for receiving the full senior deduction
1:25 – Case study of Bob and Susan qualifying for the full deduction
2:07 – Case study of a married couple receiving the full senior deduction
2:16 – Case study of John and Betsy, who don’t receive the full deduction
3:02 – Explanation of income phase-out for senior deduction
3:31 – Discussion on IRA to Roth conversions and its impact on deductions
4:11 – Discussion of Qualified Charitable Distributions (QCDs) and their role in tax planning
4:52 – Using QCDs to reduce income and qualify for senior deduction
5:03 – Closing remarks


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