The New $6,000 Senior Deduction, Explained Simply | South Oak Accounting

Описание: 65 or older? Here's what the new enhanced deduction for seniors from the One Big Beautiful Bill Act means for your 2026 return (the one you file in early 2027), in simple terms.

In this video:
What it is: a new deduction for tax years 2025–2028, itemize or not
Who qualifies: age 65 by the last day of the tax year
How much: up to $6,000 per eligible person, up to $12,000 if both spouses qualify on a joint return
It's on top of the extra standard deduction for 65+ (if you don't itemize)
The income limit: shrinks above $75,000 of modified adjusted gross income ($150,000 joint), by 6% of the amount over
Quick example: single, 66, $85,000 of modified adjusted gross income = $5,400 deduction
Quick rules: valid Social Security number; married couples must file jointly
Where to claim it: Schedule 1-A, Part V, carried to Form 1040 or 1040-SR

Want to feel calm and organized about your finances? South Oak Accounting helps families and small businesses with tax, bookkeeping and payroll.
Call (801) 348-5515
Visit https://southoakaccounting.com

Sources: IRS — Check your eligibility for the new enhanced deduction for seniors (irs.gov/newsroom/check-your-eligibility-for-the-new-enhanced-deduction-for-seniors), IRS Fact Sheet FS-2026-04 (Schedule 1-A), Publication 554 and the Form 1040 instructions.

Disclaimer: This video is general education, not tax advice for your situation. Tax rules can change and depend on your facts. Talk with a tax professional about your own return.

#SeniorDeduction #TaxTips #Retirement #OBBBA