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The deduction applies only for tax years 2025–2028
The IRS finalized the redesigned 2026 Form W‑2 — including the new Box 12 code “TT” for total qualified overtime compensation — with the agency posting the final 2026 W‑2 on or about January 9–12, 202...
The new, temporary $6,000 "senior" deduction for taxpayers age 65+ in tax years 2025–2028 is subject to an income-based phaseout tied to Modified Adjusted Gross Income (MAGI): it is fully available at...
The new 2025 “senior” deduction calculation begins with Adjusted Gross Income (AGI) on Form 1040 — Line 11 — and the Modified Adjusted Gross Income (MAGI) add‑backs are computed on a new supplemental ...
The and Form 1040‑SR explicitly place the standard deduction amount on line 12 of page 2, and the form uses a set of checkboxes (on line 12d) to capture age‑65 and blindness adjustments whose count fe...
Dependents calculate their as the greater of a flat $1,350 or their , but that result cannot exceed the regular standard deduction for their filing status (single, head of household, married filing jo...
The short answer: some federal tax changes that take effect for (returns filed in 2027) will affect older taxpayers — including a new, temporary enhanced “senior” deduction — but whether a senior who ...
Federal standard deductions for tax year were adjusted upward from 2024, with the official .gov summary (sourcing Revenue Procedure 2024‑40) listing $15,000 for single filers and $30,000 for married f...
issued allowing workers to claim the new “” and overtime deductions for tax year 2025 even though employer reporting forms were not yet changed, and they signaled that Forms W‑2 and various 1099s will...
The Premium Tax Credit (PTC) repayment caps for the 2025 tax year limit how much a taxpayer with household income under 400 percent of the federal poverty level (FPL) must repay if advance payments (A...
The in P.L. 119‑21 is a temporary, additional tax deduction worth $6,000 for individuals age 65 and older (and $12,000 for married couples if both spouses qualify) for tax years beginning in 2025 thro...
The created a temporary additional senior deduction that allows taxpayers age 65 or older to claim up to $6,000 (per eligible person) for tax years 2025 through 2028, first affecting returns filed in ...
Taxpayers should expect specific IRS guidance and form updates before claiming the new above‑the‑line deductions for tax year 2026: revised withholding guidance (including updated Forms W‑4 and Public...