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Story summary
- Millions of seniors will benefit from a new $6,000 tax deduction, effective in 2025 through 2028.
- The deduction applies to those aged 65+ with modified adjusted gross income below $75,000 for singles and $150,000 for joint filers.
- About 40% of seniors may fall into the phaseout range.
- Experts estimate an average relief of $670 per eligible taxpayer.
- The deduction reduces taxable income rather than directly cutting taxes, and savings are modest.
