{"id":24518,"date":"2026-07-23T20:09:32","date_gmt":"2026-07-23T20:09:32","guid":{"rendered":"https:\/\/thetwistzone.com\/?p=24518"},"modified":"2026-07-23T20:09:32","modified_gmt":"2026-07-23T20:09:32","slug":"seniors-set-to-receive-big-tax-relief-thanks-to-trump-gop","status":"publish","type":"post","link":"https:\/\/thetwistzone.com\/?p=24518","title":{"rendered":"Seniors Set To Receive Big Tax Relief Thanks to Trump, GOP"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">The first major piece of legislation the GOP congressional majority passed and President Donald Trump signed last year, during his first months back in office, was a bill to make their 2017 tax cuts permanent.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Every Democrat voted against the measure even though the cuts benefited the vast majority of Americans.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Now, the administration is touting another benefit for Americans 65 and older ahead of next year\u2019s tax filing deadline.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A significant, though temporary, tax change for older Americans comes in the form of a new benefit known as the \u201csenior bonus deduction.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Included in the 2025 tax legislation, the provision is intended to provide additional tax relief for retirees and older taxpayers.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While the concept of a new deduction may seem straightforward, it has raised questions about who qualifies and how the deduction is applied, the Kiplinger Letter noted this week.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For example, taxpayers who are 65 or older and typically itemize their deductions may wonder if they can also benefit from the new senior bonus deduction.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Fortunately, the new deduction is highly flexible, noted the outlet.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Most taxpayers who claim the standard deduction can also take advantage of the senior bonus deduction in addition to the extra standard deduction available to those age 65 and older.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Taxpayers who choose to itemize their deductions are also eligible to claim the bonus.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThis bonus allows taxpayers age 65 and older to claim an additional deduction \u2014 up to $6,000 for singles, or $12,000 for married couples when both spouses qualify,\u201d Kiplinger noted, adding some \u201ckey points\u201d about the benefit:<\/p>\n\n\n\n<ul id=\"elk-4e639224-7bd8-11f1-8bc0-5f716b5368cc\" class=\"wp-block-list\">\n<li><em>You must be 65 or older by December 31, 2025.<\/em><\/li>\n\n\n\n<li><em>The bonus amount tops out at $6,000 for individuals and $12,000 for married couples when both spouses are 65 and older.<\/em><\/li>\n\n\n\n<li><em>This deduction phases out above a certain income level:\u00a0Modified Adjusted Gross Income (MAGI)\u00a0of $75,000 for singles and $150,000 for those married, filing jointly. It phases out completely for MAGI above $175,000 and $250,000, respectively.<\/em><\/li>\n\n\n\n<li><em>The\u00a0<u>IRS says<\/u>\u00a0you must \u201cinclude the Social Security Number of the qualifying individual(s) on the return, and file jointly if married, to claim the deduction.\u201d<\/em><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Because the deduction is available whether you itemize or claim the standard deduction, it can benefit taxpayers who have enough deductible expenses to itemize while still providing an additional opportunity to reduce their taxable income.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But all said, the benefit is&nbsp;<a href=\"https:\/\/www.kiplinger.com\/taxes\/how-the-senior-bonus-deduction-works\" target=\"_blank\" rel=\"noreferrer noopener\">temporary<\/a>, set to expire after the 2028 tax season unless it is renewed by Congress, Kiplinger noted.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Trump signed the legislation, known as the \u201cBig, Beautiful Bill\u201d on July 4, 2025.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Earlier this month, to mark the occasion ahead of the nation\u2019s 250th birthday, the White House put out a press release touting the legislation\u2019s accomplishments.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThe success of President Trump\u2019s widely popular tax breaks, like No Tax on Tips, No Tax on Overtime, No Tax on Social Security and Made in America Car-Loan deductions, is undeniable,\u201d the statement said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cA look at the first-year\u2019s results shows that nearly 70% of filers who received a tax cut earned less than $100,000,\u201d it added.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The release also included several things the legislation achieved:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>Millions of Americans received historic tax refunds this tax season with\u00a0the average refund\u00a0exceeding $3,400\u00a0\u2014 an 11% increase from last year.<\/em><\/li>\n\n\n\n<li><em>American families and workers claimed $82 billion in direct tax relief, with\u00a097% of filers receiving a tax cut.<\/em><\/li>\n\n\n\n<li><em>More than 29 million workers claimed the\u00a0No Tax on Overtime\u00a0deduction with an\u00a0average deduction of\u00a0over $3,100.<\/em><\/li>\n\n\n\n<li><em>More than 35 million seniors have claimed\u00a0No Tax on Social Security\u00a0with an\u00a0average deduction of\u00a0over $7,500.\u00a0<\/em><\/li>\n\n\n\n<li><em>Nearly 8 million workers claimed\u00a0No Tax on Tips with\u00a0an\u00a0average deduction of\u00a0over $7,000.\u00a0<\/em><\/li>\n\n\n\n<li><em>Over 1.4 million filers have claimed\u00a0No Tax on Made-in-America Car Loan Interest\u00a0with an\u00a0average deduction of\u00a0over $1,800.\u00a0<\/em><\/li>\n\n\n\n<li><em>Nearly 40 million families claimed the\u00a0enhanced Child Tax Credit.<\/em><\/li>\n\n\n\n<li><em>Nearly 6 million\u00a0Trump Accounts\u00a0have been opened, with 1.4 million eligible for the $1,000 pilot program contribution.<\/em><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The first major piece of legislation the GOP congressional majority passed and President Donald Trump signed last year, during his first months back in office, was a bill to make &hellip; <\/p>\n","protected":false},"author":1,"featured_media":24519,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-24518","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - 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