OBBBA has introduced a ‘Seniors Deduction’ for retirees over 65, of up to $6,000 for individuals ($12,000 for couples), in 2026 tax filings.

A new $6,000 tax deduction for Americans 65 and older could boost refunds for millions of older taxpayers, putting an average of about $670 more in their pockets this year, according to advocacy group ...

The enhanced deduction for seniors applies on 2025 tax returns to adults born before Jan. 2, 1961.

For Americans 65 and older, the 2025 and 2026 tax years are unusually generous. A new senior-focused deduction stacks on top ...

Getting older comes with its fair share of challenges, from health concerns to managing finances on a fixed income. The cost ...

Elizabeth Guevara is a personal finance reporter who explains the world of business and economics and how it impacts your finances. She joined Investopedia in 2024. Johner Images/Getty Images A new ...

Social Security benefits remain taxable on federal income tax returns. But many older adults can save money with new enhanced deduction for seniors.

Benjamin Franklin famously quipped that there’s nothing certain in life other than death and taxes. Any changes to the latter pique the interest of most Americans. As it does annually, the IRS ...