The extra deduction for people 65 and older
For taxable years beginning after December 31, 2024, and before January 1, 2029, section 151(d)(5)(C) allows $6,000 for each qualified individual. Two qualifying spouses on a joint return start from $12,000. The IRS newsroom describes the same amounts and says the deduction phases out once MAGI is over $75,000, or $150,000 for joint filers.
Questions
Who is a qualified individual?
The taxpayer, if they are 65 before the close of the tax year. On a joint return, the spouse can also qualify if that spouse is 65 before year-end. Each person needs their Social Security number on the return. A married taxpayer must file jointly.
How does the 6 percent reduction work?
The $6,000 amount for each qualified individual is reduced, but not below zero, by 6 percent of MAGI over $75,000, or over $150,000 on a joint return. MAGI here is adjusted gross income plus income excluded under sections 911, 931, and 933. The IRS also says this deduction is in addition to the senior standard-deduction add-on already in the law, and that itemizing is not required. This page does not restate the dollar amount of that older add-on.