Older adults who face a financial crunch may be happy to know that 2025 federal income tax returns offer a way to get more tax refund cash for those 65 and older.
You'll need to qualify — and make sure to file a new Schedule 1-A to claim a special tax deduction.
The new, temporary "senior bonus" will enable many taxpayers 65 years old and older to deduct up to $6,000 in income from their federal returns. Plenty of rules and restrictions apply, though, so not everyone in that age group will qualify.
If you qualify, though, you could see a fatter tax refund — or substantial savings on your tax bill.
At a 12% marginal tax rate, for example, the $6,000 deduction for a single taxpayer who is 65 or older would result in $720 in tax savings.
