AARP Webletter - Millions of taxpayers ages 65 and older got a big tax break in the “One Big Beautiful Bill”: a new $6,000 tax deduction, effective this year. The deduction, which AARP supported, will reduce tax bills for many older Americans, starting with their next tax filing and running through the 2028 tax year, after which it is set to expire.
Applying the new deduction, though, may come with some complexity.
The deduction is available in full only to taxpayers with incomes below a certain level, and it phases out above that threshold...Here’s what you need to know about the new deduction.
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