Chicago – January 22, 2026
Older Americans who have a fixed income and are struggling with the cost-of-living crisis may get some financial relief from this bill’s new tax credits and deductions.
Those aged 65 and above can now claim a bonus tax deduction of $6,000 for single filers or $12,000 for joint filers. This is on top of the standard deduction, and the additional standard deduction — which Americans over 65 years old can claim.
Individual taxpayers who earn up to $75,000 or couples who earn a combined income up to $150,000 can claim the full bonus deduction.
The deduction is gradually phased out at higher income levels and is fully phased out for anyone earning over $175,000 individually or $250,000 jointly.
Besides this bonus, many seniors could also benefit from other deductions included in the bill.
