Good news for seniors: introduced under the One Big Beautiful Bill Act (OBBBA), beginning with the 2025 tax year, anyone age 65 or older can take a new Senior Bonus Deduction of up to $6,000 per person (or $12,000 for couples if both spouses qualify). This eduction is available whether you itemize or use the standard deduction.

Learn what's new for the Senior Bonus Deduction in this month's Retire Wise.