This extra deduction only applies to your Federal taxes (Form 1040)
Social Security benefits are already tax-free on the Wisconsin taxes.
If you’re 65 or older, there’s a new tax deduction starting in 2025 that could help you save even more on your taxes. Here’s a simple breakdown of how it works:
What’s the New Deduction?
From 2025 to 2028, seniors can claim an additional tax deduction on top of the current standard deduction. Here are the details:
- How Much Can You Deduct?
- Eligible individuals can deduct $6,000.
- Married couples where both spouses qualify can deduct $12,000 total.
- Income Limits Apply:
- The deduction phases out if your income is over:
- $75,000 (single filers).
- $150,000 (joint filers).
- The deduction phases out if your income is over:
Who Qualifies for This Deduction?
The rules are pretty straightforward:
- Who’s Eligible?
- Anyone who turns 65 or older by the end of the tax year.
- What’s Required?
- Include the Social Security number of the qualifying individual(s) on your tax return.
- If you’re married, you’ll need to file jointly to claim the deduction for both spouses.
Can You Claim This Deduction if You Don’t Itemize?
Yes! This deduction is available whether you:
- Itemize your deductions, or
- Take the standard deduction.
Why Is This Deduction Important?
This new deduction is designed to provide financial relief for seniors, helping them keep more of their hard-earned money. It’s easy to claim, as long as you meet the age and income requirements.
If you’re 65 or older, this additional deduction could be a big help during tax season. Be sure to check your eligibility and take full advantage of this benefit!
