Tax tip: 2025 'bonus' deduction
Speakers
Sharon Epperson
— Senior Personal Finance Correspondent
Summary
CNBC's Sharon Epperson explains a new tax deduction for people age 65 and older. The senior deduction is worth up to $6,000 and is available to both itemizers and non-itemizers, subject to income limits. It could reduce the number of seniors who owe taxes on their Social Security benefits.
- A new deduction is available for filers age 65 and older.
- The senior deduction is worth up to $6,000.
- It is available whether or not the filer itemizes.
- Eligibility for the deduction is based on income.
- The deduction could reduce taxes on Social Security benefits.
- The segment is a CNBC tax tip from Sharon Epperson.
