ALL THE MONEY NEWS YOU NEED TO KNOW | | | | Daniel de Visé | Personal Finance Reporter
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Hello, happy Sunday, and welcome to a special Tax Season edition of The Daily Money. Between now and Tax Day, we'll steer you to some of our most popular topics and stories about returns, refunds and the IRS. |
Today, let's talk about older Americans and taxes. |
What is the 'senior bonus'? |
A new, temporary "senior bonus" will enable many taxpayers ages 65 and older to deduct up to $6,000 in income from their federal returns, Susan Tompor reports. Plenty of rules and restrictions apply, though, so not everyone will qualify. |
Here's another extra deduction for seniors |
Seniors can also save money by claiming the larger standard deduction this year, as well as an existing extra deduction for seniors, which ranges up to $2,000. |
Americans aged 65 and older may qualify for the additional deduction. The extent of the extra cut is determined by your filing status and other factors. Here are the details. |
Don't forget catch-up contributions |
Older Americans who are still saving for retirement also have a chance to save more before taxes in 2026. |
Contribution limits for 401(k) plans rose for 2026. Catch-up contributions for participants age 50 rose, as well. For employees ages 60, 61, 62 and 63 who participate in the plans, there is an additional "super" catch-up contribution. |
Daniel de Visé covers personal finance for USA TODAY. The Daily Money breaks down complex consumer and financial news. Subscribe here. | | The IRS raised the senior tax deduction for 2025. Here's who qualifies, how much you can claim, and what retirees should know before filing. | | Three items just for older Americans that can help seniors cash in. | | | | The IRS raised the limit on how much Americans can stash away for retirement in 2026. Here's what they are. How close are you? | | | | If you're filing your taxes at the last minute, a W-2, W-9 and other forms may be confusing. Here's what to know. | | | | Many Americans are seeing smaller tax refunds than predicted, despite the White House saying it is the 'biggest tax refund season ever.' Here's why. | | | | Some of these changes are good, and some are bad. See which will affect you most. | | | | Millions of taxpayers may be owed an IRS refund for penalties or interest charged during COVID. You'll have to act quickly if you're one of them. | | | | Many Americans expect a tax refund this year. Here's how to track your federal tax refund and when it might arrive. | | | | Taxes are due by April 15, 2026, which falls on a Wednesday. If you don't expect to file by then, you can request a six-month extension. | | | | Our app gives you award-winning coverage, crosswords, audio storytelling, eNewspaper and more. | | | | | Sign up for the news you want | Exclusive newsletters are part of your subscription, don't miss out! We're always working to add benefits for subscribers like you. | | | | | |
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