When talking about tax benefits for seniors, many people think only of Social Security or the savings accumulated for retirement. However, the U.S. tax system contemplates other advantages that can help reduce the tax burden and, in some cases, increase the refund received.
Some of these tax tools are not widely known, so retirees and people nearing retirement could be missing opportunities to pay less when filing their return.
These are some tax benefits worth reviewing before preparing taxes.
1. Additional deduction for those aged 65 and older
One of the most important advantages for older taxpayers is the possibility of qualifying for an extra age-based deduction.
People aged 65 and older can add up to $6,000 dollars additional to their standard or itemized deductions, in accordance with changes established by the One Big Beautiful Bill.
This benefit can be especially relevant for those who no longer itemize deductions, as it allows reducing the amount of income subject to tax without needing to go through additional complex procedures.
For many retirees, this deduction represents one of the simplest ways to lower their tax bill.
2. Tax credit for seniors or people with disabilities
Another benefit that some taxpayers are unaware of is the tax credit available to seniors or people with disabilities.
To access this support, you generally need to be at least 65 years old at the end of the tax year or meet certain disability criteria, such as having a permanent and total condition that was recognized before retirement.
Depending on personal circumstances and the applicable income limits, the credit can range between $3,750 and $7,500 before considering the restrictions set forth.
Those who meet the requirements must complete the Schedule R of the tax return. The first section asks for information about age and disability status, while the second part requires verifying medical criteria when applicable.
3. Social Security benefits are not always taxed
Many retirees are unaware that Social Security benefits are not necessarily subject to federal taxes.
The taxation depends on the so-called combined income, an amount that takes into account:
Based on that calculation, the IRS determines what percentage of the benefits may be subject to taxes.
For example, for a single person with combined income under $25,000, or a married couple filing jointly with income under $32,000, Social Security benefits are generally not taxed.
When income exceeds these thresholds, a portion of the benefits can become taxable. In certain cases, up to the 50% or 85% of the Social Security payments may be subject to taxes.
For this reason, controlling income during retirement can be key to avoiding a higher tax burden.
4. Medicare premiums deduction for self-employed workers
Some seniors continue working after retirement or start self-employment. For them there is a tax advantage related to medical expenses.
Self-employed individuals can deduct the premiums they pay for:
Una ventaja importante es que esta deducción puede aplicarse incluso si el contribuyente no detalla sus deducciones en la declaración de impuestos.
Sin embargo, existe una condición: la persona no puede solicitar esta deducción si tiene acceso a un plan de salud subsidiado por un empleador, ya sea propio o de su cónyuge.
Revisar estos beneficios puede marcar una diferencia
Para muchos adultos mayores, reducir impuestos no depende únicamente de sus ingresos de jubilación, sino también de conocer las herramientas fiscales disponibles.
Deducciones adicionales, créditos tributarios y reglas especiales para la Seguridad Social o Medicare pueden representar una diferencia importante al momento de presentar la declaración.
Antes de enviar los documentos al IRS, revisar estas opciones o consultar con un profesional tributario puede ayudar a identificar beneficios que podrían aumentar el reembolso o disminuir la cantidad de impuestos a pagar.
